Save budds creek tax troubles

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12/24/2016 1:01 PM
Edited Date/Time: 12/24/2016 1:03 PM

I seen something on Facebook, don't know where the link is, that the IRS paid the track a visit. Just wondering if anyone can enlighten on this. I hope it's not true

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12/24/2016 1:02 PM
Edited Date/Time: 12/24/2016 1:02 PM

If true then they have nobody to blame but themselves

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12/24/2016 1:08 PM

Recently? Or are you referencing the big tax bill/fine they got hit with after hosting des nations a long time ago?

Post up the link

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12/24/2016 1:11 PM

Photo

Straight from Jonathon Beasley.
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12/24/2016 1:12 PM
Edited Date/Time: 12/24/2016 1:15 PM

Justin345 wrote:

Recently? Or are you referencing the big tax bill/fine they got hit with after hosting des nations a long time ago?

Post up ...more

It was just posted that other stuff has happened since MXDN, like I said just posted today, unless I misunderstood. Thanks for posting the Facebook link

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12/24/2016 1:35 PM

Hate to see it but If you can't make the national work and be profitable, sell the land!

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12/24/2016 1:41 PM

Mungusman wrote:

It was just posted that other stuff has happened since MXDN, like I said just posted today, unless I misunderstood. Thanks for ...more

No problem. A bunch of us will be there on Monday. If anyone else is there, come say hi. Kawasaki #345

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12/24/2016 1:41 PM
Edited Date/Time: 12/24/2016 1:42 PM

I would never want any track to go away. However, that facebook post would be very concerning, in many ways, as to the future of the track. Seems the "tax" problem is just one of many with traceable lineage.

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much ty. How to spot a paid forum poster/artificial forum traffic producer (see list of actions/phrases below):

Copius pattern amounts of phrases like “Anyone have”..., “Anybody know?”.... and their variations.

Thoughts?
Any help is appreciated!
Thanks in advance!





12/24/2016 1:57 PM

See some of you were upset with Bud for the 2017 De Nations. Nothing is a given you going to make millions like people think. Glen Helens lost major bucks this year on the GP and did not make a whole lot on the National. Why you ask? It's not hard to figure it out. It cost a lot to put on these races.

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12/24/2016 2:49 PM
Edited Date/Time: 12/24/2016 2:59 PM

sucks

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Deano2021

12/24/2016 3:40 PM

Embarrassing

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12/24/2016 3:45 PM

Keep in mind everyone your only taxed on profits so if they did not pay their tax then that is their fault. I have seen many who did not pay their taxes. Death and taxes folks! I sure do not like to pay the amounts of tax I have to pay but in the end you must pay it.

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12/24/2016 3:53 PM

locals need to show up or be without the track..#participate

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12/24/2016 3:54 PM

trailrider wrote:

locals need to show up or be without the track..#participate

If he can't run the track well why won't he sell it? Maybe someone local would buy it?

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12/24/2016 5:01 PM

I'll donate if someone posts up a link.

Jonathan has made many of my Moto vacations fantastic. This is a great way of saying "THANKS"

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Sometimes, Gravity just sucks.

12/24/2016 5:23 PM
Edited Date/Time: 12/24/2016 5:25 PM

Moto810 wrote:

Keep in mind everyone your only taxed on profits so if they did not pay their tax then that is their fault. I have seen many ...more

I would imagine this is more along the lines of unpaid sales tax or something along those lines.

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12/24/2016 5:37 PM

Moto810 wrote:

Keep in mind everyone your only taxed on profits so if they did not pay their tax then that is their fault. I have seen many ...more

jhansen510 wrote:

I would imagine this is more along the lines of unpaid sales tax or something along those lines.

Not sure, but as a business guy myself who knows a great deal about the IRS. I can assure you if you owe taxes it is because you made a profit and or like you said you collected sales tax and never passed to the state.

I am the first to say our government is taxing us to much and they also make it difficult. Some business owners just can keep their books straight because of the rules that favor the IRS 100%.

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12/24/2016 5:42 PM

Moto810 wrote:

Keep in mind everyone your only taxed on profits so if they did not pay their tax then that is their fault. I have seen many ...more

jhansen510 wrote:

I would imagine this is more along the lines of unpaid sales tax or something along those lines.

Nope sales tax is by state....IRS is federal

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12/24/2016 6:41 PM

More fallout for Buddscreek because of the Des Nations. I feel for Jonathan. He is hardcore Moto through and through to his own detriment.

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12/24/2016 6:51 PM

I love Budds as much as the next mid atlantic motobro, and If the weather permits, I will make a trip down there this week. That being said, hire a good CPA and keep your shit straight. This is a business.

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12/24/2016 7:07 PM

Adam43 wrote:

Embarrassing

Yup and I guarantee this is no surprise to anyone in the know.

Beasley has been "on the ropes" for a while now.

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"Stewart is the very last of a generation raised on 2-strokes so, naturally, he's going to have more skills than all these 4stroke kids coming up today." - Spotted Marley

12/24/2016 7:09 PM

jhansen510 wrote:

Hate to see it but If you can't make the national work and be profitable, sell the land!

If all the nationals that weren't profitable did that we would probably left with tracks on public land and tracks being run by second generation owners.

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12/24/2016 7:17 PM

JustMX wrote:

If all the nationals that weren't profitable did that we would probably left with tracks on public land and tracks being run ...more

I respectfully disagree. I can't see the majority of them losing money, year after year, and continuing on. Im not saying there aren't exceptions, but they would be the minority.

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much ty. How to spot a paid forum poster/artificial forum traffic producer (see list of actions/phrases below):

Copius pattern amounts of phrases like “Anyone have”..., “Anybody know?”.... and their variations.

Thoughts?
Any help is appreciated!
Thanks in advance!





12/24/2016 7:30 PM

Ive heard a few good 'conspiracy' theories about whats going to happen to Budds and why they are in the trouble they are in, but Im not gonna type it out on this site dizzy

But from what Ive gathered its not looking good, and I dont think its purely down to unpaid taxes

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12/24/2016 7:31 PM

If he owes 30k he should have made 100k personally or 200k corporate......unless that is penaltys and interest

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12/24/2016 8:06 PM

I'm no CPA or tax attorney, but I am a real estate agent licensed in MD so I will take a crack at it. From what I know and have been told, the actual land is family land and has been for generations. It is also "grandfathered" in St Marys county as an MX track and always will be.... unless something bad happens. SO here comes the speculation and idea bit. IF the IRS is going to shut down the "track" it would be Budds Creek LLC if that is such a thing. They can take the property and auction it off to settle any and all debts. There is hope, but unfortunately I'm not so sure that Beasley would be as open to the help that could possibly be offered to him. There are people in the area that ride moto that also have pretty deep pockets, like deep enough to settle the taxes with the stroke of a check. IMO these individuals if they felt compelled to do so could approach Beasley with a partnership opportunity. Maybe they could structure a loan that pays interest, must be paid within a specific time period, and in case of default the property is relinquished to the holder of the loan. It would be a loss for Beasley if he defaulted but it would keep the track in control of a person who is involved with moto. Keep in mind that there is only one race track in MD and it also happens to hold one of the longest running nationals on the circuit. I have other ideas but that was one that popped in my head today as I discussed the idea with one of the people who could end all Beasleys financial troubles. He agreed with the idea of saving it but has his own issues with Beasley and I will leave it at that.

This is only a big picture idea and I know there are flaws with it and questions. One question is if there are brothers and sisters that also have a say in the property and what their concerns are with keeping the track. Oh well, either way, I know I will get down there one day this week, pay my money and cut some laps (just hope it wont be the last time I get the chance to).

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12/24/2016 8:54 PM

Moto810 wrote:

Keep in mind everyone your only taxed on profits so if they did not pay their tax then that is their fault. I have seen many ...more

jhansen510 wrote:

I would imagine this is more along the lines of unpaid sales tax or something along those lines.

Moto810 wrote:

Not sure, but as a business guy myself who knows a great deal about the IRS. I can assure you if you owe taxes it is because ...more

Here is your chance superstar step up and show everyone how it's done.

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12/24/2016 9:03 PM

crusher773 wrote:

Here is your chance superstar step up and show everyone how it's done.

Its funny that you always have to make a comment about me on any post. It seems a bit unhealthy don't you think?

Next, if you read people make it clear he won't sell the track. Then again how many tracks do you see put up for sale? All those tracks not making money yet none ever want to sell? If I had a business that did not make money yet people would buy it? Bammmm sold!

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12/24/2016 9:08 PM

jhansen510 wrote:

I would imagine this is more along the lines of unpaid sales tax or something along those lines.

Moto810 wrote:

Not sure, but as a business guy myself who knows a great deal about the IRS. I can assure you if you owe taxes it is because ...more

crusher773 wrote:

Here is your chance superstar step up and show everyone how it's done.

Don't think he was being a superstar, but if you run a business keep your books straight and shouldn't have trouble? Or he should tell them he was just being smart like Trump and therefore he didn't have to pay taxes?

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12/24/2016 9:18 PM

I'll bite, how does a Jew get into money trouble?


BTW, happy first day of Hanukkah!

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