The Conservative Cave

Current Events => General Discussion => Topic started by: mamacags on August 20, 2009, 07:56:24 PM

Title: Cash for clunkers= Eat it dealers!
Post by: mamacags on August 20, 2009, 07:56:24 PM: We bought a new car today. It wasn't a clunkers deal. The small dealer we bought from is owed 800,000.00 for the CFC deals. I told them that next election maybe they should think about voting for the party that doesn't promise rainbows and sunshine that they can't deliver on.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: franksolich on August 20, 2009, 09:33:49 PM: I'm wondering about something.

Even if 0bama hasn't paid these automobile dealers by December 31, will they still have to count the promised cash as income for 2009?
Title: Re: Cash for clunkers= Eat it dealers!
Post by: Chris on August 20, 2009, 09:37:23 PM: Quote from: franksolich on August 20, 2009, 09:33:49 PM
I'm wondering about something.

Even if 0bama hasn't paid these automobile dealers by December 31, will they still have to count the promised cash as income for 2009?

Don't most businesses figure their income and taxes on a quarterly basis? If so, these people may be SOL come September.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: franksolich on August 20, 2009, 09:41:56 PM: Quote from: Chris on August 20, 2009, 09:37:23 PM
Don't most businesses figure their income and taxes on a quarterly basis? If so, these people may be SOL come September.

Yes, they do figure them out on a quarterly basis, but they can adjust and readjust income through December 31.

I'll bet they have to pay income taxes on this income not received.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: NHSparky on August 21, 2009, 07:00:49 AM: Maybe the government can give them IOU's then tax them like CA does.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: DumbAss Tanker on August 21, 2009, 08:35:48 AM: Quote from: franksolich on August 20, 2009, 09:33:49 PM
I'm wondering about something.

Even if 0bama hasn't paid these automobile dealers by December 31, will they still have to count the promised cash as income for 2009?

They will if they are accrual-basis taxpayers rather than cash-basis taxpayers. Some of the smallest ones may be cash-basis, but I would expect very few would be.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: franksolich on August 21, 2009, 08:43:16 AM: Quote from: DumbAss Tanker on August 21, 2009, 08:35:48 AM
They will if they are accrual-basis taxpayers rather than cash-basis taxpayers. Some of the smallest ones may be cash-basis, but I would expect very few would be.

Oh man, that's going to be a whole world of trouble.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: DumbAss Tanker on August 21, 2009, 08:47:00 AM: Quote from: franksolich on August 21, 2009, 08:43:16 AM
Oh man, that's going to be a whole world of trouble.

Sooner than you might think; the comment about fiscal years above is entirely accurate, but our tax system is pay-as-you-go which is relatively invisible to wage-earners, but it means businesses have to pay quarterly estimated taxes up front, which for most will mean the day of reckoning on this is only six weeks away.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: jinxmchue on August 21, 2009, 03:05:05 PM: I bet Obama & Clowns did this so that they could "bail-out" the dealers, too, along with the manufacturers. All part of a master plan to control the auto industry. Pretty soon, we'll all be forced to buy "green" vehicles.
Title: Re: Cash for clunkers= Eat it dealers!
Post by: mamacags on August 21, 2009, 04:11:35 PM: The new cars in the showroom had "global warming rating" stickers on them. :thatsright: