Originally Posted by Often1
(Post 25027520)
This stuff is all automated in the US. Routine audits pick up unreported deposits into bank accounts and it then becomes the taxpayer's burden to prove the deduction. People get knicked for $1,000 and less in unreported income all the time. This is a significant amount by those standards.
If it goes unreported, it's also subject to interest and penalties which more than make up for the cost of chasing it down. |
Originally Posted by j_the_p
(Post 25027112)
Please let me know where I can forward my resume!!
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Originally Posted by Tchiowa
(Post 25028151)
Yeah! The company I worked for was very strict. They paid for business class. If you booked first, you paid the difference. If you booked coach the company thanked you for your generosity and kept the difference. Tax reasons. If they let you keep the money it is no longer a travel expense for them so they have to classify it differently. And it's reportable as income for you.
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It's why many businesses have stopped paying out "in kind" bonuses such as trips and watches. Those things are all income, but as you haven't received cash, that gold watch may mean laying out the taxes on it as if it had been paid in cash.
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