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(a Philippine one-person corporation owner here) My experience with tax optimization is that, after the first year, the auditor included suboptimal tax setting
by patrakov 2y ago
(a Philippine one-person corporation owner here)
My experience with tax optimization is that, after the first year, the auditor included suboptimal tax settings as an audit finding and also provided concrete recommendations on how to implement the change. So, really, don't think about it, you will get the advice anyway.
- mistrial9 2y agoin English - "suboptimal tax settings" means "not optimal" or more generally .. "not good" .. second, "settings" are usually associated with a machine or software, not a business deal.. here in the USA it is the opposite.. the IRS will never tell you a better way to do anything.. and in common case will try to charge you more tax and not tell you how to improve your structure
- ensignavenger 2y agoI read auditor as not the tax authority, but an auditor or accountant hired by the company.
- tekla 2y ago> he IRS will never tell you a better way to do anything The IRS does not have knowledge of everything you do. They can figure out shit that makes no goddamn sense on your taxes, but they won't bother to optimize stuff FOR you. Why do people complain that the government doesn't have omnipotent knowledge of your finances? Why do they also complain that the government won't spend tax dollars doing shit for you?
- necovek 2y agoThe parent poster was counter-arguing that tax offices won't help you come up with a better structure everywhere in the world (original example was from Philippines where that happened). I am pretty sure I wouldn't get that here in Serbia either.
- patrakov 2y agoThe auditor who unexpectedly helped me is a BIR-accredited one but does not work directly for BIR. (BIR is a PH equivalent of IRS)