11-27-2019, 06:17 AM
Hey, here's a fun story. And by fun, I mean needles in the eyeballs kind of fun.
The man who gave us all the money was audited. The Government argued that his fencing club was a hobby rather than an actual business. Mainly because he was putting a lot of money into it and not making a profit. I guess that the government doesn't understand that Fencing Clubs aren't huge money making endeavors. They fined him a lot of money. The fine was more than the money he gave us to make the film.
During the audit, the auditor noticed the expense for our little film. Because our Angel Investor gave us one of the installments on a Fencing club check, things for the film looked a little hinky and caught his attention.
Meanwhile, HK, in 2018 or maybe 2017 failed to pay his taxes. As in his wife and he didn't file any forms. Turns out the government doesn't like this sort of behavior from its citizens. The auditor who audited the Angel Investor decided to audit HK as well. They just gave him a really big bill to pay. 5 digits big.
Well, the auditor decided to also audit The Last Captain, LLC. We got a note from the auditor about changing our returns to show that the money the Angel Investor gave us was income rather than a loan we weren't going to pay pack. Which means we need to pay taxes on that money. In the words of my accountant, that's bad.
The man who gave us all the money was audited. The Government argued that his fencing club was a hobby rather than an actual business. Mainly because he was putting a lot of money into it and not making a profit. I guess that the government doesn't understand that Fencing Clubs aren't huge money making endeavors. They fined him a lot of money. The fine was more than the money he gave us to make the film.
During the audit, the auditor noticed the expense for our little film. Because our Angel Investor gave us one of the installments on a Fencing club check, things for the film looked a little hinky and caught his attention.
Meanwhile, HK, in 2018 or maybe 2017 failed to pay his taxes. As in his wife and he didn't file any forms. Turns out the government doesn't like this sort of behavior from its citizens. The auditor who audited the Angel Investor decided to audit HK as well. They just gave him a really big bill to pay. 5 digits big.
Well, the auditor decided to also audit The Last Captain, LLC. We got a note from the auditor about changing our returns to show that the money the Angel Investor gave us was income rather than a loan we weren't going to pay pack. Which means we need to pay taxes on that money. In the words of my accountant, that's bad.
As a matter of fact, my anger does keep me warm