DSP's Loan & Savings Company

[wabbits]

Phil retired 10 years ago. The problem is that you lazy slackers are not paying out his pension properly.

 

[James Smith]

Tips under $1: 90 totaling 90.00

Essentially 3 $1 tips a day. About the same for February. This month is looking like slightly less.

 

[That Hedonist Nerd]

I doubt it would be an ARM. Not 5 years ago. Banks were - and still mostly are - a lot more choosy in who they will give an ARM to because of that whole debacle.
It's used a lot now for the purpose it was invented for - short term loan. Thinking about one to get a little house in the shithole I grew up in so I can see my dad more often. How much is a house? $20,000.

 

[JamFlowMan]

To know exactly how poor Phil's Patreon is doing I of course compare it to Spoony's. Today surprised me that while Phil is still making more money ($520 vs $469) Spoony has more patrons then Phil (114 vs 129). I admit this doesn't include Twitch, the front facing numbers aren't 100% accurate, and it doesn't really matter but I got a good laugh from more people willing to fund Spoony then Phil.

 

[Wurstbrot]

Not sure where to put this, but here we go.

GTG had a well sounding theo-theory. You know how Phil was getting caught owning a business even so he was not owning a business, then got business magazines and a ton of back-taxes to pay ? He did nothing wrong and it was a whistleblower idiot troll, of course. Soooo, what if it Phil's fault from the very beginning? STAY WITH ME. I know, Phil always does everything correct, but listen.
What if someone up there looked at his business write-offs and wondered where the piece of cake for the state is? Why is he doing this without being a business? Sounds way more logical than an autistic conspiracy theory, do you think?

In language with timestamp (18:00).

*Edit for clarification

 

[Raven'sChild]

Now D$P will call this crazy talk from some 'idiot kid' who has been paying taxes almost more years than he's been alive, but what's stopping him from filing an extension?

 

[Kheapathic]

Not sure where to put this, but here we go.

GTG had a well sounding theo-theory. You know how Phil was getting caught owning a business even so he was not owning a business, then got business magazines and a ton of back-taxes to pay ? He did nothing wrong and it was a whistleblower, of course. Soooo, what if it Phil's fault from the very beginning? STAY WITH ME. I know, Phil always does everything correct, but listen.
What if someone up there looked at his business write-offs and wondered where the piece of cake for the state is? Why is he doing this without being a business? Sounds way more logical than an autistic conspiracy theory, do you think?

In language with timestamp (18:00).

The only problem with your argument is that it was a "whistleblower." A whistleblower is someone inside of the company that rats them out to a governing body; seeing how Phil is sole proprietor, there's no one else on the inside to rat him out... ... ... unless you want to go hard and think Panda would/did. The best bet is some bean counter at the state took a look at his finances, noticed something that didn't add up, then went sniffing around. I would bet it was him trying to write off his office space and so much of his electricity; they'd look at the square footage and what-not, then started looking. Now I don't know the tax laws, so I'm only theorizing here; but whether or not Phil does or does not own a business might be irrelevant. From what I understand; companies like Twitch, Youtube, Paypal, etc send you 1099 (contractor) paperwork for taxes. So even while he's not an established business, he is "doing business" and so the state needs their pound of flesh.

 

[Raven'sChild]

Not sure where to put this, but here we go.

GTG had a well sounding theo-theory. You know how Phil was getting caught owning a business even so he was not owning a business, then got business magazines and a ton of back-taxes to pay ? He did nothing wrong and it was a whistleblower, of course. Soooo, what if it Phil's fault from the very beginning? STAY WITH ME. I know, Phil always does everything correct, but listen.
What if someone up there looked at his business write-offs and wondered where the piece of cake for the state is? Why is he doing this without being a business? Sounds way more logical than an autistic conspiracy theory, do you think?

In language with timestamp (18:00).

You can write personal expenses related to your job that your employer does not reimburse you for as a 'business expense': work clothes, travel, food, an office in your home and so on. As has long been my theory ,the old Conn. accountant was under the impression that D$P worked FOR Machinima and all the 'business expenses' ( games, equipment, travel) D$P claimed could be written off as his employer, Machinima, did not reimburse D$P for them.

 

[Wurstbrot]

The only problem with your argument is that it was a "whistleblower." A whistleblower is someone inside of the company that rats them out to a governing body; seeing how Phil is sole proprietor, there's no one else on the inside to rat him out... ... ... unless you want to go hard and think Panda would/did. The best bet is some bean counter at the state took a look at his finances, noticed something that didn't add up, then went sniffing around. I would bet it was him trying to write off his office space and so much of his electricity; they'd look at the square footage and what-not, then started looking. Now I don't know the tax laws, so I'm only theorizing here; but whether or not Phil does or does not own a business might be irrelevant. From what I understand; companies like Twitch, Youtube, Paypal, etc send you 1099 (contractor) paperwork for taxes. So even while he's not an established business, he is "doing business" and so the state needs their pound of flesh.

Fair enough, I might have confused the term "whistleblower" with something else. I specified that now.
With the rest I can agree.

 

[James Smith]

Now D$P will call this crazy talk from some 'idiot kid' who has been paying taxes almost more years than he's been alive, but what's stopping him from filing an extension?

The extension is only to file, not to pay. He still has to pay by April 15. Anything he doesn't pay will have interest applied.

What if someone up there looked at his business write-offs and wondered where the piece of cake for the state is?

The state had no access to his federal tax returns. They didn't find out he was self-employed that way.

You can write personal expenses related to your job that your employer does not reimburse you for as a 'business expense': work clothes, travel, food, an office in your home and so on. As has long been my theory ,the old Conn. accountant was under the impression that D$P worked FOR Machinima and all the 'business expenses' ( games, equipment, travel) D$P claimed could be written off as his employer, Machinima, did not reimburse D$P for them.

DSP's accountant knew he was an independent contractor. He got tax documents from DSP literally stating that he was not an employee.

 

[Raven'sChild]

The extension is only to file, not to pay. He still has to pay by April 15. Anything he doesn't pay will have interest applied.

Soooo, I looked this up and found out something rather interesting:

[Filing a tax extension gives you six extra months to file your tax return (5 months for certain business entities) But if you owe taxes, the IRS requires that you still pay by the original due date of your return (typically April 17 for individuals and March 15 for businesses).

This may seem a bit counterintuitive to many taxpayers. Isn't the whole point of getting a tax extension so that you don't have to pay right away?

Unfortunately, no. A tax extension gives you the time you need to prepare a completely accurate tax return, but the IRS will not wait six months to receive the taxes you owe. If your tax return comes out better than you had expected, you may get a tax refund. If it comes out worse than expected, you will have to pay the additional tax due to the IRS. Despite what you may or may not owe, you are still required to pay by the original filing deadline.

What If I Don’t Pay?

If you don't pay your income taxes by April 17 (or your business taxes by March 15), the IRS will most likely assess a late payment penalty and interest charges which accumulate each month that your taxes go unpaid.]

...D$P owed late B&O taxes to the State of Washington. Does he not owe Business taxes to the IRS as well? IF so, said taxes were due five days ago. Would not a Tax Attorney, who is well versed in Tax Law have done D$P's taxes well in advance of the 15 March due date for Businesses? He did just handle D$P's back B&O tax issue with the State of Washington. Can one owe Business taxes to a State while not owing Business taxes to the IRS? I don't know how this works having never been self employed. Does this further my theory that his old Conn. accountant believed D$P to be an employee of Machinima?

 

[gin_nose]

The state had no access to his federal tax returns. They didn't find out he was self-employed that way.

DSP's accountant knew he was an independent contractor. He got tax documents from DSP literally stating that he was not an employee.

I've been saying all along he was signed up for those magazines because he registered business class internet (which likely came with a business phone number, he has even mentioned he got a deal by having a double or triple play)

 

[LostMy1stAccount]

I may remember incorrectly, but didn't Dave took out multiple "business loans"?
Maybe this was how they found out about him, and why they send him all those magazines.

EDIT: But even if there was indeed a detractor who told the state about Dave, didn't they save his ass that way?
He had to pay the back-taxes for just a couple of years, imagine what would've happen if they found out about him 5 or 10 years later?

 

[James Smith]

EDIT: But even if there was indeed a detractor who told the state about Dave, didn't they save his ass that way?

He legally owed the taxes. Nobody wronged him the way he pretends. Detractors didn't wrong him by reporting him. His old accountant didn't wrong him by not telling him. He cost himself thousands of dollars hiring an attorney who ultimately told him "Just pay what they want." He wronged himself.

He only owes personal income tax. Business taxes are for business entities like corporations not for sole proprietors.

The state business and occupation tax covers anyone doing business in the state including both corporations and sole proprietors.

 

[DarkScrubPhil]

The state had no access to his federal tax returns. They didn't find out he was self-employed that way.

That's not entirely accurate.

https://www.irs.gov/government-entities/governmental-liaisons/state-information-sharing

The IRS and the Washington tax authority (whatever that is) can and do talk with each other and share information.

It wouldn't take much for Phil to get caught by Washington if the following are true.

1. Phil resided in Washington
2. Phil filed with the federal government some documentation that he was running a business or was self-employed (Schedule C most likely)
3. Washington tax authority was looking for documentation for people living in Washington and filing taxes as a business.

It doesn't require a whistleblower or a detractor for him to get caught, and it was only a matter of time before he was caught.

One thing that really irritates me is that he blames his CT tax attorney for his trouble when he could have easily asked a WA tax professional or even the state authority about his situation. The blame really is on Phil, and not on anyone else.

 

[James Smith]

One thing that really irritates me is that he blames his CT tax attorney for his trouble when he could have easily asked a WA tax professional or even the state authority about his situation. The blame really is on Phil, and not on anyone else.

He could have asked a local professional but he didn't. Because. he. was. fucking. lazy. Not because they guy begged and pleaded with him to not leave him for another accountant but because he was lazy.

 

[KingjadVCMP]

Got a feeling that the answer is he only used this for one specific set of taxes owed or something?

 

[BallBuster]

Got a feeling that the answer is he only used this for one specific set of taxes owed or something?
View attachment 700760

I just read this tweet like a minute before seeing this post. People need to stop tagging twitch in these tweets (I used to do it. Learned it was pointless and stopped). Twitch doesn’t fucking care. Get over it. Go through the twitch website and file a proper report against him with evidence. Otherwise, sod off with this crap.

 

[actually]

I may remember incorrectly, but didn't Dave took out multiple "business loans"?

That's what Phil calls them. More likely, given that he didn't even register his "business" until the end of 2017, they were personal loans. He just calls them business loans because it makes him sound like a big boy business owner that definitely isn't floundering.

 

[Raven'sChild]

D$P told his chat today that he was "going to listen to him ( his 'tax guy') and basically take his advice on how to approach this and let you guys know what we're looking at and see what we can do this weekend".
"Take his advice on how to approach this"? Hmmm, let's see...PAY what you owe or as much as you can. D$P's statement doesn't even make sense. What does he think his 'tax guy' is going to advise him to do other than paying his freaking taxes?

On a side note, I see a lot of people talking about the 2017-18 fundraiser how D$P is saying he didn't pay taxes last year. He was raising funds to pay the back taxes he owed the State. He paid them. He also paid his 2017 federal taxes. When he talks about not paying his taxes, he means his 2018 taxes quarterly during the year so now he owes all of them in one lump sum. I seriously doubt that he did not pay his 2017 taxes so that now he owes the taxes from 2017 AND 2018. I could, however, be incorrect.

One thing I find myself pondering is that it is odd that he managed to pay both his 2017 Federal taxes and his back taxes owed to the State while not receiving anywhere near the amount of money he has this year. E7's $12k stands boldly in my mind. Lest we forget, in addition to the E7 windfall, D$P also took in other cheers, subs, tips, YT money, Pay-me-tons and merch during that month. I cannot recall D$P ever receiving so much money in a single month since he started triple dipping* on Twitch.

* dip 1= $1,250 to play a Pay-me-tons nominated game
dip 2= Yt revenue from the vids of the patron pre-paid game.
dip3= cheers, subs and tips gained during streaming said Patron paid for game