New IRS, Treasury guidance focuses on “basis shifting” transactions used by partnerships

Discussion in 'Trucker Taxes and Truck Financing' started by ihaveaquestion, Jun 18, 2024.

  1. ihaveaquestion

    ihaveaquestion Medium Load Member

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    New IRS, Treasury guidance focuses on “basis shifting” transactions used by partnerships | Internal Revenue Service

    Simply put, trucking industry, logistics.. in theory let’s put you in the driver seat.
    1. You are a contractor for any trucking company w2 or 1099.
    2. The company owns a 100+ semi trucks that are now at the end of their depreciation cycle.
    3. The semi trucks are Company Assets.
    4. The company doesn’t want to lose out on vehicle depreciation offsetting profits with the semi trucks
    5. At this point in the process they make two new companies along with the old company, they will soon dissolve.
    6. The two new companies "buy" those old vehicles and restart the depreciation cycle.
    7. No cash ever actually changes hands “because the owner still owns all the trucks” and the old company never reports the "money received" for "selling" the trucks to the new company.
    8. The new companies do report to the IRS that they "purchased" these vehicles, but at what cost? $1 or $100k per unit. This is where they falsify records on top of all the other fraud that they commit from falsifying drivers electronic logs, vehicle mileage fraud, IFTA tax fraud, companies barely pay any payroll taxes or any taxes probably.
    9. Now the future companies will need to validated all values accurately in a transaction transfer between companies and tax filings

    In other words, it’ll be VERY difficult for trucking companies such as the 1,000+ 1099 Chicagoland trucking companies, operating out of one fraudulent parking lot, using tons of apartment complex addresses, located at 21000 Torrance ave, Chicago Heights, Illinois, 60411. If you were to go to that address, yesterday/today/tomorrow, you will easily find 100 different trucking companies, lot full of 100+ White Semi Trucks with “removable stickers/decals” on the sides of them. There’s so many companies because the frauds running these companies purposely “open & close” trucking companies every six months to dodge the IRS/USDOT audits. Every six months they routinely move the vehicle assets from one company to the next on top of all the other falsified record keeping, filings & documentation.
     
    Last edited: Jun 18, 2024
    Flat Earth Trucker Thanks this.
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