Save budds creek tax troubles

twnorton
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twnorton 12/26/2016 10:14am
12/26/2016 10:14am
I refuse to contribute towards any go fund me of fundraising for this guy. Seen and heard of nothing but problems with Budds lately.
Joe512
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Joe512 12/26/2016 8:11pm
12/26/2016 8:11pm
twnorton wrote:
I refuse to contribute towards any go fund me of fundraising for this guy. Seen and heard of nothing but problems with Budds lately.
The GoFundMe page was setup by someone else and was asked to be taken down right away just to clear things up. However if you'd like to see some more strange ramblings ... https://m.facebook.com/BuddsCreek/
500guy
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500guy 12/26/2016 8:51pm
12/26/2016 8:51pm
I like Johnathan met him a few times

I think his lack of experience on social medial and the fact you cant explain complex business problems in short bursts on FB. Makes it look bad.

I cant help but think all the stink raised over the confederate flag being flown didnt escalate things.

Sounds to me like the only help He is asking for is people showing up to ride and race.
KICKERMAN360 12/27/2016 4:29am
12/27/2016 4:29am
Sounds like this dude needs to get his priorities in order. No one forced him to do anything... a local track having financial issues I can understand, but a track which is routinely used for professional racing? Something isn't adding up here.

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bobby397
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bobby397 12/27/2016 4:44am
12/27/2016 4:44am


Starcrossed
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Starcrossed 12/27/2016 5:09am
12/27/2016 5:09am
On the facepage Jonathan posted that the 31K owed to the IRS is for fed unemployment ins, and is based upon 500K of wages paid for the '07 MXDN.
Is the half million dollars related to the construction work to build the parking lots?
This is one of the very last obligations that anybody should disregard. The numbers don't add up either, and there seems to be an underlying, ongoing issue(s) which is negatively affecting cash flow. Businesses that have bad management who make poor decisions will inevitably fail no matter how much they are propped up by outside investors, creditors, and lenders. It's like throwing money down a black hole. The financial issues at Budds, on the surface, appear to be a symptom, not the problem.
downard254
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downard254 12/27/2016 5:53am
12/27/2016 5:53am Edited Date/Time 12/27/2016 5:54am
Guess he must have tried to pay with a 1099, and the IRS said no, they were employees. Probably easier to get the money from someone "like Beasley" than it is to get it from a bunch of kids hired to park cars and work the track. Those who were paid with a 1099 may not have made enough during the year to meet the minimum tax, so presto change, this IRS can comes in and says they were employees and not sub contractors, hence the tax owed for his employees. And, if that turns out to be the case, then he'll owe on employers portion of state income tax too.
Mike 29
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Mike 29 12/27/2016 5:55am
12/27/2016 5:55am
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and irresponsible.

" I still own an 88 Slant Nose Porsche", that's wonderful but your priorities are out of whack if you can't pay the basic property tax on land that you received from your parents for free.

My advice is to sell it to someone who can run a business and go play with you cars. Hard to have any sympathy for an IDIOT.
Tim507
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Tim507 12/27/2016 6:09am
12/27/2016 6:09am
Moto810 wrote:
The IRS has nothing to do with parking lots or building permits. That is local government only. Those messages leave me scratching my head as to...
The IRS has nothing to do with parking lots or building permits. That is local government only. Those messages leave me scratching my head as to what is really going on there.
Could be the cost's of the parking lots build out as costed against the 2007 income. Then the local jurisdiction gets involved for the illegality of the effort. The local IRS office gets wind - then an IRS audit and wham its a dead endCool
57F1VE
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57F1VE 12/27/2016 6:17am
12/27/2016 6:17am
Looks like he's saying he just got his shoulder fixed and has been on painkillers, that's why his posts have been so off the wall. Would be a bummer if true, really put a negative look on something that's taken a long time to build up. And in my opinion is a very nice track and facility and has always treated me well.
slipdog
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slipdog 12/27/2016 6:58am
12/27/2016 6:58am
Get it together JohnBoy, not everyone can Tweet like Donald Trump!
Moto810
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Moto810 12/27/2016 8:13am
12/27/2016 8:13am Edited Date/Time 12/27/2016 8:17am
If your paying 500K in payroll for one race then your doing something very wrong!

Also he has posted several different stories. One was that he got busted for making a new parking lot and clearing the land causing runoff to go into the water. That has nothing to do with the IRS. He seems to have a bunch of stories. If he was a direct person he would simply come out and say what he did wrong and be done with it right?
jonjon714
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jonjon714 12/27/2016 10:23am
12/27/2016 10:23am
He says he wouldn't accept any charity. Unhinged? Not what you would do? Think he gives a rat's ass what you think? Run your life, your track, and your finances anyway you want....let him run his.

I say hats off, guy is scrambling to make loot & pay the man.


Joe512
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Joe512 12/27/2016 10:26am
12/27/2016 10:26am


mxb2
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mxb2 12/27/2016 10:38am
12/27/2016 10:38am
Set up a payment plan, pretend it's a ,6 year loan on a $60,000 SUV. Or sell some stuff.
Fourth_Floor
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Fourth_Floor 12/27/2016 12:40pm
12/27/2016 12:40pm
This dude's posts are all over the place.
jhansen510
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jhansen510 12/27/2016 1:28pm
12/27/2016 1:28pm
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%. So 70% of the money is spoken for from the get go.
Skidaddle
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Skidaddle 12/27/2016 2:09pm
12/27/2016 2:09pm
jhansen510 wrote:
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%...
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%. So 70% of the money is spoken for from the get go.
Sounds like a scam to fund the pockets of go fuck me instead.

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Cygnus
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Cygnus 12/27/2016 5:46pm
12/27/2016 5:46pm
jhansen510 wrote:
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%...
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%. So 70% of the money is spoken for from the get go.
You are way off man. You just made that bullshit up.

GoFundMe charges a 5 percent fee from each donation received. Another 2.9 percent goes to WePay, which processes the transaction, plus 30 cents per donation. Basically, GoFundMe gets 8 percent of each donation for processing and handling the account.Oct 24, 2015
vetmxr
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vetmxr 12/27/2016 5:48pm
12/27/2016 5:48pm
lostboy819 wrote:
But if he charged for parking and he generated revenue and didn't claim it then it is a tax problem, but I do agree he has...
But if he charged for parking and he generated revenue and didn't claim it then it is a tax problem, but I do agree he has more going on than this especially with things he is saying on social media. Sad
JB 19 wrote:
I could see this having something to do with it. Let's just say that he might have parked 10,000 cars at a price of 10$ per...
I could see this having something to do with it. Let's just say that he might have parked 10,000 cars at a price of 10$ per car. That's 100,000$. If he didn't claim that income that could be a problem. Of course the parking lot cost money to build and we don't know how that was or wasn't reported.

Unfortunately, Jonathon Beasely has publicly made it known that he doesn't like the government or much to do with it so I hope this isn't something where he has been severely under reporting income and it has finally caught up to him.

Bragging about your exotic Porsche on Facebook while being investigated by the IRS is probably not a smart thing to do either. Do everything possible to avoid the Fed's.
I know nothing about the details here, but I'm pretty sure even an average accountant could get him out of the taxes on the parking lot.......kinda abstract expenses on the construction.....(you can do a lot of fudging on equipment and man hours on something like that).....also I assume few people know exactly how many paying cars were there....and how much "cash" was paid out. Believe me its better to just pay the tax and move on, but If you are a nefarious type, a good cpa can do magic if you throw them enough green.

At least that's what I've heard.....Whistling
BAMX
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BAMX 12/27/2016 5:53pm
12/27/2016 5:53pm
Mike 29 wrote:
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and...
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and irresponsible.

" I still own an 88 Slant Nose Porsche", that's wonderful but your priorities are out of whack if you can't pay the basic property tax on land that you received from your parents for free.

My advice is to sell it to someone who can run a business and go play with you cars. Hard to have any sympathy for an IDIOT.
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq ft house in Rancho Santa Fe.
Skidaddle
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Skidaddle 12/27/2016 6:29pm
12/27/2016 6:29pm
Mike 29 wrote:
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and...
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and irresponsible.

" I still own an 88 Slant Nose Porsche", that's wonderful but your priorities are out of whack if you can't pay the basic property tax on land that you received from your parents for free.

My advice is to sell it to someone who can run a business and go play with you cars. Hard to have any sympathy for an IDIOT.
BAMX wrote:
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq...
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq ft house in Rancho Santa Fe.
Wow.
vetmxr
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vetmxr 12/27/2016 6:45pm
12/27/2016 6:45pm
Mike 29 wrote:
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and...
Great track, good family who has contributed a lot to the sport. But another example of a second generation owner who is self indulgent, clueless, and irresponsible.

" I still own an 88 Slant Nose Porsche", that's wonderful but your priorities are out of whack if you can't pay the basic property tax on land that you received from your parents for free.

My advice is to sell it to someone who can run a business and go play with you cars. Hard to have any sympathy for an IDIOT.
BAMX wrote:
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq...
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq ft house in Rancho Santa Fe.
Skidaddle wrote:
Wow.
I bet he didn't get away with that for long??
jhansen510
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jhansen510 12/27/2016 6:49pm
12/27/2016 6:49pm
jhansen510 wrote:
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%...
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%. So 70% of the money is spoken for from the get go.
Cygnus wrote:
You are way off man. You just made that bullshit up. GoFundMe charges a 5 percent fee from each donation received. Another 2.9 percent goes to...
You are way off man. You just made that bullshit up.

GoFundMe charges a 5 percent fee from each donation received. Another 2.9 percent goes to WePay, which processes the transaction, plus 30 cents per donation. Basically, GoFundMe gets 8 percent of each donation for processing and handling the account.Oct 24, 2015
I think you should look into it some more. By the time it's all said and done your lucky to walk away with 30-35%.
kzizok
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kzizok 12/27/2016 6:53pm
12/27/2016 6:53pm Edited Date/Time 12/27/2016 6:53pm
vetmxr wrote:
I know nothing about the details here, but I'm pretty sure even an average accountant could get him out of the taxes on the parking lot.......kinda...
I know nothing about the details here, but I'm pretty sure even an average accountant could get him out of the taxes on the parking lot.......kinda abstract expenses on the construction.....(you can do a lot of fudging on equipment and man hours on something like that).....also I assume few people know exactly how many paying cars were there....and how much "cash" was paid out. Believe me its better to just pay the tax and move on, but If you are a nefarious type, a good cpa can do magic if you throw them enough green.

At least that's what I've heard.....Whistling
I think you are saying a CPA could have pro-actively helped him. I totally agree with you, but there is always the possibility that he didn't want anyone to know (he did admit that he got "caught"), especially a CPA. As in, the fewer the better.

As far as a CPA after the fact, I have no idea.
BAMX
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BAMX 12/27/2016 6:59pm
12/27/2016 6:59pm
BAMX wrote:
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq...
I know a guy who was broke and not paying his employees yet flying around in his private jet and paying for his girlfriends 5000 Sq ft house in Rancho Santa Fe.
Skidaddle wrote:
Wow.
vetmxr wrote:
I bet he didn't get away with that for long??
He did implode soon after. Although, he is still well off. He just isn't private jet well off. Plus he can't safely go to the area of the country where that business was. The sad part was that the bankruptcy court had dozens of things that they could have gone after him for. Sadly, the bankruptcy trustees were only interested in draining every last cent from the liquidation sale. They were the only ones to receive any compensation.
Cygnus
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Cygnus 12/27/2016 8:32pm
12/27/2016 8:32pm
jhansen510 wrote:
I think you should look into it some more. By the time it's all said and done your lucky to walk away with 30-35%.
I have. You are wrong. There is only one thing I can find about the IRS actually trying to tax a girl with cancer and she's most likely not gonna have to pay a dime after hiring an accountant. Show me some proof.
abomination 12/27/2016 8:44pm
12/27/2016 8:44pm
jhansen510 wrote:
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%...
Gofundme is a joke. They take about 35% off the top. Then the person that sets up the account gets taxed at a rate of 35%. So 70% of the money is spoken for from the get go.
Cygnus wrote:
You are way off man. You just made that bullshit up. GoFundMe charges a 5 percent fee from each donation received. Another 2.9 percent goes to...
You are way off man. You just made that bullshit up.

GoFundMe charges a 5 percent fee from each donation received. Another 2.9 percent goes to WePay, which processes the transaction, plus 30 cents per donation. Basically, GoFundMe gets 8 percent of each donation for processing and handling the account.Oct 24, 2015
jhansen510 wrote:
I think you should look into it some more. By the time it's all said and done your lucky to walk away with 30-35%.
just—no.

plus, gofundme funds are personal donations, and not taxable to the recipient. all you loose is the ~8% @Cygnus is referencing.

let me guess, you also think it's bad to be in a higher tax bracket?
kzizok
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kzizok 12/27/2016 9:05pm
12/27/2016 9:05pm Edited Date/Time 12/27/2016 9:07pm
First, I want Budds Creek to stay open. However, It looks like its in this financial mess because of monetary mismanagement from the owner. Now, said owner is suggesting that people help the situation through practice fees. So, now all of the sudden he is going to manage that money well enough to save the track? Additionally, the total amount of the practice fees collected would pale in comparison as to what is really needed to turn things around. Where will that money go?
Trav138
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Trav138 12/28/2016 1:20am
12/28/2016 1:20am Edited Date/Time 12/28/2016 1:36am
kzizok wrote:
First, I want Budds Creek to stay open. However, It looks like its in this financial mess because of monetary mismanagement from the owner. Now, said...
First, I want Budds Creek to stay open. However, It looks like its in this financial mess because of monetary mismanagement from the owner. Now, said owner is suggesting that people help the situation through practice fees. So, now all of the sudden he is going to manage that money well enough to save the track? Additionally, the total amount of the practice fees collected would pale in comparison as to what is really needed to turn things around. Where will that money go?
Wow man, 7 posts in here already, you sure are leading the charge to pile on, where's the pichforks??
I do agree someone needs to get him off facebook

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