Millionaire executive gets probation for failing to pay taxes

[Catatonic]

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?

Drivers are the Testers for the initial releases of ORION.
It's not a software/hardware solution for our customers so no need to have a "ready for market" solution.
It will be in decent shape by the next contract.

 

[Catatonic]

Fudging the date to alter your cost basis?

Best guess

 

[Retiree]

That's just asking for trouble from the IRS.

 

[Catatonic]

That's just asking for trouble from the IRS.

It can save one hundreds of thousands of dollars.
It was a risk I was not willing to take.

 

[trickpony1]

If you're selling some stock and you don't remember the buy date what do you suggest?

 

[Catatonic]

If you're selling some stock and you don't remember the buy date what do you suggest?

Make sure the price you put down is within the range on the date you put down.
Make it over one-year (Long term gain).

Usually what people do (actually "did" now) is transfer from one account to another, maybe even a different legal entity, and use that date of transfer as the "Buy" date.
Just make sure the price matches up with the price on that date.
Too late now ... the IRS requires the 1099 to include the date and purchase price.

 

[UpstateNYUPSer(Ret)]

If you're selling some stock and you don't remember the buy date what do you suggest?

Ask your broker for a detailed statement?

 

[trickpony1]

Here's a novel idea.....

Why can't the seller call the institution that holds the stock and have them look it up or, even better:

contact the UPS comptroller who should archive information like that.

 

[trickpony1]

Ask your broker for a detailed statement?

Why/how would a broker know what I paid, and the date, for stock right after the IPO?

 

[Catatonic]

Why/how would a broker know what I paid, and the date, for stock right after the IPO?

Because you can't buy stock ... that's what the broker does.
There are many fiduciary responsibilities accompanying being a broker and complying with IRS regulations is one.

 

[DOK]

Drivers are the Testers for the initial releases of ORION.
It's not a software/hardware solution for our customers so no need to have a "ready for market" solution.
It will be in decent shape by the next contract.

One reason to have a "ready for market" solution is so your drivers wouldn't have to go through the nonsense that it is now, no?

I mean it is truly terrible, don't go over this number of miles, but don't follow it 100% because we know it's not accurate, but don't go below 85%. Why the dog and pony show. For a Saturday air route with 15 stops and 20 packages and no pickups I'm sure it's fantastic, but that's all it's good for at this point until there's further development.

Sorry for going off topic.

 

[Catatonic]

Why/how would a broker know what I paid, and the date, for stock right after the IPO?

Right after the IPO?
That would not be covered by the new regulations and would not have to be reported on the 1099's.
Note: I am not a lawyer but considered this some 10 years ago and chickened out.
I can't believe the IRS let this go that long.
Of course, there was always a paper trail and if you get caught within 7 years, you get prosecuted.

 

[Catatonic]

One reason to have a "ready for market" solution is so your drivers wouldn't have to go through the nonsense that it is now, no?

I mean it is truly terrible, don't go over this number of miles, but don't follow it 100% because we know it's not accurate, but don't go below 85%. Why the dog and pony show. For a Saturday air route with 15 stops and 20 packages and no pickups I'm sure it's fantastic, but that's all it's good for at this point until there's further development.

Sorry for going off topic.

Nothing tests a "solution" better than real life data and real life experience.

Anytime I was forced to test a system without real life data, I always identified that as a Corporate level Risk and pushed that up to the top for approval.
Still got my butt chewed out if problems occurred but I did have it IDed ... I did not approve it but got "you did not manage it optimally".
Crap happens ... just don't step in it.

 

[beentheredonethat]

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.

I don't believe a div mgr level would have 2 million in stock that is "recent". In other words I would think the majority of his stock is already "Long term capital gains", which is only 2 years. So I doubt it was changing the dates. Also, excluding when we went public, the stock never has skyrocketed to make it so that short term gains where all that great. I'm still thinking he just didn't report that he sold the stock.

 

[Catatonic]

I don't believe a div mgr level would have 2 million in stock that is "recent". In other words I would think the majority of his stock is already "Long term capital gains", which is only 2 years. So I doubt it was changing the dates. Also, excluding when we went public, the stock never has skyrocketed to make it so that short term gains where all that great. I'm still thinking he just didn't report that he sold the stock.

We both have our guess (not even opinions).

The people I "suspect" who did this changed the date for stock they received in the 70's and 80's.
And transistioned through several accounts.