Edmunds Members - Cars and Conversations

jmonroe1 · April 11

abacomike said:

@ab348 said:

Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.

Back in the 1960’s, my Dad opened a Junior Miss clothing store which was next door to his parent’s women’s lingerie and clothing store. It was an architecturally beautiful store. Everything was on hangers or in large cubbies and it was white and royal blue in color contrasts. I believe it was the first such concept shop of its kind in the New York’s 5 boroughs.

In those days, it was a 95% cash business as Chase Manhattan Bank had just inaugurated its CMCB credit card. I remember that my Dad made at least one walk to the Chase bank across the street to make cash deposits per day. During Christmas shopping weeks, he often had to make 3-4 such trips due to the large amounts of cash involved each day. Same at Easter and Mothers Day. He even had a Smith & Wesson .38 caliber police special revolver during those walks to the bank due to the large quantities of cash that he was taking for deposit. Usually $5,000 to $8,000 each trip. Back then, that was a lot of money.

I am sure he could have held back on reporting such large amounts of cash generated from cash sales to the IRS, but when I asked him about it, he said quite vociferously that he made enough income from the business that he lived quite comfortably and sent two boys to NYU and bought a new Cadillac every two years. He felt that the government deserved the taxes he paid. I assumed he was being forthright regarding reporting all his income to the IRS. 🤪😜

————————————————-
And when did you stop wondering why, after he sold the place to move south, that he had a crew come in and replace the concrete floor in the stock room?

jmonroe

jmonroe1 · April 11

pensfan83 said:

oldfarmer50 said:

tjc78 said:
It must be getting harder to launder money as cash only businesses are slim these days. Heck even most vending takes cards these days

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs. I don’t think my cash deposits set off any red flags although I have read some horror stories of larger businesses who deposited larger amounts of cash being harassed by the IRS for “structuring”.
Structuring is the deliberate act of avoiding the CTR reporting threshold and involves breaking up those larger amounts of cash into smaller ones to avoid said threshold. It is not the act of depositing said cash in large and reportable amounts.

There is also generally no harassment by the IRS unless their financial crimes division elects to pursue a criminal investigation and subsequent indictment.

————————————————
Details, details.

jmonroe

pensfan83 · April 11

roadburner said:

@pensfan83 said:

Structuring is the deliberate act of avoiding the CTR reporting threshold and involves breaking up those larger amounts of cash into smaller ones to avoid said threshold. It is not the act of depositing said cash in large and reportable amounts.

There is also generally no harassment by the IRS unless their financial crimes division elects to pursue a criminal investigation and subsequent indictment.

I was trying to prosecute a gangbanger and allegedly a gangsta rapper for laundering money and he had not filed a return for several years. I contacted the IRS and they couldn’t be bothered.

We have authentication procedures in place that when we receive requests from law enforcement agencies unrelated to a subpoena and IRS-CI were the absolute worst at responding to the request to authenticate. It would often take 2-3 attempts to elicit a response, some never responded at all. Most other Federal LE agencies responded within hours or a couple days.

oldfarmer50 · April 11

pensfan83 said:

oldfarmer50 said:

tjc78 said:
It must be getting harder to launder money as cash only businesses are slim these days. Heck even most vending takes cards these days

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs. I don’t think my cash deposits set off any red flags although I have read some horror stories of larger businesses who deposited larger amounts of cash being harassed by the IRS for “structuring”.
Structuring is the deliberate act of avoiding the CTR reporting threshold and involves breaking up those larger amounts of cash into smaller ones to avoid said threshold. It is not the act of depositing said cash in large and reportable amounts.

There is also generally no harassment by the IRS unless their financial crimes division elects to pursue a criminal investigation and subsequent indictment.

The case I remember was a bakery that deposited cash receipts daily in amounts under $10k, usually in the $5k range. The IRS froze their accounts crippling their business for years. In the end all charges were dismissed.

I would only deposit a thousand or two, once or twice a week but it made me think.

I looked up the case:
https://ij.org/press-release/irs-agrees-to-return-money-seized-from-bakery-after-institute-for-justice-files-lawsuit-but-continues-with-retaliatory-tax-investigation/

pensfan83 · April 11

There's a lot to unpack but someone who evades the reporting thresholds is not likely to be on anyone's radar for a few infractions. The deposit behavior for this business probably took place over a sustained period of time and any number of things could have raised a red flag. The cash deposited was out of sync with their returns, the business experienced a significant spike in cash activity inconsistent with historic growth patterns, etc. Also, an interview with the business owner said he deposited the amounts he did to make the lives of the bank staff easier. If that's true, and the bank staff knew of that mindset, then they share some of the blame as well for not making their customer aware of the law and then monitoring the account to ensure there was a change in behavior. The customer's claim of ignorance may also be untrue.

I'm not defending the government's actions, but there is probably more to this than what the bakery's legal representatives and owners are claiming happened.

stickguy · April 11

I just got an update about the current state of things inside the irs. I don’t think anyone will be coming after you at this point. For now the computer might catch a discrepancy and spit out a letter but that probably won’t last long either.

jmonroe1 · April 11

stickguy said:
I just got an update about the current state of things inside the irs. I don’t think anyone will be coming after you at this point. For now the computer might catch a discrepancy and spit out a letter but that probably won’t last long either.

————————————————
I filed last week. It would have been nice to know this a little earlier.

jmonroe

explorerx4 · April 11

Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

corvette · April 11

@explorerx4 - the eggs will cost a lot more than the toolboxes!

stickguy · April 11

I would have bought one of those for $20. Could use it on my basement workbench.

I should stop over tomorrow.

explorerx4 · April 11

@sticjguy,
I meant $20 each. Lowes has some but they only have 1 drawer and feel cheap.

jmonroe1 · April 11

explorerx4 said:
Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

————————————————
That’s a good way to start them out on wrench turning.

I bought their adult 50 inch roller cart version with many drawers for a little over $300 about 10 years ago. That behemoth holds lots of tools. Wouldn’t do without it now for anything.

jmonroe

oldfarmer50 · April 12

jmonroe1 said:

explorerx4 said:
Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

————————————————
That’s a good way to start them out on wrench turning.

I bought their adult 50 inch roller cart version with many drawers for a little over $300 about 10 years ago. That behemoth holds lots of tools. Wouldn’t do without it now for anything.

jmonroe

One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.

ab348 · April 12

oldfarmer50 said:

One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.

Not much profit margin on those.

oldfarmer50 · April 12

ab348 said:

oldfarmer50 said:

One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.
Not much profit margin on those.

He actually said that it was only when he started selling big shop equipment like lifts and compressors did he make any real money.

jmonroe1 · April 12

oldfarmer50 said:

jmonroe1 said:

explorerx4 said:
Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

————————————————
That’s a good way to start them out on wrench turning.

I bought their adult 50 inch roller cart version with many drawers for a little over $300 about 10 years ago. That behemoth holds lots of tools. Wouldn’t do without it now for anything.

jmonroe
One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.

————————————————
And that’s why I bought the Harbor Freight knock off. No, it’s not as good as the Snap On but for a shade tree mechanic like me who doesn’t use it every day and with plans to use it every day for 40 years like a pro, it’s plenty good enough for me. For the price I paid, (a little over 300 bucks), I was surprised it was as good as it is.

jmonroe

oldfarmer50 · April 12

jmonroe1 said:

oldfarmer50 said:

jmonroe1 said:

explorerx4 said:
Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

————————————————
That’s a good way to start them out on wrench turning.

I bought their adult 50 inch roller cart version with many drawers for a little over $300 about 10 years ago. That behemoth holds lots of tools. Wouldn’t do without it now for anything.

jmonroe
One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.
————————————————
And that’s why I bought the Harbor Freight knock off. No, it’s not as good as the Snap On but for a shade tree mechanic like me who doesn’t use it every day and with plans to use it every day for 40 years like a pro, it’s plenty good enough for me. For the price I paid, (a little over 300 bucks), I was surprised it was as good as it is.

jmonroe

So you got a wannabe tool box too?🤣

jmonroe1 · April 12

oldfarmer50 said:

jmonroe1 said:

oldfarmer50 said:

jmonroe1 said:

explorerx4 said:
Got the grandkids each one of these mini tool boxes from Harbor Freight.
There were a big thing last fall and they just started getting restocked.
They are actually pretty nice, drawers and top feel good and drawers have a rubber lining.
Less that $20. Will fill them up with easter eggs for next weekend.

————————————————
That’s a good way to start them out on wrench turning.

I bought their adult 50 inch roller cart version with many drawers for a little over $300 about 10 years ago. That behemoth holds lots of tools. Wouldn’t do without it now for anything.

jmonroe
One of my coworkers used to work for Snap-On Tools. Some of the tool boxes he sold to mechanics cost. $8000 or more. And that’s before you started putting tools in them.
————————————————
And that’s why I bought the Harbor Freight knock off. No, it’s not as good as the Snap On but for a shade tree mechanic like me who doesn’t use it every day and with plans to use it every day for 40 years like a pro, it’s plenty good enough for me. For the price I paid, (a little over 300 bucks), I was surprised it was as good as it is.

jmonroe
So you got a wannabe tool box too?🤣

————————————————
It’s in my genes.

jmonroe

explorerx4 · April 12

I need a keychain for my F-150 and ended up on Etsy.
What a rabbit hole!

kyfdx · April 12

The Porsche dealer gave me two keychains. Just saying..

explorerx4 · April 12

25 years ago when I bought my Expedition, Ford sent me 2 folding chairs in carry bags(still have them).
I thought darn, I paid too much.

jmonroe1 · April 12

explorerx4 said:
25 years ago when I bought my Expedition, Ford sent me 2 folding chairs in carry bags(still have them).
I thought darn, I paid too much.

————————————————-
You did and that was your proof of it.

jmonroe

Michaell · April 12

explorerx4 said:
25 years ago when I bought my Expedition, Ford sent me 2 folding chairs in carry bags(still have them).
I thought darn, I paid too much.

We got two, as well, with our ‘99.

explorerx4 · April 12

Might have paid too much but it served us well when we got hit by a wrong way driver on I-95.
It went on to live for many more years.

explorerx4 · April 12

Sammy Hagar says he got the inspiration for I Can't Drive 55 when getting pulled over driving from Albany to Lake Placid. After the cooking segment.

https://www.youtube.com/watch?v=HEdm-Xk6QmQ

stickguy · April 12

staying at 55 on that drive up the Northway would drive anyone insane.

explorerx4 · April 13

Ford Country at my house today.

oldfarmer50 · April 14

Wow, spring must be in the air because Carvana just upped their offer on my Mustang to $27,200. That’s up from $23,800 in Feburary. They must be anticipating disruptions in market supply.

stickguy · April 14

Exciting news here. The granddaughter passed all her milestone tests and is going home today after 11 nights in the NICU. now the real fun starts for them!

tjc78 · April 14

Great news!

nyccarguy · April 14

That's wonderful @stickguy

explorerx4 · April 14

@stickguy,
Glad you daughter and baby are headed home. NICU nurses are great.

abacomike · April 14

@stickguy said:
Exciting news here. The granddaughter passed all her milestone tests and is going home today after 11 nights in the NICU. now the real fun starts for them!

So good to hear, stick.

stickguy · April 14

so far so good. Will see how the 1st night goes!

jmonroe1 · April 14

stickguy said:
so far so good. Will see how the 1st night goes!

————————————————
May it be as good for them as it was for us.

When Son #1 came home from the hospital we (really just me) were moving out of our apartment into our first house. Didn’t even have the crib yet so Mrs. j stayed with her parents for the first week while I got everything moved and set up. I remember hearing how he didn’t sleep very well and seemed to be up constantly. I was thinking oh no is this how it’s going to be? Well, when my son came home and we put him in his crib, he slept through the night most of the time. Rarely got up for a bottle until maybe 6 AM.

Almost as though he figured, ‘so, this is my place, I’m comfortable, I won’t bother you guys too much so get a good nights sleep’.

Never hurts to get lucky.

jmonroe

oldfarmer50 · April 15

stickguy said:
Exciting news here. The granddaughter passed all her milestone tests and is going home today after 11 nights in the NICU. now the real fun starts for them!

I’m glad everything turned out ok.👍

stickguy · April 15

I did get my first experience helping to install a modern car seat with the latch system. Quite the contraption. Even has a built in bubble level. Definitely a lot more secure than the old school ones where you just wrap a seatbelt around it!

graphicguy · April 15

stickguy said:
Exciting news here. The granddaughter passed all her milestone tests and is going home today after 11 nights in the NICU. now the real fun starts for them!

Yay.....great news!

xwesx · April 15

@qbrozen Thanks for the vinyl wrap recommendation! I was able to install it today on the back of my office door... and it works just as I had intended. Sadly, I didn't actually have the correct tools to install it, so it looks absolutely horrific, but hopefully I can fix it up in a few weeks and get it looking presentable.

After this, though, I don't think I'll ever try to wrap something as complicated as a car!

Michaell · April 15

@oldfarmer50 - carvana must be getting desparate. They sent me a $1400 bump on my 10 year old Outback ($12,800 now)

stickguy · April 15

I know how well you took care of it, and I doubt I would pay you that much for it.

stickguy · April 15

I was out earlier and going past so I stopped at Harbor Freight. They had those mini tool boxes but they were smaller in person that I thought they would be. Cute for a kid though. Could make a good jewelry box too!

If they had an adult sized one it would be nice, but no such luck.

Michaell · April 15

stickguy said:
I know how well you took care of it, and I doubt I would pay you that much for it.

Just looked at cars.com. There are 4 2015 3.6R's in the country with less than 80K miles for sale:

$16,998
$17,396
$15,499
$16,995

Trade value may be a touch low, based on that data.

stickguy · April 15

well, keep in mind that I am cheap. But in this case I will be willing to give you the 12K. Not that I want a 10 YO family car!

oldfarmer50 · April 15

Michaell said:
@oldfarmer50 - carvana must be getting desparate. They sent me a $1400 bump on my 10 year old Outback ($12,800 now)

I’m tempted, only $5k depreciation for 10 years use.

venture · April 15

I don't know what this is. It's been sitting under my coffee table in the family room since my two grandsons came to visit three days ago. They went home today, but this thing remains. It's sort of creepy.

abacomike · April 15

@venture said:
I don't know what this is. It's been sitting under my coffee table in the family room since my two grandsons came to visit three days ago. They went home today, but this thing remains. It's sort of creepy.

I recognize it - you must have a 3D printer - I have the same thing in my storage bin in the storeroom. 🤡🤡🤡

Michaell · April 15

oldfarmer50 said:

Michaell said:
@oldfarmer50 - carvana must be getting desparate. They sent me a $1400 bump on my 10 year old Outback ($12,800 now)
I’m tempted, only $5k depreciation for 10 years use.

How much do you think I paid for it new?

corvette · April 15

Northern KY/Cincinnati area folks:
This article about Mike Wong and Oriental Wok was great. I took a cooking class there years ago, and he's truly a statesman.

stickguy · April 15

Michaell said:

oldfarmer50 said:

Michaell said:
@oldfarmer50 - carvana must be getting desparate. They sent me a $1400 bump on my 10 year old Outback ($12,800 now)
I’m tempted, only $5k depreciation for 10 years use.
How much do you think I paid for it new?

I know I looked at those at one point (or 2 points). Guessing if it is a 6 cylinder limited (or whatever the top model was) MSRP was about $34k. Paid 32K

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