291–300 of 413 posts
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You're right, it doesn't mean that. But independently of that point, what HN does here is right.
And more than any other online forum would do, it's in fact an exercise in transparency, and super labor intensive to boot.
"super labor intensive to boot" - it should be in the CMS code to show a flag if "edited".
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Everyone needs to understand this. I’ve had two friends get audited and fined for massively underpaying themselves for contract work via their LLCs. Many of the people I run into who claim all kinds of benefits from this route are actually commiting low level tax fraud, knowingly or otherwise.
100% this, get an accountant and maybe a lawyer. It is very, very worth it.
The DOJ press release is clearer than this article is: https://www.justice.gov/usao-ndca/pr/former-netflix-executiv... Some fun details: Kail did his criming through a shell LLC he set up called "Unix Mercenary". He took between 10-15% of the total billings for each of the companies he hooked up with this scheme. None of those companies were charged (more's the pity). They got him on mail fraud, wire fraud, honest se…
Or maybe he was just that good about hiding it, IE only soliciting via the business entity which then took a “commission”?
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I just don’t understand how he can possibly think saying something like that is a good idea. He must be living inside his own reality distortion field.
Seriously, given - > Kail faces a maximum sentence of twenty years in prison and a fine of $250,000, or twice his gross gain or twice the gross loss to Netflix, whichever is greater, for each count of a wire or mail fraud conviction, and ten years in prison and a fine of $250,000 for each count of a money laundering conviction. As well as > Kail was indicted May 1, 2018, of nineteen counts of wire fraud, three counts…
One item seems to have caused a lot of confusion in the comments so I will take a stab at clarifying: It is perfectly legal for Netflix to ask for options or any other consideration in exchange for the contract. Companies do this sort of thing frequently. They know that merely signing a large contract with a large firm will increase the value of the contractor. It is not legal for someone working for Netflix to ask f…
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Thanks, this is indeed a better source. A lot of people here are saying this is incredibly common which is frankly pretty surprising to me. Does it really happen through shell LLCs? I am definitely aware of execs prioritizing startups they've invested in, which is... not a great look. But this seems to be a different thing. Kail wasn't an investor. He explicitly drafted agreements that paid him a fraction of the mone…
this seems like such a low reward high risk grift. A Netflix exec needs to risk his entire life over $450K?
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This "captain obvious" stuff isn't helping you; it's just going to get everything you have to say flagged. You sound upset. I don't think I understand why --- having links replaced is totally standard HN practice, happens all the time, and works to the overall benefit of the community. But I don't have to understand why you're upset for you to feel that way. Rather, I'd just say, step away from HN for a bit until you…
- "get everything you have to say flagged." I do not care about comments getting flagged or HN karma - " happens all the time" . perhaps this is why it is important to consider whether the UX can be improved. I am not saying links should not be replaced - I am saying the UX should be improved when this happens. _
>In his own memorandum to the court, requesting that he be sentenced to a year of house arrest, Kail, 49, described himself as a “global power leader, top dev ops influencer and a thought leader.” So very humble of him.
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It can depend and IANAL buuuut I do have an LLC taxed as an S Corp, because you can dramatically reduce your tax burden. Essentially you buffer your money in your LLC and pay yourself a "reasonable salary". For example: maybe you earn $200k this year as a software contractor. You go to glassdoor and find that mean salary for software engineers is $96k/yr. You pay yourself $8k/mo (pre-tax), deducting payroll taxes and…
The 401k part is available to sole proprietors too. "Solo 401k" or SEP-IRA are the tools for the job. They're easy to set up and you can put up to that same limit ($45Kish?) away if you have enough income. And if you have a LOT of income ($200K+?) you can really turbocharge it with a defined-benefit plan, which lets you put away close to 50% of the consulting income for retirement. Most of the other things you list a…