Nevada man paying in gold: IRS Helpless

Even if he gets away with declaring the ultra-low income, the IRS will demand capital gains taxes at the high "collectible" rate when he converts the gold to FRN's to buy stuff. And they have the handcuffs and prisons.

My question is how does the company account for the loss on the gold coin. It has to first buy the coin to pay the worker. If they don't somehow show a loss on that they have to pay taxes on it.

or an employee this is the way to stop feeding the beast, and playing into their corrupt system. Here is the last sentence in the linked article::

"One Nevada businessman may have found a way to bring the system crashing down -- he has begun paying employees in those $50 Gold Eagle coins, making their annual salaries well below the threshold for even having to file tax returns. So far, the IRS is helpless to stop it".

Ask your Employer to pay you in Gold, or Silver, if you are an Employer ask your Employees if they would consider being paid in face value in Gold or Silver, then all they have to do is go and exchange it. What better way than to keep your hard earned money for yourself, and your family, and the good of the economy. Wow we will have more to spend, won't that be a lift to the economy.

Interesting read,try and take a $50.00 gold certificate series 1922 and get $50.00 in gold at the Bank Or Fed.Reserve Bank--Good Luck,what you will get back is $50.00 in Federal Reserve Notes.worthless by comparison.
ATTENTION: Everone reading this comment: Google the story of Attorney Tom Cryer case with the IRS,you will love it. HE WON AGAINST THE IRS.His argument was "WAGES" are not taxable because wages are an exchange for labor,one equals the other,therefore no gain,no tax.Wages is not income .Profit on the sale of an item or Capital gains on bonds,stocks or houses etc. would be taxable,due to a gain in PROFIT.
Makes a hell of a lot of sense to me.

The IRS acts like they are an enforcement of law unto themselves,they are not.If you do some more research,the tax code,rules ,regulations are not law,just rules and regulations.The tax code says paying TAXES IS VOLUNTARY! Imagine that! VOLUNTARY--this was all set up in 1913 when the FEDERAL RESERVE BANK was set up.sounds impressive doesn't it. The Federal Reserve Bank is privately owned,nothing to do with the Federal Government. Just like Federal Express has nothing to do with the Fed.Gov't.either.The Federal Reserve Bank is privately owned by the likes of:The Rothechilds,Warbergs,Lehman & Loeb,Goldman & Sachs ,The Bilderbergers and others,They CONTROL the money supply.It was one of the aforemention names that said;"Let them make all the laws they want,who ever controls the money controls the U.S.A." words to that effect.They are all pushing for the New World Order,former Presidents of the USA as well,all Socialists,Carter,Bush the elder,Bush ,Jr.just to name a few,there are many more former Presidents in the same boat! Don't forget the "National I.D.Card" a forerunner to the "seal" that is spoken about,without either,it is set up that you cannot hold a job,have a bank account,buy or sell etc.

Check into the Council on Foreign Relations,The Illuminati,The Trilateral Commission Check out who are members of these Organizations all involved in Subverting the USA into the New World Order.

Then there is the "Antichrist" but that is another story.

Thanks for reading,please pass on the Attorney Tom Cryer IRS story to those you know would be interested in reading it.

Thanks,

Sparksnavy

If you pay your employees in gold coin as the article describes, they might be able to hose you on the minimum wage.

If you give an employee a $50 gold piece (worth several hundred bucks), is the face value of the coin, or the number of fiat dollars it's worth the basis for determining if you're in compliance with the minimum wage?

-jcr

just came out with a MEMO not a law that if you pay in gold or silver that it should reflect market value on your taxes, Screw them

Think about it!

Let's say your salary is 48,000/year or 4,000/month.

Let's say 20% goes to the federal income tax. That's equal to 800/month.

Split the difference with your employer to provide an incentive:

Now tell you're employer, instead of paying me 4,000/month, please pay me only 3,600/month (so the employer is saving 400/month on you!!), but the catch is I would like to be paid in $50 gold coins! So, the employer gives you 3 gold coins (each at $1000) plus an extra one every other month (roughly speaking).

So, now according to the IRS, you're really making $180/month. Based on this meagre salary, you don't have to file any paperwork with the IRS since you're below their minimum requirements.

Therefore, you don't have to fork out 20% of your salary to them! Which means you're ahead $400/month and your employer is ahead $400/month!

How come more people are not doing this????