- Joined
- Jan 17, 2017
Uhm no! He doesn't have to watch TV and even if he did he can't afford cable!
[16-Jan-2020] DarksydePhil is filing for bankruptcy (general thread) - and has officially done so on January 31 2020, meaning a lot of his finances have become public
- Thread starter Comma
- Start date
- Status
MoonRocker
kiwifarms.net
- Joined
- Apr 10, 2019
Um, WRONG!
DSP has Disney+ and totally has access to the aforementioned episode (Season 7 I believe).
- Joined
- Dec 20, 2018
Maybe if the WWE/F had done a storyline involving the IRS, piggy would have known not to mess with them.
737 MAX Stan Account
kiwifarms.net
- Joined
- Jan 19, 2020
Why on Earth was twitch giving him any money in the first place? Was I an idiot to bother getting a big boy job when I could make six figures by sucking at video games?
Crunchy Smegma
kiwifarms.net
- Joined
- Sep 22, 2018
Twitch gives him money because his viewers give him bits and subscriptions through their website.
- Joined
- Feb 19, 2015
Your big boy job doesn't fluctuate. DSP depends on his paypigs, without them his income is fucked. You also are building a resume so if you get fire you can go find another job. DSP has no resume last 10 years.
- Joined
- Jun 14, 2016
No one should feel bad for DSP. Most people that go bankrupt don't have thousands if not over ten thousand people constantly telling them they're messing up their life.
He has been getting solid advice for years and years but he's ignored it every time because he's a business genius and has no bad ideas.
You should feel empathy for most everyone, but this is a person who has gotten hundreds of thousands of dollars for nearly nothing and gone out of his way to waste it ALL, despite continuous warnings of everyone around him.
He has been getting solid advice for years and years but he's ignored it every time because he's a business genius and has no bad ideas.
You should feel empathy for most everyone, but this is a person who has gotten hundreds of thousands of dollars for nearly nothing and gone out of his way to waste it ALL, despite continuous warnings of everyone around him.
- Joined
- Dec 28, 2014
The CT condo is a foregone conclusion. It's as good as gone.
- Joined
- Sep 17, 2018
Over/under on detractors crowdfunding a bid on the foreclosure sale?
The Penultimate Warrior
kiwifarms.net
- Joined
- Mar 6, 2019
DSP isn't worried as his lawyer watched Matlock in a bar last night. The sound wasn't on, but he got the gist of it.
MightyBob69
kiwifarms.net
- Joined
- Dec 15, 2019
Phil is like someone who got into bitcoin back when it was less than $10. By planting his flag early, he secured a position for himself that has nothing to do with his talent as an entertainer. People gave a shit about Project 7 because it was back when YouTube content could suck and still succeed - but imagine how the middle school play acting and terrible production value would toil in obscurity on YouTube if Phil teased it for the first time today.
LightTailFoal
kiwifarms.net
- Joined
- Jan 20, 2020
Hi everyone. I heard about this intriguing situation, and read many posts here. I would like to mention that I sense many of you are underestimating just how bad this person's IRS situation could be.
1099 forms are a tricky thing. Basically if a person has $20,000 or more in electronic transactions in a year through a company (like Twitch, YouTube, or PayPal), that company generally reports the total of those transactions to the IRS using a 1099 form. Widespread reporting to the IRS on internet transactions has been in place since 2013.
It has been very common during the last six years for taxpayers doing internet business not to notice these 1099 forms, especially since they tend not to be mailed or even emailed to the taxpayer. Taxpayers doing internet business often think "well they do not know how much money I am making" and substantially lowball their income on their tax returns. Or they just do not file a return at all.
The IRS is often slow to initiate audits, usually 1.5+ years after a return is filed (which is almost 3+ years after the start of a year being examined). But being slow actually works to their advantage. An unsuspecting taxpayer could be making a mistake for many years, accumulating large amounts of penalties and interest, before the IRS initiates audits. And if there are 1099's and deficiences or non-filings, the taxpayer pretty much has no where to run.
The IRS eventually does a very basic algorithm that totals 1099's for a taxpayer and checks whether that total was reported as revenue on that taxpayer's returns. This is automated, so these taxpayers usually do not slip under the radar. It is also then common for a taxpayer to ignore or procrastinate when they receive automated deficiency notices from the IRS in the mail, making their problem much worse.
The penalty for under-reporting is usually an additional 20% or 40% on the unreported tax obligation (depending on how substantial the under-reporting was).
In situations of fraud or non-filing, the penalty may instead be 75% on the unreported tax obligation.
An additional failure-to-pay penalty is 0.5% per month.
Additional yearly interest rates on the debt range from 3% to 6%.
The statute of limitations to initiate an audit is usually 3 years from the filing date, but can be 6 years on 25%+ deficiences, and can be forever on fraud or non-filing. This person could have also attempted crazy things like reporting mobile game transactions as business expenses, which could also cause a lot of trouble.
The costs of accountants and lawyers to assist in these kinds of situations is also very high, especially if a taxpayer is broke.
The above is conjecture about this person's situation. But to put it mildly, this person's tax problems could be substantial.
1099 forms are a tricky thing. Basically if a person has $20,000 or more in electronic transactions in a year through a company (like Twitch, YouTube, or PayPal), that company generally reports the total of those transactions to the IRS using a 1099 form. Widespread reporting to the IRS on internet transactions has been in place since 2013.
It has been very common during the last six years for taxpayers doing internet business not to notice these 1099 forms, especially since they tend not to be mailed or even emailed to the taxpayer. Taxpayers doing internet business often think "well they do not know how much money I am making" and substantially lowball their income on their tax returns. Or they just do not file a return at all.
The IRS is often slow to initiate audits, usually 1.5+ years after a return is filed (which is almost 3+ years after the start of a year being examined). But being slow actually works to their advantage. An unsuspecting taxpayer could be making a mistake for many years, accumulating large amounts of penalties and interest, before the IRS initiates audits. And if there are 1099's and deficiences or non-filings, the taxpayer pretty much has no where to run.
The IRS eventually does a very basic algorithm that totals 1099's for a taxpayer and checks whether that total was reported as revenue on that taxpayer's returns. This is automated, so these taxpayers usually do not slip under the radar. It is also then common for a taxpayer to ignore or procrastinate when they receive automated deficiency notices from the IRS in the mail, making their problem much worse.
The penalty for under-reporting is usually an additional 20% or 40% on the unreported tax obligation (depending on how substantial the under-reporting was).
In situations of fraud or non-filing, the penalty may instead be 75% on the unreported tax obligation.
An additional failure-to-pay penalty is 0.5% per month.
Additional yearly interest rates on the debt range from 3% to 6%.
The statute of limitations to initiate an audit is usually 3 years from the filing date, but can be 6 years on 25%+ deficiences, and can be forever on fraud or non-filing. This person could have also attempted crazy things like reporting mobile game transactions as business expenses, which could also cause a lot of trouble.
The costs of accountants and lawyers to assist in these kinds of situations is also very high, especially if a taxpayer is broke.
The above is conjecture about this person's situation. But to put it mildly, this person's tax problems could be substantial.
- Joined
- Oct 25, 2017
That would supremely delicious if some rogue element actually DID crowd fund the purchase of the OG Gout Palace if for nothing else but to rub it in Phil's face. The resulting salt would rival Mortons in annual sodium sales.
It'll be interesting to see what deficiency Phil has once the Connecticahndo has sold and gets rolled into whatever bankruptcy chapter he qualifies for.
- Joined
- Feb 10, 2018
There's no way this would escape the eye of the bankruptcy court right? I imagine they have the IRS on speed dial.
- Joined
- Jan 17, 2017
I appreciate you trying to help, but this isn't the case for YouTube or Twitch. YouTube and Twitch send out forms if you make over $600. Money processing companies like PayPal are the ones that send them out if you exceed $20,000 AND 200 transactions. Although Patreon has sent them out in the past I believe they have stopped since they probably aren't required to (after all, when you withdraw the money using Stripe or PayPal they are regulated anyway).
- Joined
- Jan 19, 2018
Phil certainly meets this standard for paypal, though, I would think, unless the number of transactions is determined only by his withdrawals.
- Joined
- Jan 17, 2017
Nah it's the number of people who send you money through the service so he gets one each year.
- Joined
- Apr 22, 2015
Could he skirt by a payment plan if he receives games as a gift and wouldn't have to pay taxes on?
- Joined
- Dec 28, 2014
Not anywhere yet. I'd assume Washington although he probably could file in Connecticut instead.
- Status