Re:Facebook tax court trial begins over Ireland offshore deal
by seibelj on Wednesday February 19, 2020 @12:36AM
(#22363286)
This is already doable with a multitude of ways. If I have profits, and I direct them to a business, then argue plausibly that my life expenses (lunches, travel, cars, computers) are for my business, I can write off all those expenses against my profits. Business owners do this all the time.
[ Parent
| on HN ]
Re:Facebook tax court trial begins over Ireland offshore deal
by hcknwscommenter on Wednesday February 19, 2020 @12:46AM
(#22363333)
Business owners that do that had better be very careful and keep plenty of documentation. There are legal "tests" (read requirements) that must be met for those lunches, travel, cars, computers, etc. to be considered an expense. In many cases, any "non-business" use/benefit/enjoyment renders the entire expense not a business expense. Yes, it is not so rare for small business owners to play loose with the rules. And then they get audited and end up paying a lot in back taxes.
Re:Facebook tax court trial begins over Ireland offshore deal
by coral-snake on Wednesday February 19, 2020 @12:39AM
(#22363308)
Wouldn't a 0% corporate tax make it even more incentivized than it is today?
As a novice, this feels like an approach that punishes the well-off, who may not expend the resources to structure all assets/liabilities this way, at the expense of the super-well-off who will simply pay multiple other people to re-organize their own financials.