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I assume this company and all employees are reporting this as income right?
Posted on 12/8/22 at 8:49 pm
Posted on 12/8/22 at 8:49 pm
LINK
My tax knowledge would say this is an in kind payment and must be income. Perhaps the company can be raided by the doj/irs/ fbi and a host of 3 letter pos
quote:
Disney World Park Shuts Down Completely for One Billionaire Business Owner
quote:
Last weekend, Citadel Securities founder Ken Griffin treated his employees, their partners, and their children to an all-inclusive spectacular weekend at Disney World. Approximately 10,000 people were in attendance for the celebration weekend–25% of them children.
quote:
Griffin, who has an estimated net worth of more than $32 billion, is said to have covered expenses for everyone in attendance, including expenses for each Guest’s hotel accommodations, food, theme park tickets, and more.
My tax knowledge would say this is an in kind payment and must be income. Perhaps the company can be raided by the doj/irs/ fbi and a host of 3 letter pos
22
Posted on 12/8/22 at 8:54 pm to dafif
Na, Campbells soup did this a few years ago, it's pretty common really.
Posted on 12/8/22 at 8:56 pm to j1897
Explain how this is not income?
Posted on 12/8/22 at 8:57 pm to dafif
quote:
Disney World Park Shuts Down Completely for One Billionaire Business Owner
Sounds like some kind of privilege that should be eliminated.
#communism
Posted on 12/8/22 at 8:59 pm to dafif
Because it’s not. Companies can provide travel and rewards to employees that are not taxable since they are not cash.
I’ve been on many company trips to exotic locations over the years and never paid taxes on it.
I’ve been on many company trips to exotic locations over the years and never paid taxes on it.
Posted on 12/8/22 at 9:07 pm to dafif
quote:
Ken Griffin
That is DeSatis’s big multimillion dollar donor. Same dude that got caught naked shorting GME stock and wallstreetbets Reddit goup caught him with his pants down and he cried to the SEC and regulators put pressure on brokerage firms like Robinhood to limit GME purchases to help his firm cover his shorts.
Posted on 12/8/22 at 9:10 pm to Bjorn Cyborg
quote:
Because it’s not.
Because is last name is not Trump.
Posted on 12/8/22 at 9:10 pm to dafif
I THINK the expenses associated with non employee family are but not employee. At least that’s how it works at my company
Posted on 12/8/22 at 9:17 pm to dafif
I would think that if this is tax deductible to Citadel Securities, then it is taxable to the recipients.
Posted on 12/8/22 at 9:37 pm to dafif
IRS says
Posted on 12/8/22 at 9:57 pm to dafif
quote:
On Friday evening, Griffin’s guests were treated to an exclusive celebration at EPCOT, during which they had the World Discovery section of the park all to themselves, many of them enjoying the new Guardians of the Galaxy: COSMIC REWIND attraction for the first time.
One small section of Epcot now = all of Disney World. Sensational journalism at its finest.
Posted on 12/8/22 at 10:02 pm to dafif
Is it an apples apples comparison to the Trump case? We’re those employees getting trips or physical gifts? I’m not following that closely.
Posted on 12/8/22 at 10:11 pm to dafif
quote:In my experience, companies who hold these events have a short business meeting of some sort, so they can claim it is business travel for the employee.
My tax knowledge would say this is an in kind payment and must be income. Perhaps the company can be raided by the doj/irs/ fbi and a host of 3 letter pos
Spouse and kids expenses MAY be taxable. IRS
This post was edited on 12/8/22 at 10:22 pm
Posted on 12/8/22 at 10:16 pm to Bjorn Cyborg
quote:
Because it’s not. Companies can provide travel and rewards to employees that are not taxable since they are not cash. I’ve been on many company trips to exotic locations over the years and never paid taxes on it.
It not being cash has literally nothing to do with it. De minimus or business expense is what you are looking for. Not being cash is the wrong answer. The Paul Hornung case is one of the first they bring up in income tax 1.
This post was edited on 12/8/22 at 10:23 pm
Posted on 12/8/22 at 10:19 pm to dafif
quote:
Explain how this is not income?
Call it company meeting
Posted on 12/8/22 at 10:40 pm to dafif
Wrong. You think things like executive retreats are treated as income? Uh, no.
Posted on 12/9/22 at 12:11 am to thelawnwranglers
quote:"Team-building exercise."
Call it company meeting
Posted on 12/9/22 at 5:52 am to Bjorn Cyborg
quote:
Because it’s not.
Great analysis!
The first sentence in the tax code “all income from whatever source derived”
It is a benefit … period
Posted on 12/9/22 at 6:03 am to dafif
quote:
My tax knowledge would say this is an in kind payment and must be income. Perhaps the company can be raided by the doj/irs/ fbi and a host of 3 letter pos
Why are we wanting this to happen?
Posted on 12/9/22 at 6:11 am to dafif
Gifts of that are considered perks as in bonuses which is taxable
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