IslandGuy
Registered Member
Business taxes can really be a pain. I was part of a 3-person corporation that created some software that was then licensed by some hot-shot west coast software company. We got paid royalties on the sales, but it sure beat selling the software one copy at a time off our internet site. Of course this was a few years ago, but in the end they sold over 250,000 copies of our software.
One of my partners was all for just pretending it didn't exist because it was an internet deal, and he didn't really like me insisting that we incorporate and file even before our software was licensed, but we were sure happy when the deal went through, because we were clean from Day One.
As I've said in some other posts in this forum, I used to work with a tax attorney who had clients who owed the IRS millions of dollars and I sure learned a lot about how the IRS operates. He had been an attorney for the IRS previously and knew all the local IRS attorneys and agents, so he was quite successful at his business (mediating and working out deals for his clients). His favorite saying was, and I still think it's true, "don't mess with the IRS" ... if you get caught, if there is a fair amount of money involved or if they suspect you've done something fraudulent in addition, their powers are incredible -- your bank accounts can be frozen before you are informed and your assets seized and even taken away (as in a yacht or something on those lines) before they inform you they are going to do it.
Anyone have any experiences with problems with business taxes where they fought the IRS and won? I guess I've been fascinated with how they operate ever since working for this guy, because until then I didn't know much about the internal workings and how to deal with them if you are unfortunate enough to have to
One of my partners was all for just pretending it didn't exist because it was an internet deal, and he didn't really like me insisting that we incorporate and file even before our software was licensed, but we were sure happy when the deal went through, because we were clean from Day One.
As I've said in some other posts in this forum, I used to work with a tax attorney who had clients who owed the IRS millions of dollars and I sure learned a lot about how the IRS operates. He had been an attorney for the IRS previously and knew all the local IRS attorneys and agents, so he was quite successful at his business (mediating and working out deals for his clients). His favorite saying was, and I still think it's true, "don't mess with the IRS" ... if you get caught, if there is a fair amount of money involved or if they suspect you've done something fraudulent in addition, their powers are incredible -- your bank accounts can be frozen before you are informed and your assets seized and even taken away (as in a yacht or something on those lines) before they inform you they are going to do it.
Anyone have any experiences with problems with business taxes where they fought the IRS and won? I guess I've been fascinated with how they operate ever since working for this guy, because until then I didn't know much about the internal workings and how to deal with them if you are unfortunate enough to have to