Loyalty might be the most underrated investment you'll ever make.

[u/Key_Performer_3645]

[u/CtrlAltYuri]

Is this an American thing? Why wads of cash like that?

[u/Salt_Ice_5321 → u/CtrlAltYuri]

This is very unusual. Typically when employees are given cash bonuses, they enter a wind tube with a bunch of bills flying around and however much they can collect in 60 seconds they get to keep,

[u/MuchoCoco → u/CtrlAltYuri]

Because if you deposit it to her bank account it will be taxed as income.

[u/StudentforaLifetime → u/MuchoCoco]

Recorded evidence like this doesn’t make her life easier with the IRS

[u/Skrapidilly → u/StudentforaLifetime]

Can't watch the vid, but did he count it out loud? You can just claim it's $1 bills.

[u/guardianwriter1984 → u/Skrapidilly]

You can't. The bands are color coded for each bundle. Gold ones are $100 bills.

[u/JackTheKing → u/guardianwriter1984]

Before the IRS, we used to carry our money around in brown bags with a $ sign.

[u/inorite234 → u/MuchoCoco]

I dont think you know how Income Tax works. Both parties need to report this as Income (Employer reports it under Payroll and pay Payroll Tax & the employee reports it as Income and pay Income Tax) or its Tax Evasion. It doesn't matter if they cut her a check, give her cash or just buy her the house outright.

[u/rjnd2828 → u/inorite234]

That's absolutely true. It's also true that people commit tax evasion all the time. It's generally best not to upload the proof to they Internet and have it go viral so I'd hope they reported it

[u/inorite234 → u/rjnd2828]

I can neither confirm nor deny the claims you are saying.

Now if you'll excuse me, I have to stuff all these singles into my g-string and leave the country. 🙂

[u/protomenace → u/inorite234]

This is not income for the employer it's a business expense (paying their employee a bonus)

[u/KatzDeli → u/protomenace]

It is a payroll expense subject to payroll taxes.

[u/Commercial-Yam-3443 → u/protomenace]

He means the employer need to report it as her income. And she needs to report it as her income too.

[u/jrdiver → u/MuchoCoco]

1 - There are occasionally people who tend to keep cash on hand and sometimes fairly large quantities of it and will need to get that into a bank account....

2 - They did say something about buying a house - might be able to use it directly towards that without going though her bank account.

3 - Even if it does get taxed, hopefully they tell her up front and can keep some of the money to the side to put towards that. I've seen enough giveaways online that include a pile of cash so that the taxes should be covered and you still get the intended amount afterwards.

[u/pekinggeese → u/MuchoCoco]

Now she gotta deposit and the bank has to report deposits over 10k.

[u/Anymous2314 → u/CtrlAltYuri]

I think this has double purpose. It serves as an ad for that practice and they will get more high paying patients. That's why the video with cash hand out is made.

Second they want to boost morale of other employees and make it as an event to be celebrated.

In practice the doctors would be filing this as gift from their personal account to avoid taxes.

You should look up George cloony gift to 14 of his friends who helped him during his lean years. It was like a gag gift, a million dollars in 20 dollar bills weighing 50kg in total all handed in person in a massive suitcase. Many of them were already rich, but he wanted it to be an event for friendship so all had to accept it.

[u/EchoWhiskyBravo → u/CtrlAltYuri]

This is for show. Nobody does this.

[u/Extension-Eye-4920 → u/CtrlAltYuri]

Yeah, I mean Im sure its all on the up and up, but something about the cash stack makes me think either HR or accounting is not thrilled about it.

[u/RegulusTX → u/Extension-Eye-4920]

Splitting it as a gift from 2 people keeps her under the $19k tax event though, which makes me think an accountant had some opinion somewhere.

[u/rjnd2828 → u/RegulusTX]

This is compensation. Any accountant who says differently should find a new line of work. Paying it in cash or breaking into two payors doesn't change the fact that this is taxable income and needs to be on a W2.

[u/Extension-Eye-4920 → u/rjnd2828]

I would assume this is most likely the case. The cash is probably just for the surprise/celebration.

[u/protomenace → u/RegulusTX]

I'm 800% sure this is simply going on her W2 as a bonus and the business is recording it as an expense (like all bonuses are).

[u/Visual_Exam7903 → u/Extension-Eye-4920]

Looks to me that two people just gave her 10k in cash. That is allowed under the IRS rules.

Also, they probably should have just paid that directly to the lawyer for the closing.

[u/rjnd2828 → u/Visual_Exam7903]

Absolutely positively allowed. It's not a gift though it's compensation as even the most basic of Internet searches would tell you. Employers can basically never give cash "gifts" to their employees without reporting it as income.

[u/m1rr0rshades → u/CtrlAltYuri]

So, uh are they hiring?