this post was submitted on 16 Mar 2024
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chapotraphouse

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I genuinely did not expect them to respond to this:

This was so beyond ridiculous that I debated posting it. I wasn't sure if people would believe it or not.

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[–] the_itsb@hexbear.net 8 points 1 year ago (1 children)

And then I bet they just make a new LLC to buy all the assets of the old one and reset the 10 year timer

[–] FloridaBoi@hexbear.net 8 points 1 year ago

That’s what independent contractors do. They flush all income through it then deduct all car mileage and miscellaneous expenses through it and “pay” themselves a meager wage from that income. The LLC or S-corp shows paper losses and since it is a flow-through entity they get to deduct those losses on their personal income taxes