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If that is the case dosen't Ken taking Curtis to court? Sounds fishy to me. It can't be a lot of people that are owed money from last years sale.
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So,here are a couple of questions for the HPR community . . .
If Curtis Turner is the ONLY supplier of filament-wound tubing and nose cones ( other than the unknown source that Wildman, now, gets his from ), what happens if Curtis dies, goes to jail, or goes out of business ?
What other manufacturers of filament-wound rocketry composites are there ? ( not "suppliers" )
Dave F.
If Curtis Turner is the ONLY supplier of filament-wound tubing and nose cones ( other than the unknown source that Wildman, now, gets his from ), what happens if Curtis dies, goes to jail, or goes out of business ?
What other manufacturers of filament-wound rocketry composites are there ? ( not "suppliers" )
Dave F.
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There may be no "written contract" between Ken & Curtis . . . Frankly, I'm wondering who is and isn't "paying taxes", without invoices and receipts. It may all be done with just a "smile and a handshake".
Dave F.
If it takes place "under the table", in the "eyes of the law", it's called Tax Evasion, which the IRS takes a very dim view of.
Dave F.
Yes, they are, provided that the business keeps proper, accurate records of all transactions, both accounts payable and accounts receivable. In this case, if either party were not doing so, the person not complying with IRS regulations and/or receiving unreported income, could be committing Federal Income Tax Evasion ( State Income Tax evasion, too, if the State in question has a State Income Tax ).
A hypothetical example :
Party 1 receives an order for $1000. He retains his "profit" of $200 (theoretically) and sends the remaining $800 to Party 2, who will be making the items for the order. If Party 2 "artificially inflates his "material costs" to conceal his actual "profit margin", records that he received a lesser sum from Party 1, or does not record the transaction, at all, he is concealing "taxable income", which is tantamount to Income Tax Evasion.
Back in the "real world", I do not believe that Ken is doing anything illegal . . .
Dave F.
It's not just from last year's sale . . . The problem extends back several years, in some cases.
This involves regular sales, too, not just sales during a "sale".
Dave F.
swatkat
Down these mean skies, a kat must fly!
I'm still owed a rocket from last year. I didn't think Mach1 got glass from Curtis... I know they do their own nosecones.
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No, you do not have to keep a record of every transaction, a simple aggregate of sales and expenses over a reasonable time period is all that is needed to satisfy the IRS.
I don't think I'd like to face an IRS audit, without accurate books and the receipts to back everything up.
Dave F.
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The burden of proof that you underreported income lies with the IRS. Usually this is in the form of bank account balance changes or spending that doesn't line up with the income you reported. A list of transactions you provide doesn't prove you left any out.....
Do you think street hot dog vendors or bartenders record EVERY transaction?
The one possibility you left out is that of one business turning another business in and using their own expenditure and bank records as evidence of monies sent . When the other company's records don't "jive", there's going to be a lot of explaining to do.
Dave F.
I have been audited and it was not pleasant.
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Turn another business in for what? If you reported all your income then the records will jive.
John,
Okay, let me be blunt and to the point . . . The allegation is that the other company has not been reporting all of their income.
Hypothetically:
If "Business A" has been screwed over, repeatedly, by "Business B", theoretically, "Business A" could turn in "Business B" to the IRS, resulting in "Business B" being audited by the IRS. Sworn statements by "Business A", accompanied by meticulous records showing every dime sent to "Business B" would be very damning, particularly if "Business B" were"cooking their books" and their financial records don't match up for each date and amount. "Business B" would likely not recover from the IRS penalties, particularly if the discrepancies and allegations are proven, over a number of years.
Dave F.
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Ok Dave, got it.
There are honorable businessmen and dishonorable businessmen in Rocketry. The vast majority fall into the first category, but not all. The people in our hobby deserve to be dealt with, fairly and honestly !
Dave F.
rfjustin
Well-Known Member
One year later, same story, same Curtis reputation, SMH.
My biggest questions are . . .
Are there any "alternatives" ( different manufacturers ) to purchase filament-wound Rocketry components from ?
If there are, who are they ?
Does every kit manufacturer, with the exception of Wildman who, allegedly, has found a different source, rely on Curtis / Proline Composites for all of their filament-wound components ?
Dave F.
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And let that be a lesson to ya..
Hahahahahahahahaahhahahahahha
Opppssss,, sorry,, did that come out,, lol..
Teddy
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No
Yes.
There are many manufacturers that will make tubes, couplers and nosecones for you no problem. You would just have to pay for their tooling and they will give you all you can eat.
blackjack2564
Crazy Jim's Gone Banana's
Not allegedly, fact.
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swatkat
Down these mean skies, a kat must fly!
Mach 1 confirmed, nothing made from Curtis.
spigalau
Well-Known Member
It's a pity other vendors still continue give him business.
It’s not that simple
( Post voluntarily removed, per a private request )
Dave F.
Dave F.
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