Is it legal or illegal to have two sets of books for your financial records?

[Winco]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

 

[Mortis]

Like who doesn't "cook the books"? Lol

 

[kyzr]

Tax laws are tax laws, but... "Only little people pay taxes"

26 U.S. Code § 7201 - Attempt to evade or defeat tax

www.law.cornell.edu

"Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 in the case of a corporation), or imprisoned not more than 5 years, or both, together with the costs of prosecution."

To me the word "willfully" is the "get-out-of-jail" card. Like Hillary lacked "intent" to defeat FOIA and got away with her bathroom server crime. I'm sure Trump can tie-up litigation many years with appeals and such.

 

[bripat9643]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

Who falsified financial records?

 

[Winco]

Who falsified financial records?

Exactly
It was clearly hypothetical
Why does

CrusaderFrank automatically think this thread is trump related?

 

[Lesh]

I believe it's ...illegal

 

[bodecea]

What does this have to do with President Biden?

 

[bodecea]

Exactly
It was clearly hypothetical
Why does

CrusaderFrank automatically think this thread is trump related?

No, he seems to think it's a Biden thread.

 

[Lastamender]

Exactly
It was clearly hypothetical
Why does

CrusaderFrank automatically think this thread is trump related?

No it is just a coincidence. Like Biden getting 93% of a huge ballot drop.

 

[Winco]

No it is just a coincidence. Like Biden getting 93% of a huge ballot drop.

What coincidence are you referring too.

 

[Baron Von Murderpaws]

I worked for MV Transportation some years ago, in Mexifornia.

They have two sets of books, and they don't give a damn who knows it. Hell, they even flaunt it in employees faces.

This is one despicably corrupt company the DementiacRats love. This company fucks it's employees over by using their second set of books to literally steal money from employees paychecks!!! And no, the courts don't give a shit, the government agencies don't give a shit, the politicians don't give a shit.........why? Because MV would rather pay off evil and corrupt people, than to pay their employees the wages they actually worked for!!!

How's THAT for being DementiacRatically fucked to hell?

 

[Dogmaphobe]

I have several sets of books, myself.

The Dune series, the Enders game series, the Earthsea series, the Foundation series, the Hyperion series............

 

[Turtlesoup]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

It is not illegal to have two sets of books persay---I mean there is no specific law that says you can't keep two sets of books. Now if you are falsifying the one that you give to the government that might be an issue...

 

[Lesh]

It is not illegal to have two sets of books persay---I mean there is no specific law that says you can't keep two sets of books. Now if you are falsifying the one that you give to the government that might be an issue...

Yea well...

 

[White 6]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

I'm sure you're just asking for a friend.

 

[Dogmaphobe]

I'm sure you're just asking for a friend.

Winco might have a friend?



I am totally flummoxed.

 

[White 6]

I worked for MV Transportation some years ago, in Mexifornia.

They have two sets of books, and they don't give a damn who knows it. Hell, they even flaunt it in employees faces.

This is one despicably corrupt company the DementiacRats love. This company fucks it's employees over by using their second set of books to literally steal money from employees paychecks!!! And no, the courts don't give a shit, the government agencies don't give a shit, the politicians don't give a shit.........why? Because MV would rather pay off evil and corrupt people, than to pay their employees the wages they actually worked for!!!

How's THAT for being DementiacRatically fucked to hell?

Don't hold back or sugar coat it. Tell us how you feel, dude.

 

[DGS49]

Hasn't anyone here taken a course in Financial Accounting?

EVERY BUSINESS keeps at least two "sets of books."

The Internal Revenue Code requires and allows different accounting principles than Generally Accepted Accounting Practice ("GAAP"). For example, the IRC allows faster depreciation of capital assets than GAAP, so the depreciation allowance on one's TAX RECORDS will be greater than the depreciation allowance on the records for the SEC.

This is just one tiny example, but this is why many publicly traded companies show profit on their published financial statements, but less or no profit on their tax returns....and there is nothing wrong with that.

Financial records may be different again for the calculation of employee bonuses that are based on profitability.

This is common knowledge among the world's bean counters. Nothing scandalous.

 

[Winco]

I'm sure you're just asking for a friend.

You guys are such a smart group

Winco might have a friend?



I am totally flummoxed.

I got hundreds of friends
Doesn’t every normal functioning white American male in his 60’s?

 

[Lesh]

This is just one tiny example, but this is why many publicly traded companies show profit on their published financial statements, but less or no profit on their tax returns....and there is nothing wrong with that.

Financial records may be different again for the calculation of employee bonuses that are based on profitability.

But if you have one set of books that you show to acquire loans and another that you show to the IRS...is that legal?