Interesting.........HUMMMM

[H2OFwlKlr]

Originally Posted by SaltyCajunGirl

Some of our Team guys pay their taxes but they get to write off ALOT like boat depreciation and some of the boat note (only because they consider it as a epuipment tool) some gas, baits, some of their truck maitness and a few other things. But they make between 90 and 120 a year and claim it all. When I asked them why they didn't "Cheat" like the other ones they said what makes since. They need to be able to show income to buy boats every year and to live on. Nothing wrong with being honest and the way their CPA has them set up they really dont pay that much.

Something seems fishy! "maitness"

[SaltyCajunGirl]

Originally Posted by H2OFwlKlr

Something seems fishy! "fitness"

Fishy or not. They use a CPA that guarantees his deductions and will challenge any audits for free. They pay him a good bit but the guides all got together and formed a corporation in Delaware (I Think its Delaware) and they have been in business for YEARS and no problems or "Fishy" audits yet. They have it so well organized financially it is very impressive. I know because I have see the corporations statements every year when they purchase a FLEET of boats EVERY year.

Needless to say, they are sitting pretty good right now and recently the "corporation" purchased 3 more campsites for a total of 7 that the "Corporation" owns in different areas along the coast. So they have canceled trips and lodging fees that were booked up. BP has already offered to pay the full amount of their cancellations from guided trips and the lodging throughout this process until it ends. They thought it was fair and wanted to accept but the lawyer told them to hold off. So the guides got together and thought it was a fair deal, contacted the BP lawyer them selves and told them that they will not sign anything but a accounts payable receipt as they collect each weekly payment. Then as trips were getting booked regularly BP will still pay the unused rooms or camps and the guides that were not booked. After they get back to the normal business that was averaged out over a period years (Which is ALL documented) then they will sign a (I forget what the legal term was he said) but it was something like a paid in full for a documented loss of income.

I told them that I thought they were very fair about this. The Lawyer wanted to "Go After Them." They didn't feel it to be necessary, as long as they were being compensated in full for a true loss of documented business due to the spill. They are true people. They also are volunteering for clean up for free but using BP boats and gas.

[southern151]

Originally Posted by SaltyCajunGirl

Fishy or not. They use a CPA that guarantees his deductions and will challenge any audits for free. They pay him a good bit but the guides all got together and formed a corporation in Delaware (I Think its Delaware) and they have been in business for YEARS and no problems or "Fishy" audits yet. They have it so well organized financially it is very impressive. I know because I have see the corporations statements every year when they purchase a FLEET of boats EVERY year.

Needless to say, they are sitting pretty good right now and recently the "corporation" purchased 3 more campsites for a total of 7 that the "Corporation" owns in different areas along the coast. So they have canceled trips and lodging fees that were booked up. BP has already offered to pay the full amount of their cancellations from guided trips and the lodging throughout this process until it ends. They thought it was fair and wanted to accept but the lawyer told them to hold off. So the guides got together and thought it was a fair deal, contacted the BP lawyer them selves and told them that they will not sign anything but a accounts payable receipt as they collect each weekly payment. Then as trips were getting booked regularly BP will still pay the unused rooms or camps and the guides that were not booked. After they get back to the normal business that was averaged out over a period years (Which is ALL documented) then they will sign a (I forget what the legal term was he said) but it was something like a paid in full for a documented loss of income.

I told them that I thought they were very fair about this. The Lawyer wanted to "Go After Them." They didn't feel it to be necessary, as long as they were being compensated in full for a true loss of documented business due to the spill. They are true people. They also are volunteering for clean up for free but using BP boats and gas.

That's a group of men with good business sense. Attorneys aren't always the way to go. They would have likely been years out of their money and lost 33-40% of it in attorney fees. If BP is willing to pay as they go, it works out a lot better for them in the short and long run. Waiting two or three years to get back a couple months worth of income isn't wise if you consider how much you had to put out of pocket in the meantime to cover that money.

[SaltyCajunGirl]

Originally Posted by southern151

That's a group of men with good business sense. Attorneys aren't always the way to go. They would have likely been years out of their money and lost 33-40% of it in attorney fees. If BP is willing to pay as they go, it works out a lot better for them in the short and long run. Waiting two or three years to get back a couple months worth of income isn't wise if you consider how much you had to put out of pocket in the meantime to cover that money.

You are exactly correct. BP have already been paying them for the losses on the spot as they turn in the cancellations papers with the total amount that they were charging customers for either 1 guided trip for however many, or the whole kit and kaboodle with lodging and all. One of the guys said that BP is being extreamly fair to them and cutting the checks to the corporation on the spot.

They think that BP is doing this with them because they have everything documented and NO Lawyer is involved. The Lawyer for BP that cuts them the checks told them BP is being careful about paying people because EVERYONE has Lawyers and they are asking for ridiculas amounts of money for things like emotional distress from people that live as far north as Baton Rouge that doesnt even have property on or near the coast.