Millionaire executive gets probation for failing to pay taxes

[clean hairy]

6 months in the Pen, or 6 months at UPS pre load and unloading 8 hours a day.
Which do you think he would pick?

 

[moreluck]

US congressman gets no punishment for not paying his taxes for years!!

 

[UpstateNYUPSer(Ret)]

US congressman gets no punishment for not paying his taxes for years!!

Point?

 

[moreluck]

Point?

Thanks, I win 1-0

 

[DOK]

What's stopping you from
Becoming. CEO?

I'm a realist

 

[Brownslave688]

I'm a realist

So you're not smart enough or driven enough or enough of a risk taker to make that kind of money.....

 

[Catatonic]

TRENTON – A millionaire UPS executive was given probation Friday for failing to pay thousands of dollars in taxes eight years ago.

Steven Turner, 63, of New Hope, Pa., was given three years of probation and ordered to pay $345,000 in restitution, Mercer County prosecutors said Friday.

The decision came nearly three months after Turner was found guilty of third-degree failure to pay income taxes for neglecting to pay nearly $248,000 in 2008, prosecutors have said.

That year, Turner had worked as a controller for UPS and made $2.2 million. Prosecutors have said he lived in a $1 million house at the time.

His case caught the attention of the New Jersey Division of Taxation, which launched an investigation and indicted Turner on Oct. 30, 2013.

The sentence Friday comes with a caveat – if Turner does not pay the $345,000 he owes in restitution by the time his probation is through, he will have to spend a year in jail, prosecutors said.

He probably sold UPS Stock and did not put the original "Buy" date.
I knew many UPSers that did that.
I didn't have the nads.

The bright side - I'm not in jail.

 

[Catatonic]

Yeah me too??!! A bust my arse in a 140 deg truck to pay their salaries!! $2.00 a year raise every August next contract!!

Controller is a Division Manager level. Probably $150,000 in salary.
He probably sold UPS Stock for the other 2.05 million.

 

[Catatonic]

Controller,...... or comptroller?

UPS calls them Controller.

The controller and comptroller titles refer to the same position, which is the person responsible for all accounting operations of a business.
The controller title is more frequently found in for-profit businesses, while the comptroller title is more commonly found in governmental and non-profit organizations.

 

[Catatonic]

I'm curious---just how many million dollar a year plus jobs are there at UPS?

Not many ... best guess 45.
District Manager level is entry point for that kind of salary and not all them make that.
Corporate District Manager levels do not make that much unless they came from a District Manager position and ...
Few District Managers have the skillset for a Corporate position that high.

 

[beentheredonethat]

He probably sold UPS Stock and did not put the original "Buy" date.
I knew many UPSers that did that.
I didn't have the nads.

The bright side - I'm not in jail.

I don't get it.. Did he just not put that at all on his 1040 forms? The lowest tax bracket is long term capital gains, of which I'm sure majority of it is.

 

[Returntosender]

Not many ... best guess 45.
District Manager level is entry point for that kind of salary and not all them make that.
Corporate District Manager levels do not make that much unless they came from a District Manager position and ...
Few District Managers have the skillset for a Corporate position that high.

Doesn't UPS send managers to school for new skill sets. Once they get the book knowledge corporate sends them on special assignment to test them how well they can apply their new skillset?

 

[Catatonic]

I don't get it.. Did he just not put that at all on his 1040 forms? The lowest tax bracket is long term capital gains, of which I'm sure majority of it is.

If you put the Buy Date as a couple years before the sale and the stock price on that date, you pay much less taxes.
When you get older and make more money and buy and sale stocks, K-1s, etc, it will make more sense.

 

[Catatonic]

Doesn't UPS send managers to school for new skill sets. Once they get the book knowledge corporate sends them on special assignment to test them how well they can apply their new skillset?

Nope.
UPS stopped internal "learning" about 10 years ago.
UPS believes the person should pay for and get their own additional training on their own.
That's pretty much when I stopped additional education plus I was 50. Retirement in sight.

 

[Catatonic]

Doesn't UPS send managers to school for new skill sets. Once they get the book knowledge corporate sends them on special assignment to test them how well they can apply their new skillset?

Maybe a very few select managers ... like Eskew.

 

[DOK]

So you're not smart enough or driven enough or enough of a risk taker to make that kind of money.....

Not willing to force others to do what I know makes the job harder, I'm using Orion as an example. Wonderful idea, just shouldn't have been implemented yet. To have to tell the public how great this new Orion is and how many miles we are saving while leaving out the part where we're spending much more on driver OT having them climb over pkgs. just one example of many.

And also not that driven, what are the chances, how many sups nvr get promoted. Besides aren't those level management positions filled by people from other companies anyway?

 

[DOK]

Controller is a Division Manager level. Probably $150,000 in salary.
He probably sold UPS Stock for the other 2.05 million.

That makes sense, and probably didn't figure out the capital gains correctly, accounting error <cough cough>

 

[Brownslave688]

Not willing to force others to do what I know makes the job harder, I'm using Orion as an example. Wonderful idea, just shouldn't have been implemented yet. To have to tell the public how great this new Orion is and how many miles we are saving while leaving out the part where we're spending much more on driver OT having them climb over pkgs. just one example of many.

And also not that driven, what are the chances, how many sups nvr get promoted. Besides aren't those level management positions filled by people from other companies anyway?

The point is you admit you aren't willing to do what it would take.


Don't hate on those that are.

 

[Catatonic]

That makes sense, and probably didn't figure out the capital gains correctly, accounting error <cough cough>

The idea is that you hand over the 1099's to an accountant, and since prior to 2015 the 1099 did not include the buy date or buy price, a best guess of purchase date and price.
These "mistakes" are hard to prove intent so fines are the normal resolution.

 

[oldngray]

The idea is that you hand over the 1099's to an accountant, and since prior to 2015 the 1099 did not include the buy date or buy price, a best guess of purchase date and price.

Fudging the date to alter your cost basis?