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Today's equivalent might be to wire money back and forth between companies in different jurisdictions. I once spoke with tax auditors of Pornhub (while they ca
by mgbmtl 5y ago
Today's equivalent might be to wire money back and forth between companies in different jurisdictions.
I once spoke with tax auditors of Pornhub (while they casually audited our company), many years ago, it seemed like a pretty intense headache.
- lotsofpulp 5y agoI am not sure what wiring to different jurisdictions allows you to do, but I was referring to the parallel books for the purposes of underreporting revenue for tax purposes or stealing from other business partners. The card processor always has your sales amounts available so come tax time or audit time, you will not be able to hide revenue, as seen on 1099-Ks. https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements https://www.irs.gov/payments/general-faqs-on-new-payment-car... This is always a funny video clip about electronic payments making low level shenanigans more difficult. The game nowadays is to do it legally, and getting involved in the political machinery. https://www.youtube.com/watch?v=_Gsz7Gu6agA https://www.youtube.com/watch?v=_Gsz7Gu6agA