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Paying Employees With US Silver And Gold Circulating Coins

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Valued Member
neuron's Avatar
United States
254 Posts
 Posted 11/18/2007  3:33 pm Show Profile   Bookmark this topic Add neuron to your friends list Get a Link to this Message Number of Subscribers
Apparently in Nevada a guy was paying his employees with circulating gold and silver US coins, was charged with a pile of tax evasion etc. infractions, but was convicted on none of them! I assume he was paying with American Silver and Gold Eagles, but not sure about that.

Pretty interesting story, and a couple comments I have read about it suggested that the recent FBI raid of the Liberty Dollar offices may be partially in response to this case.

Check it out!

Regards,
~neuropil
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Bryan1315's Avatar
United States
14454 Posts
 Posted 11/18/2007  5:13 pm  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
I don't really see a connection between paying employees with US minted coins (no matter what they are made of) and the Liberty Dollar case at all. These are two totally different scenarios, atleast in my opinion anyway
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halfabustisbetter's Avatar
United States
1984 Posts
 Posted 11/18/2007  6:12 pm  Show Profile   Bookmark this reply Add halfabustisbetter to your friends list Get a Link to this Reply
Yeah, I agree, as I'd guess that employees of the Liberty Dollar makers were paid in US Dollars.
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neuron's Avatar
United States
254 Posts
 Posted 11/18/2007  6:20 pm  Show Profile   Bookmark this reply Add neuron to your friends list Get a Link to this Reply
Yeah I'm unclear as to what the connection would be exactly. I wonder if you could get away with paying employees an alternative form of currency such as the Liberty Dollar for work, and how that would benefit the employer and/or employees.

Seems like you could pay employees partially in US Dollars but also in something else like Liberty Dollars or silver bullion or whatever... just like some jobs (e.g. apartment manager, migrant farm worker, etc.) come with a living arrangement and sometimes food as well. Not sure how that all works out in taxes though... seems like you could get away with some stuff with such an arrangement.

Regards,
~neuron
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Bryan1315's Avatar
United States
14454 Posts
 Posted 11/18/2007  6:29 pm  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
well as long as both parties agreed upon what they would be paid with then I really see nothing wrong with this (even if it was chickens or cows) but try and do it and an employee doesn't know that is what you intended before they took the job and you could be reported and that is when the problems could start. Especially if what you are paying could in the real world be considered less than minimum wage
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bobby131313's Avatar
United States
24147 Posts
 Posted 11/18/2007  6:41 pm  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
quote:
just like some jobs (e.g. apartment manager, migrant farm worker, etc.) come with a living arrangement and sometimes food as well. Not sure how that all works out in taxes though... seems like you could get away with some stuff with such an arrangement.


The IRS assigns values to common perks like that and you are supposed to pay taxes on it. I know this from being in the automotive business for 30 years. As a parts manager at a car dealer, I usually had a company car and the IRS most definitely assigns a taxable cash value to it.

Not that some dealers haven't discovered ways around it though.
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