Popular YouTuber and Twitch streamer Steven ‘Boogie2988’ Williams is best known for his rants about gaming and nerd culture – but his latest debacle has him making the rounds for an entirely different reason.
Boogie went live on Twitch in early April when he discussed making a purchase of Magic the Gathering cards as a business expense and confessing to later selling them to a friend under the table so as to avoid declaring the income on his taxes.
“Eventually, if I sell those cards, I have to pay income [tax] on the cards I sell if there’s a paper trail,” he explained. “If I sell them to a friend for 20 bucks… none the wiser.”
Boogie’s stream quickly gained traction across social media, attracting the attention of fans and critics who were quick to point out that he may have openly admitted to committing possible tax fraud during a live broadcast.
“Who needs a paper trail when you have a giant, flaming paper arrow pointing at you, visible from orbit, with your name on it?” one commenter wrote of the issue.
“He can easily get audited,” another speculated. “He just admitted to defrauding the government – what else is he lying about on his 1040? I doubt he’s reporting all the donations/twitch revenue if he’s willing to lie so easily.”
However, other users questioned if such a transaction could actually count as a business expense, with some arguing that a small amount of $500 wouldn’t warrant an investigation from the IRS.https://cartamundi.com/en/cases/magic/
“…It all depends on defining the sale of the goods as a business or hobby,” one user wrote. “If he is putting a lot of time selling these goods, then it’s a business and any gains should be reported. But if he’s only made less than a grand in profit over several years, then it does not need to be reported.”
Although POSEIDON later denied running any sort of scam on his business investors, his denial was questioned when his home was raided by the FBI in late March – although the cause of the raid was later said to be due to a “spoofed” phone number calling in alleged bomb threats.
Boogie has yet to speak out on the supposed “tax fraud” via his social media accounts.