Compensation
#1052
Rennlist Member
Category A, well they are the Aholes, so they get treated the worst. Category B (I'm in this group), were the Bastards. Category C, well they are the C word, and in hind sight they get treated worse than the Aholes. Basically they are groups defining how F'd you are based on your purchase date as perceived by Porsche.
Damn. Damn damn. And double Damn. I feel for you guys.
I'm just going to continue to drive my C2S until the end of this year and do my best to pick up a CPO low mileage car with a new motor in it that someone was afraid to drive and traded it in on a Macan for their wife and went down the street to write a check for a 650 S.
#1053
Rennlist Member
#1054
Drifting
The accountant will know. Email him/her now or wait until next yr Frankly I don't want to know anytime soon. I just hope PAG sends us a check eventually. You never know with the guys in Germany.
#1055
For all that are interested, My friend at Porsche just send the following and as you can tell it is written thus we have evidence:
Hi xxxxxxx,
You will not be sent a 1099 form, since it is compensation it does not have
to be taxed. I hope you had a great weekend and will enjoy your upcoming
holiday as well.
Thank you,
Kindest regards,
Ian Moon
GT3 Customer Concierge
Porsche Cars North America, Inc.
980 Hammond Drive, Suite 1000
Atlanta, GA 30328
Hi xxxxxxx,
You will not be sent a 1099 form, since it is compensation it does not have
to be taxed. I hope you had a great weekend and will enjoy your upcoming
holiday as well.
Thank you,
Kindest regards,
Ian Moon
GT3 Customer Concierge
Porsche Cars North America, Inc.
980 Hammond Drive, Suite 1000
Atlanta, GA 30328
#1056
Actuall his email is not correct by listing it as compensation. That definition defines a pay for service relationship which denotes taxes due unless Porsche coverers the taxes. Thus by listing as a damage award of customer service "goodwill" no taxes have to be rendered. Porsche will file it as an expense thus a write off for them.
BMW delivered a car to me late, and no taxes were due to the state because it was for damages which are none taxable in all 50 states. The guy on phone does not know the tax code. I think all will be fine, and the key is Porsche not sending a 1099 to the US.
BMW delivered a car to me late, and no taxes were due to the state because it was for damages which are none taxable in all 50 states. The guy on phone does not know the tax code. I think all will be fine, and the key is Porsche not sending a 1099 to the US.
#1057
Race Director
Actuall his email is not correct by listing it as compensation. That definition defines a pay for service relationship which denotes taxes due unless Porsche coverers the taxes. Thus by listing as a damage award of customer service "goodwill" no taxes have to be rendered. Porsche will file it as an expense thus a write off for them.
BMW delivered a car to me late, and no taxes were due to the state because it was for damages which are none taxable in all 50 states. The guy on phone does not know the tax code. I think all will be fine, and the key is Porsche not sending a 1099 to the US.
BMW delivered a car to me late, and no taxes were due to the state because it was for damages which are none taxable in all 50 states. The guy on phone does not know the tax code. I think all will be fine, and the key is Porsche not sending a 1099 to the US.
#1058
It's appropriate to show the compensation as "goodwill" because the sale was booked possibly in 2013, and for GAAP you can't go and adjust sales that are booked or accrued in a different month. The legal approach is to pay "goodwill" which should hit operating cost vs. the sales booked revenue.
If refunded that's another nasty game because now you get into depreciation, and applying the new tax cost structure. Enjoy the " the goodwill" most important your bad *** cars!
If refunded that's another nasty game because now you get into depreciation, and applying the new tax cost structure. Enjoy the " the goodwill" most important your bad *** cars!
#1059
I was only passing along what the response was. Reality will be when one of us gets a check back from PNA and posts what the check or letter says. No reason to speculate at this point.
#1060
Rennlist Member
For all that are interested, My friend at Porsche just send the following and as you can tell it is written thus we have evidence:
Hi xxxxxxx,
You will not be sent a 1099 form, since it is compensation it does not have
to be taxed. I hope you had a great weekend and will enjoy your upcoming
holiday as well.
Thank you,
Kindest regards,
Ian Moon
GT3 Customer Concierge
Porsche Cars North America, Inc.
980 Hammond Drive, Suite 1000
Atlanta, GA 30328
Hi xxxxxxx,
You will not be sent a 1099 form, since it is compensation it does not have
to be taxed. I hope you had a great weekend and will enjoy your upcoming
holiday as well.
Thank you,
Kindest regards,
Ian Moon
GT3 Customer Concierge
Porsche Cars North America, Inc.
980 Hammond Drive, Suite 1000
Atlanta, GA 30328
#1061