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  • #1

    Up For Auction...

    ...the Straw Man's future pay!

    That model citizen, Darryl Strawberry, has some deferred compensation coming from the Mets. He also owes the Internal Revenue Service a bunch from some long ago years. Put two and two and two and two and two and two, etc., together, and you have an asset that the Service is going to auction off to reduce Straw's back tax debt--

    IRS to Auction Darryl Strawberry’s Deferred Comp
    http://www.accountingtoday.com/news/irs-watch/irs-to-auction-darryl-strawberrys-deferred-comp-73107-1.html?utm_campaign=tax%20pro%20today-dec%2024%202014&utm_medium=email&utm_source=newsletter&taxpro=1&ET=webcpa%3Ae3546664%3A2827830a%3A&st=email
    Next month, the IRS will auction off Darryl Strawberry’s right to receive payments under his deferred comp agreement with the New York Mets.
    Only the madman is absolutely sure. -Robert Anton Wilson, novelist (1932-2007)

    Faith is believing what you know ain't so. -Mark Twain, author and humorist (1835-1910)

    A great many people think they are thinking when they are merely rearranging their prejudices.
    -- William James
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  • #2
    So, you pay the IRS $550,000 now (sale of deferred compensation agreement) and later (taxes on $1,279,000 compensation). What's that leave about 200 grand after paying back the initial investment? Payable over how many years?
    “Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”

    ― Albert Einstein

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    • #3
      Originally posted by madducks View Post
      So, you pay the IRS $550,000 now (sale of deferred compensation agreement) and later (taxes on $1,279,000 compensation). What's that leave about 200 grand after paying back the initial investment? Payable over how many years?
      I'm an accountant, but I've never dealt with this kind of situation, so I honestly don't know how the $550,000 is treated. I could do some research on it, but I'm not in the mood for that right now.

      As for how much deferred compensation, years and amounts, I have no idea. Perhaps some Mets fan (God help you) has some insight into this?
      Only the madman is absolutely sure. -Robert Anton Wilson, novelist (1932-2007)

      Faith is believing what you know ain't so. -Mark Twain, author and humorist (1835-1910)

      A great many people think they are thinking when they are merely rearranging their prejudices.
      -- William James

      Comment

      • #4

        Obamacare Tax Problems to Watch Out For
        http://www.accountingtoday.com/gallery/obamacare-tax-problems-to-watch-out-for-73025-1.html
        Affordable Care Act-related tax issues await CPAs and those who prepare their own returns this upcoming tax season, according to the National Conference of CPA Practitioners.


        ACA strikes again.

        J
        Ad Astra per Aspera

        Oh. In that case, never mind. - Wonderboy

        GITH fails logic 101. - bryanbutler

        Bah...OJH caught me. - Pogues

        I don't know if you guys are being willfully ignorant, but... - Judge Jude

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