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Thread: G.E.ís Strategies Let It Avoid Taxes Altogether

  1. #21
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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by SheWolf View Post
    When Obama tried to let the Bush tax cuts expire, it was your party that fought against it like it was the end of the world....
    Were those taxes for personal income or for corporate income?
    I may be wrong.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by The Prof View Post
    I just graduated college and I work in tax right now. I don't have my cpa yet... This year I have to say, I feel like I am ripping off the IRS every single day. I helped a client/business owner get a 1,000 refund, and they would have owed over 1,000 dollars... I am still working on their return, and they are looking for more deductions and receipts so the refund amount will go up more. I think I can get it over 3,000 easily... and it's a lot of mileage deductions, small receipt items, and depreciation... anything that I can depreciate, small items, furniture, etc.

    It's legal, but it doesn't feel right...

    I think any decent CPA knows how to do that stuff... Again, I am just a first year tax accountant so I am not that experienced. The tax code is messed up and full of "loopholes."

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by Simon W. Moon View Post
    Were those taxes for personal income or for corporate income?
    They were for both, but the gop made more fuss about the s-corps than anything else...

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Dang! I feel sorry for the IRS getting ripped off like that.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by SheWolf View Post
    I just graduated college and I work in tax right now. I don't have my cpa yet... This year I have to say, I feel like I am ripping off the IRS every single day. I helped a client/business owner get a 1,000 refund, and they would have owed over 1,000 dollars... I am still working on their return, and they are looking for more deductions and receipts so the refund amount will go up more. I think I can get it over 3,000 easily... and it's a lot of mileage deductions, small receipt items, and depreciation... anything that I can depreciate, small items, furniture, etc.

    It's legal, but it doesn't feel right...

    I think any decent CPA knows how to do that stuff... Again, I am just a first year tax accountant so I am not that experienced. The tax code is messed up and full of "loopholes."
    You should think of another career. I do not say this with malise. But if you do not feel it is right for you to do everything legally in your power to help him/her reduce their tax burden then move to another part of accounting. No matter what you do in business you are paid to be their advocate. That does not mean do something illegal or somethink that seems wrong ( in your example if the deductions you are taking you think are phony you should ask for some sort of backup).

    Maybe it is good you feel this way right out of school. People change careers all the time. Do something you love to do and you will be great at it. If you feel slimy at the end of the day, hard to put in the passion needed.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by washunut View Post
    You should think of another career. I do not say this with malise. But if you do not feel it is right for you to do everything legally in your power to help him/her reduce their tax burden then move to another part of accounting. No matter what you do in business you are paid to be their advocate. That does not mean do something illegal or somethink that seems wrong ( in your example if the deductions you are taking you think are phony you should ask for some sort of backup).

    Maybe it is good you feel this way right out of school. People change careers all the time. Do something you love to do and you will be great at it. If you feel slimy at the end of the day, hard to put in the passion needed.
    I do reduce their tax burden... I have no problem with reducing their tax burden, even if it's to zero. However, there a difference between reducing their burden and getting them thousands of dollars back in refunds. It doesn't seem right when I have so many people coming in, and getting back huge refunds whilst not paying taxes. Once you see that over and over again, it just doesn't seem right given the budget issues our country is in. Why is the federal government giving so many people money, and so much money?

    I'd feel different if they were breaking even or maybe getting a few hundred back, instead of thousands. Then you have this company... their refund was over 3 Mill. That is messed up! The federal government paid out 3.2 mill to GE. I could go on and on with stories from my job... like I had one business owner get upset, because his refund was only 1,000 and he thought he'd get more because people "on welfare" get 6,000 to 8,000. That's true that lower income people (not welfare, cause they don't qualify for EIC) can get a lot back. I have seen some of them get 10,000 refunds!

    My coworker said he feels the same way I do... but I think I might like financial accounting better. Once I pass the exam, I'll give it more thought...

    Thanks for the advise.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by PeteEU View Post
    http://www.nytimes.com/2011/03/25/bu...x.html?_r=1&hp



    And people why the US is going down the hole with a tax system that actually PAYS its biggest corporation 3.2 billion dollars a year despite having 14.2 billion in profits.
    The top 10 companies in the U.S. pay little or no taxes.

    The tax code was written by them, for them.

    People complain about it being unfair that the rich get taxed. They are only getting taxed on PAPER, in reality they are getting refunds just like everyone else.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by SheWolf View Post
    I do reduce their tax burden... I have no problem with reducing their tax burden, even if it's to zero. However, there a difference between reducing their burden and getting them thousands of dollars back in refunds. It doesn't seem right when I have so many people coming in, and getting back huge refunds whilst not paying taxes. Once you see that over and over again, it just doesn't seem right given the budget issues our country is in. Why is the federal government giving so many people money, and so much money?

    I'd feel different if they were breaking even or maybe getting a few hundred back, instead of thousands. Then you have this company... their refund was over 3 Mill. That is messed up! The federal government paid out 3.2 mill to GE. I could go on and on with stories from my job... like I had one business owner get upset, because his refund was only 1,000 and he thought he'd get more because people "on welfare" get 6,000 to 8,000. That's true that lower income people (not welfare, cause they don't qualify for EIC) can get a lot back. I have seen some of them get 10,000 refunds!

    My coworker said he feels the same way I do... but I think I might like financial accounting better. Once I pass the exam, I'll give it more thought...

    Thanks for the advise.
    My career was in finance for large corporations and I really enjoyed it.

    As far as the returns go, one thing you should be looking at is why are they deducting so much. That could well be the problem. Some people think of it as a forced savings. But they are lending the government their money at zero interest. As part of the work you do on the returns you may want to ask if their deductions are pretty standard annually, if so how did they come up with how much they deducted. This is a pretty common error people make.

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Our tax system is just a screwed up mess, and no amount of complaining will help, it's not just corporations or rich people, it's everyone. Who here hasn't cheated or taken advantage of the tax laws? While the rich and the corporations get all the headlines, consider this, what is the tab of the 80 or 90 million people that get an extra $200. or $300 dollars back every year from using the system.

    What this country needs to do, is to change our tax system, I have seen some suggest the flat tax which would be better then what we have. The one I like even better is the consumption tax. The main reason I like it better is because we would still be getting the tax dollars from the billions of dollars made illegally in this country.

    I could see a drastically reduced tax rate, and a lot more money going into government coffers

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    Re: G.E.ís Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by PeteEU View Post
    This thread is not about a partisan issue. US corporations pay very little if at all taxes but this is just the worst example I have seen and the tax code has not really been changed much for decades. I read another article that stated that while the US corporate tax rate is 35%, most companies pay less than 25% and some like GE nothing. Broadcom had an effective tax rate of 1.3% last year I believe. Apple had one of 25%.

    The problem is the loopholes companies have gotten put in the tax code over the decades, that allow such unpatriotic behaviour. GE and all companies that do not pay their full 35% in taxes should be nationalised and sold off in my opinion.
    That's not true. I'm an American coporation and I pay out the ass.

    I wonder how many millions in payroll taxes G.E. paid. I know they didn't skip out of paying those.

    My biggest question, is how many of these tax breaks come from GE's production of wind generator equipment. I bet the Libbos won't touch that one.

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