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>According to Bannon, Amicus’s back taxes, interest and penalties, and legal fees cost the company over $500,000. Ok, so how much of that was just back taxes?
by csours 8y ago
>According to Bannon, Amicus’s back taxes, interest and penalties, and legal fees cost the company over $500,000.
Ok, so how much of that was just back taxes? They would have had to pay those anyway, so you can't really count those the same as a penalty.
$500,000 - (back taxes) = actual losses due to negligence.
Now compare the actual losses to the salary for a CFO. If the CFO cost more than the losses, Amicus still came out ahead.
I am not advocating for negligence, but you should always look for point of view bias in articles like this.
- mmt 8y agoIndeed, I couldn't help but think the title was clickbait, once I read that part of the article. The charts toward the start suggest the penalty maximums are 15% + 25% (the article mentions a 100% penalty which was avoided). That would make 500k 140% of the back taxes, which means the penalties are only $143k. Crunchbase shows the first funding in Feb 2012. The accountant started in 2014. That's under $72k/year. "Lack of CFO costs Amicus $72k/year" wouldn't be much of a headline, though.