Cat Brules Posted July 25, 2017 Share Posted July 25, 2017 IRS Audit If you've ever owned your own business, been an entrepreneur or wondered what it's like doing so, this is as close to reality as it gets. The IRS suspected a fishing boat owner wasn't paying proper wages to his Deckhand and sent an agent to investigate him. IRS AUDITOR: "I need a list of your employees and how much you pay them". Boat Owner: "Well, there's Clarence, my deckhand, he's been with me for 3 years. I pay him $1,000 a week plus free room and board. Then there's the mentally challenged guy. He works about 18 hours every day and does about 90% of the work around here. He makes about $10 per week, pays his own room and board, and I buy him a bottle of Bacardi rum and a dozen Budweisers every Saturday night so he can cope with life. He also gets to sleep with my wife occasionally" IRS AUDITOR: "That's the guy I want to talk to - the mentally challenged one". Boat Owner: "That would be me. What would you like to know"? Link to comment Share on other sites More sharing options...
Dubious Don #56333 Posted July 25, 2017 Share Posted July 25, 2017 LOL, This hits pretty close to reality for me but......its a common tale I think when it comes to small businesses. Small business is drowning in taxes and government mandates (like ACA) that are rapidly sinking their small boats. I know this because I see it every day at work. Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted July 25, 2017 Share Posted July 25, 2017 Same joke for a farmer Link to comment Share on other sites More sharing options...
Big Sage, SASS #49891 Life Posted July 25, 2017 Share Posted July 25, 2017 Many years ago I had a larger boat that I spent a lot of time off the California coast fishing. I got the idea that I might write off some of my expenses by doing some commercial fishing. Got the license and the rules and started to do a little commercial fishing. I sold the fish to a commercial fish processor. Then Fish & Game made me start reporting where I caught them and the map looked like a checkerboard of 5 mile squares. OK I set up to do that. Then F & G said my son (who was 12 and just a passenger) needed a commercial license. I went to buy him one and they told me he needed a work permit from school. Went to the school and explained what I needed and the Principle came out and told absolutely NO, that commercial fishing was not an approved job for kids. Then the IRS audited me and said it was a "Hobby Business" . My insurance went up and the boat registration was set to triple in price. Yep....bad idea! Link to comment Share on other sites More sharing options...
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