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UnderGround Forums >> Cesar: I think Nick has overpaid his taxes


3/19/13 3:44 AM
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jiujitsufigher7
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Here it is from the IRS website. The casino will issue a form W-2G showing your gambling winnings and tax withheld.

http://www.irs.gov/taxtopics/tc419.html
3/19/13 3:46 AM
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jiujitsufigher7
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http://www.irs.gov/pub/irs-pdf/fw2g.pdf this is form W-2G issued by the casino. There is a specific box for tax withheld.
3/19/13 4:05 AM
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jiujitsufigher7
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Just quickly went through the IRA website.

With regard to performers (e.g. athletes, musicians, actors) the tax withheld is reported in form 1099-MISC http://www.irs.gov/pub/irs-pdf/f1099msc.pdf

Foreign fighters will get form 1042-S
3/19/13 4:06 AM
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jiujitsufigher7
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The UFC will withhold taxes and complete this forms, one copy will be sent to the fighter the other copy filed with the IRS. It'll show total gross earnings of the athlete and the corresponding tax that was withheld.
3/19/13 4:25 AM
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TapThat
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RampageFitsLikeAGlove - 
jiujitsufigher7 - The UFC withholds every time they pay the fighters. They have to do it by law. If you think the tax man lets you get a $200 K with no income tax deductions you are out of your mind. In Massachussets for example every payment to a fighter or musician or any kind of performer gets a tax deduction, the promoter is mandated by law to remit the income tax and deduct from the payment. Here's the legislation http://www.mass.gov/dor/docs/dor/publ/pdfs/performers.pdf Other states follow similar patterns.

No different than if you go to the casino, you make $50 K the IRS keeps some of that money the same night you walk out of the casino. Any big payment, in Massachussets $10 K is considered the threshold if you read the link I just listed above, the promoter is forced by law to deduct taxes. If the Nick Diaz hasn't paid his taxes the IRS will go after the UFC for violating the law and not remitting the taxes that it should withdraw.

Funny you should bring up casino winnings, clearly something else you know nothing about.  I live in Vegas and have seen people win more than $600, which is the cutoff where earnings must be reported.  Winners have the choice to have it taken out of their winnings or not, however most choose to have it done so they don't have to pay in end of year.

Now, if you're a foreigner they will take 30% out, just like I fuckin told your dumbass on the other thread how foreign fighters will have taxes withheld and US citizens do not, because they are independent contractors who pay on their own.

What is your response to the fact that I know a guy well who fought 3 times in the UFC, once against Junior Dos Santos, I've seen his checks he's received from Zuffa, and know 100% he is an independent contractor?


Gilbert Yvel showed you his pay cheques?
3/19/13 4:28 AM
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jiujitsufigher7
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And the tax is withheld on a form 1099-MISC usually for somebody that hires an athlete for a one off performance. If you have a contract, it's like a football player you will be getting a W-2 form instead. Either way whether W-2 (employee) or 1099-MISC (independent contractor) the UFC would withhold an remit taxes to the IRS. And if Nick owed taxes the IRS would have caught him by now since the UFC reports the income to the IRS, and they would have been all over him by now. So Cesar Gracie's claim makes sense. With that said Nick Diaz should hire a CPA and clean up his tax situation and file all his tax returns.
3/19/13 4:43 AM
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6ULDV8
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Man most people here just love to hate and stir up shit.  It's a damn sewing circle.

 

Nick Diaz and Cesar Gracie Jiu Jitsu are awesome.

 

CesarGracieJiuJitsuStockton209wut

 

Where you at IRS? 

3/19/13 6:06 AM
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HeHitsMeBecauseHeLovesMe
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danggook -
JunkieDog - Caesar Gracie JJ- 2012 MMA Camp of the Year


Kinda takes a little shine off winning THAT award, eh?
yeah and every one of their fighters that has fought for a ufc title got demolished badly... embarrassingly. melendez is their last chance to at least make a fight out of a ufc title shot. Phone Post
Jake did better against George than anybody else in a long time. Phone Post
3/19/13 6:31 AM
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jonbriggs
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jiujitsufigher7 - Hey Beer, exactly correct. The vast majority of americans pay their taxes during the year through payroll deductions. When they do their tax return most americans get a refund, the don't pay taxes when they file their tax returns.

I said the same thing Cesar Gracie. Cesar Gracie is not a CPA but I am, and totally agree with what Cesar is saying. The UFC has already withheld taxes and remitted them to the IRS. The UFC has also filed form W2 with the IRS, and the IRS by looking at those forms is probably very happy that Nick Diaz has not filed his taxes because he now has lost all refunds except for the last three years which he can still claim.

If the UFC had not filed a form W2 with the IRS and paid taxes for Nick Diaz the IRS would have been all over Nick long time ago. The IRS audits independent contractors all the time, but they never audit employees like Nick Diaz that pay taxes through their employer the UFC.

Wow. My favorite was this: The IRS audits independent contractors all the time, but they never audit employees like Nick Diaz that pay taxes through their employer the UFC.

I would love to know which state you are a CPA in. With all of the incorrect information you are spewing, my best guess is that your are a CPA in the state of your dreams.
3/19/13 6:47 AM
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trobinson21
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charms434 - LOL.." Nick pays taxes he... Just doesn't file".
That's how you pay your taxes.. You file them! Phone Post
No its not, I really wish people would just not comment on things they are completely ignorant about. I didn't file for a few years in my 20s, I cleared it up and got a check from the IRS they owed me but I never received for not filing. Phone Post
3/19/13 8:43 AM
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gabemadrid
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RampageFitsLikeAGlove -
gabemadrid - 
danggook - Cesar is a fucking idiot. how did nick pay if he has never filed taxes? better prepare that Angus. Phone Post
As an independent contractor you can make estimated payments quarterly. You're supposed to file as well though he may owe or have overpaid. Phone Post

Not only 'you can' but you are required to.  I pay estimated taxes quarterly so I could see if Nick has been doing that and not filing.  It's possible but not very smart.

That said, I was hoping Cesar would address the fact that he thought it was a good idea to avoid bringing in wrestlers for this camp and that if Nick wants wrestlers there, he can pay for them himself.  It seems Gilbert and Jake are smart enough to run their camps without Cesar.  Nick and Nate need to do the same thing.

I don't pay estimated quarterly taxes because my income is inconsistent. I'm not a full time independent contractor. I have a full time job. So as I do taxes now I have about 4 different 1099Misc forms so I should've put money aside as I made it. Of course I didn't. So now tax time cometh. Phone Post
3/19/13 8:45 AM
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gabemadrid
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jiujitsufigher7 - Hey Beer, exactly correct. The vast majority of americans pay their taxes during the year through payroll deductions. When they do their tax return most americans get a refund, the don't pay taxes when they file their tax returns.

I said the same thing Cesar Gracie. Cesar Gracie is not a CPA but I am, and totally agree with what Cesar is saying. The UFC has already withheld taxes and remitted them to the IRS. The UFC has also filed form W2 with the IRS, and the IRS by looking at those forms is probably very happy that Nick Diaz has not filed his taxes because he now has lost all refunds except for the last three years which he can still claim.

If the UFC had not filed a form W2 with the IRS and paid taxes for Nick Diaz the IRS would have been all over Nick long time ago. The IRS audits independent contractors all the time, but they never audit employees like Nick Diaz that pay taxes through their employer the UFC.
Nick would've gotten a W9. Also he would have to voluntarily make estimated quarterly payments. The IRS doesn't automatically tax him as they do regular workers. He's an independent contractor with a 1099 misc. Phone Post
3/19/13 8:52 AM
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gabemadrid
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If they have different rules for fighters and performers that's great but last I checked many boxers and actors haven't paid their taxes and had issues with the IRS. Phone Post
3/19/13 9:03 AM
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papagaio
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that wasn't the IRS that pulled over Diaz...it was Master Steven Seagall. (who was out for justice)
3/19/13 9:26 AM
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In Limbo
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Edited: 03/19/13 9:34 AM
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gabemadrid - 
jiujitsufigher7 - Hey Beer, exactly correct. The vast majority of americans pay their taxes during the year through payroll deductions. When they do their tax return most americans get a refund, the don't pay taxes when they file their tax returns.

I said the same thing Cesar Gracie. Cesar Gracie is not a CPA but I am, and totally agree with what Cesar is saying. The UFC has already withheld taxes and remitted them to the IRS. The UFC has also filed form W2 with the IRS, and the IRS by looking at those forms is probably very happy that Nick Diaz has not filed his taxes because he now has lost all refunds except for the last three years which he can still claim.

If the UFC had not filed a form W2 with the IRS and paid taxes for Nick Diaz the IRS would have been all over Nick long time ago. The IRS audits independent contractors all the time, but they never audit employees like Nick Diaz that pay taxes through their employer the UFC.
Nick would've gotten a W9. Also he would have to voluntarily make estimated quarterly payments. The IRS doesn't automatically tax him as they do regular workers. He's an independent contractor with a 1099 misc. Phone Post

 

 

 

in my years of owning an accounting tax practice, i cant ever remember an independent 1099 contractor having taxes withheld....sure they show the "federal tax withheld" box on the form, but it is never the case that withholding happens

 

the contractor is responsible for making estimated payments

although laws in Mass may be different

 

jujitsufighter is misinformed about the UFC being responsible for withholding a 1099 contractor's taxes

3/19/13 9:51 AM
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jzus14
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i guess now we know why melendez has his own gym, who seems to be the smartest and most successful of the bunch! cesar gracie is a wreck!
3/19/13 9:57 AM
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kizzy
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It seems that nick and ceaser have some issues between them. I don't buy that whole not being there early enough for the commission or what ever. I think nick was mad at ceaser cuz he wasn't there with nick the whole time. In the post fight presser nick said that he had nobody helping him with the time change, when to sleep and ext. ceaser wasn't there for him at the lead up to the biggest fight of his life. Fight week is so important for fighters and especially a head case fighting for the title any other trainer/manager would be there for thier fighter from when they arrived til the fight and again I use the word especially for a first time UFC title challenger not to mention how ceasers been in nicks life since he was a teen. I could be wrong but I jus can not think that nick has not have some animosity towards ceaser and his tone sounded like it at the post fight presser. But nick is loyal, 1 of the reasons I'm a fan so like he said he won't be looking for a change of camps and we'll prob never hear his displeasure if any for ceaser cuz of his loyalty
3/19/13 10:00 AM
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anti_hate101
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like to see him doing his crazy thing in the octagon... but lets admit the guy is nuts and move on.
3/19/13 10:26 AM
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StratTone
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charms434 -  LOL.." Nick pays taxes he... Just doesn't file".
That's how you pay your taxes.. You file them! Phone Post

Yeah I got a good laugh when I read that too.  :)

3/19/13 10:42 AM
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In Limbo
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StratTone - 
charms434 -  LOL.." Nick pays taxes he... Just doesn't file".
That's how you pay your taxes.. You file them! Phone Post

Yeah I got a good laugh when I read that too.  :)


actually you can pay taxes without filing as an independent contrator

3/19/13 10:47 AM
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StratTone
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RampageFitsLikeAGlove - 
gabemadrid - 
danggook - Cesar is a fucking idiot. how did nick pay if he has never filed taxes? better prepare that Angus. Phone Post
As an independent contractor you can make estimated payments quarterly. You're supposed to file as well though he may owe or have overpaid. Phone Post

Not only 'you can' but you are required to.  I pay estimated taxes quarterly so I could see if Nick has been doing that and not filing.  It's possible but not very smart.

That said, I was hoping Cesar would address the fact that he thought it was a good idea to avoid bringing in wrestlers for this camp and that if Nick wants wrestlers there, he can pay for them himself.  It seems Gilbert and Jake are smart enough to run their camps without Cesar.  Nick and Nate need to do the same thing.


Ok I take my laugh back then.  I had never heard of someone in there own business paying taxes quartly and then not filing.  I was always under the assumption that the only way to pay taxes into the government with your own business is by filing.  (learn something new every day)

3/19/13 11:36 AM
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charms434
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GoodnightWorld -
StratTone - 
charms434 -  LOL.." Nick pays taxes he... Just doesn't file".
That's how you pay your taxes.. You file them! Phone Post

Yeah I got a good laugh when I read that too.  :)


Morons. You can just send a percentage of your check to the IRS. That is what some independent contractors do. He doesn't file his taxes, and he'll never need to as long as he doesn't owe.
I'm not a moron actually I'm an insurance broker. I think we are just in disagreement on the term 'file'. FILE is a term meaning to submit a document. Phone Post
3/19/13 12:13 PM
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Jive Turkey
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Caesar doth protest too much
3/19/13 12:24 PM
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nina09
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Not paying and not filing are two different things. If he does not owe money he is ok but in case he made a mistake the statue of limitation won't start until he files.

But not filling is stupid , if you had a unclaimed return then you could use it to offset what you have to pay this year if you earned more money.

Also after 3 years the IRS does not owe you anything if you don't file , so all of those refunds are gone.


Source; Two year of college level taxation and taxation book that my laptop is sitting on.


3/19/13 12:38 PM
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hubris
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someone get an accountant for Nick

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