View Full Version : SM Issuing 1099
Cam_Model_Jess
02-16-2012, 09:55 PM
Self-jacking :)
The 1099-K starts this year. If you accept credit card payments online, you may want to read this. I know NOTHING about it, so don't ask me. I just saw the site in my research and thought it was worth looking into.
The good news? If you earned less than $20,000 AND had fewer than 200 transactions in a calender year through this method, then the site won't report your activity. However, we all assume that all of us are reporting all income, so this shouldn't be an issue. :)
Why I mentioned it? Models use sites online... and you may have noticed a new line on your Schedule C regarding credit card payments. You may want to wait for the 1099-K, if you're expecting one, before you file. Let the crackdown begin...
http://www.internetbiztaxtips.com/2012/01/form-1099-k/
ElianaIsis
02-16-2012, 10:00 PM
It depends on the payment issuance date not when it was earned or received. If you earned money the last week of December with the payment being issued the next week during January then that will count on 2012's taxes not 2011. At least that has always been my understanding.
The other issue of Indy contractor vs employee is that contractors don't have to work set hours, employees do (or at least a minimum number of hours). There is also the issue of workers comp insurance when dealing with employees.
minniesoporno
02-16-2012, 10:05 PM
I have been camming for about 9 years now starting in March, I have filed my taxes accordingly with camming and without camming every year. This really shouldn't be much of a worry about filing taxes with camming. and with every job that I have applied for that does a background check streamate does not show up.
Now its not that complicated your 1099 are a form that says your an independent contractor and you file your taxes accordingly it's really not that complicated. All this worry is really over nothing.
Even if the sites didn't send you a 1099 form you would still be resposible of keeping track of what you make and filing your taxes.
Cash basis taxpayer. It depends on receipt, as long as you weren't avoiding your mailbox, its 2012 income if received in mail in 2012.
lolabunny
02-16-2012, 10:10 PM
I also wish they would have at least done this earlier, but hey, it is what it is...I don't see much to worry about tho, even if u haven't claimed your earnings yet, you still have until 4/15...it is a headache they wait til the last minute to drop this on us :/
ElianaIsis
02-16-2012, 10:29 PM
Having been an employer though the amount put onto the 1099 would be based on payment issuance date. So depending on you personal filing method whether earned, issued or cash there may be a small discrepancy in the amounts recorded. I personally did mine based on date earned for SM since I am on DP anyway, have not seen a request for 1099 directly from SM yet.
sammii
02-16-2012, 11:22 PM
It says to fill out the form by Tuesday to avoid interruptions. What do you guys think they mean by "account interruptions?" Just a suspension until you fill out the form or will they delete the accounts of people who don't fill out the form? I live with my parents right now, but am moving out at the beginning of March so there isn't an address I can use. I obviously can't use my parents' address. I haven't used SM at all this year. Advice or opinions is appreciated. Thanks.
bluexxxtasy
02-16-2012, 11:28 PM
last i checked from when i was in tax class... u report everything income wise to dec31st of the year.. meaning that last check u get in jan if its covering up til the 31st of dec then u report that on taxes.. things change every yr so idk..
SarahTime
02-16-2012, 11:35 PM
That's really simplifying it quite a bit. I do not lie- nor have I ever lied- on my taxes, and this is still going to cause me problems.
There are several issues with this. One is that I have paid to have my taxes done, and I now have to pay to have them done AGAIN, of no fault of my own. That's a minor annoyance. It may also change the rate I have to pay my accountant since I did most of the work the first time and I need her to now fix some things for me and re-file. May cost me a few hundred dollars. That's an annoyance. Without going too much into my business, it changes how I have to file and some other things... which may or may not lead to me owing money, even though I was honest and claimed everything. I'm not going to list the reasons why this causes issues, but I was absolutely honest on my taxes and even extremely cautious with my deductions and shorted myself a bit to be less-likely, in my opinion, to be audited. So... I didn't lie, I didn't cheat, and this is still going to cause issues for me.
And, I think we will find a lot more people have issues with this when all of the implications finally sink in. Though I do agree that it will affect some people a lot more than others. And those people who did not save for paying their taxes, those who worked for SM last year and did not claim their income, and those who should have made estimated payments this year and didn't... well, good luck to you.
Well yah, it will cause some annoyances. I just was speaking in general, it's not THAT big of a deal. But, I guess that's just my opinion on it so.... maybe it's a big deal to everyone else. :)
Melonie
02-16-2012, 11:44 PM
It says to fill out the form by Tuesday to avoid interruptions. What do you guys think they mean by "account interruptions?"
It most likely means that, without a US social security number on file with which to report payments to US girls to the IRS, the 'offshore' bank used by SM will no longer be able to make direct payments to US camgirls i.e. transfer camming earnings across the US border.
sammii
02-16-2012, 11:53 PM
Thanks Melonie!!
GlamourRouge
02-17-2012, 12:28 AM
This shouldn't be anything to upset anyone, really. If we make money in the US, we HAVE to pay taxes on it. The only reason to be mad is if you have been or were planning on lying about your taxes.
People are upset because many already paid their taxes this year and now that to do an ammend.
hotmodel
02-17-2012, 12:33 AM
Hey ladies..I know AW doesn't do 1099s but are they gonna start too? Has anyone heard anything?
Crustyz
02-17-2012, 12:38 AM
I wish they would just do the taxes for me... lol
I can't stand doing this on my own with no help. Filling out a W2 is just so much easier.
I can't afford a tax person... :(
sammii
02-17-2012, 12:51 AM
People are upset because many already paid their taxes this year and now that to do an ammend.
I don't know why everyone would need to ammend it? As long as the amount on the 1099 and the amount you posted in the business income section are the same?
SarahTime
02-17-2012, 08:25 AM
I don't know why everyone would need to ammend it? As long as the amount on the 1099 and the amount you posted in the business income section are the same?
That's what I'm thinking... if you reported your income correctly to begin with, you should not have to amend it. Correct? Melonie, what do you think? If I accurately reported my income from Stremate, is there reason to amend?
TXCamgirl
02-17-2012, 08:35 AM
That's what I'm thinking... if you reported your income correctly to begin with, you should not have to amend it. Correct? Melonie, what do you think? If I accurately reported my income from Stremate, is there reason to amend?
That's what I think too. If you accurately reported you shouldn't have to amend but my question is, do we have to let the IRS somehow know that we received another 1099 that we didn't have on our return? Even if we reported the income do they still need to know that we got an additional 1099 or will they figure that out themselves?
Fridays
02-17-2012, 10:06 AM
make your customers pay your taxes...
thats what businesses do.
$10 for 10 min should now be $12 for 10 min.
amberose
02-17-2012, 11:26 AM
.
Thank you for that very insightful post, Jess. I'm a bit sleep deprived at the moment so it's still all a little beyond me, but those look like important points to consider.
DiamondCupcakes
02-17-2012, 07:18 PM
make your customers pay your taxes...
thats what businesses do.
$10 for 10 min should now be $12 for 10 min.
Exactly!
TM1975
02-18-2012, 06:49 AM
I've been trying to look more in depth to this and will link what i've found. I am however unclear on which type of 1099 we will be receiving? If it's a 1099misc this is a link to the irs faq for them.
http://www.irs.gov/businesses/article/0,,id=243429,00.html
And this is the portion of that faq that is confusing me.
Due Date to IRS (unless indicated otherwise): February 28th*
Due Date to Recipient (unless indicated otherwise): January 31**
Does that mean that they would have had to sent us the 1099's by january 31? I know Melonie said that was only for W2's, taxes are confusing! lol :)
Melonie
02-18-2012, 07:22 AM
That's what I'm thinking... if you reported your income correctly to begin with, you should not have to amend it. Correct? Melonie, what do you think? If I accurately reported my income from Stremate, is there reason to amend?
Due Date to IRS (unless indicated otherwise): February 28th*
To answer the second question first, the IRS is very clear about setting an end of February deadline for SENDING OUT 1099-misc forms. The IRS and the camgirls thus can actually receive 1099's as late as the first or second week of March with the originator of the 1099's still staying within the legal deadline. And yes it will be a 1099-misc ... reporting 'miscellaneous business income'
In regard to the need to file an amended tax return, if you filed a 1040 long form tax return and if you reported your camming income using Schedule C 'Profit or Loss from a Business' even though you didn't have a 1099 in your hand, then no there is not any need to file an amended tax return. The reasons I can think of that WOULD force a camgirl to file an amended tax return might be ...
A. the camgirl 'forgot' to report an equal / greater amount of income on her tax return than is actually being reported via the 1099
B. the camgirl did not use Schedule C to report her 'business income', and instead incorrectly reported her camming income as wages, tips, 'other' income etc.
C. the camgirl used any of the 'short form' tax returns rather than the 1040 'long' form
I would also again mention that the IRS receiving a 1099 report of 'miscellaneous business income' for 2011 is going to lead to an IRS expectation that the same active business is going to file a 1040-ES for income earned in Jan, Feb and March of 2012. This is due on the same April 17th date as the 2011 tax return. This also means that, in addition to cutting the IRS a check for $10,000 or whatever for camming earnings from 2011 against which no estimated tax filings / payments were made in 2011, the camgirl is also going to have to cut an additional check for $10,000 or whatever * 3 months / 12 months = $2,500 for estimated taxes due on her first quarter 2012 earnings.
The IRS allows a 'first year exclusion' from estimated tax penalty and interest charges that will protect you from having to pay additional penalty or interest charges on 2011 taxes, but that 'first year exclusion' arguably no longer applies now that 2012 has arrived and you're into your 'second year' of the camming business. And this estimated tax filing / payment requirement gets repeated for second quarter ( filing / payment due July 15th ), third quarter ( filing / payment due Sep 15th), and fourth quarter ( filing / payment due January 15th of 2013 ). If you don't file / pay estimated taxes by these deadlines, the IRS can and will start charging you interest on the 'unpaid balance' of estimated tax money due, plus tack on an additional 1/2% per MONTH in penalty charges. Over the course of 2012, these can add up to an extra $1,000 for every $10,000 in basic taxes you owe on the money you earned.
temptingmodel
02-18-2012, 04:47 PM
very true statement...pass it on to the customers and if people are logical they will take that amount and side account it.
make your customers pay your taxes...
thats what businesses do.
$10 for 10 min should now be $12 for 10 min.
temptingmodel
02-18-2012, 04:52 PM
Last week a person who has modeled for SM told me not to worry about my taxes bc SM does offshore banking. I looked up and down the internet to see if that statement was true. FALSE! I always wait. When I logged in the other day I text her. PANIC! I guess she thinks she is screwed. I dont understand how people can purchase cars, homes without doing taxes. What is that magic answer? There is not one. Im super happy they are sending out information. My accountant was going crazy with the print outs asking me "Are you sure this is your income"? If we get audited they get audited. No one wants that. TY SM for doing something nice to help us prove we are legit workers.
Melonie
02-19-2012, 05:18 AM
a person who has modeled for SM told me not to worry about my taxes bc SM does offshore banking. I looked up and down the internet to see if that statement was true. FALSE! I always wait. When I logged in the other day I text her. PANIC! I guess she thinks she is screwed. I dont understand how people can purchase cars, homes without doing taxes. What is that magic answer? There is not one.
This sort of thinking as a carryover from 10 years ago. Back then, if the IRS didn't receive an independent report of income ( W2, 1099 etc. ) the only method available to determine actual income was for the IRS to devote investigators and auditors. This was obviously expensive, thus was almost totally confined to 'targets' where millions of dollars were involved. Also, back in those days, there weren't any cross-checks from the 'spending' side. Thus if you had the cash, buying a new car or even a house weren't a problem.
But after the 9/11 attacks, and the passage of a Terrorist Anti Money Laundering Treaty, the IRS was forced to start paying a lot more attention to the 'spending' side. This lead to the establishment of automatic 'spending' / cash transaction reports being forwarded to the IRS by state motor vehicle agencies, state property title agencies, college bursar's offices, banks, brokerages, retirement funds, retail merchants ( for amounts over $10k / $3k ) etc. Hell, even the post office and retail money order sellers must now report 'large' money order purchases ( for amounts over $1k ).
At the same time all of these automatic reporting mechanisms on the 'spending' side were put in place, the IRS also ramped up their computing power. This resulted in the development of a cost of living database reflecting typical rent + food + utility + local tax costs for every US zip code area.
Then along comes the National Health Care law ... which imposes new IRS reporting requirements on 'offshore' banks dealing with US citizens. The IRS in conjunction with DHS also established automatic monitoring of essentially all funds transfers across the US border. The new requirements of this law are what has prompted SM to start issuing 1099's.
And of course there is now enough computing power available for the different gov't agencies to cross-check automatically reported income ( W2, 1099 etc. ) versus income listed on tax returns, versus 'major' spending / saving / investing by the same person. Thus before a human IRS agent ever has to look at a particular person's tax return, the IRS computers can automatically assess the likelihood that the particular person has actually 'spent' more money than they have officially reported to have 'earned' in the first place.
While I can't provide any specific anecdotes about camgirls and the IRS, I CAN relate something which happened with a couple of fellow dancers. Both had reported income from clubs as listed on 1099's, but had vastly under-reported other income from clubs that was not reflected in the 1099 amounts. Both purchased new ( and relatively expensive ) cars. The state motor vehicle agency reports to the IRS, in conjunction with tuition payment reports by college bursar's offices, in conjunction with the 'high' cost of living in their NY zip code area, waved a 'red flag' at the IRS. A 5 minute automated request for bank account info, credit card info etc. showed high cash flow and high spending. Both were audited, and both wound up having to sell their new cars to pay back taxes plus penalties plus interest to the IRS.
So thanks to SM issuing 1099's there is now no way to successfully evade paying US taxes on your 'offshore' webcam earnings. In general, part time camgirls can expect to have to pay somewhere around a 25% effective tax rate, and full time camgirls can expect to pay even higher effective tax rates.
can someone tell me how to file 1099 online?
i've been filing using turbotax, once a year, and saying the income was misc/gigs
can i still do what ive been doing?
if i start filing 4 times a year can i still use turbotax, and do i have to file with the city too?
CassieHeart
02-19-2012, 07:31 PM
Omg I am seriously fucked lol........
Cam_Model_Jess
02-19-2012, 07:48 PM
Yeah, guess you'll be paying your taxes this year.
Also, someone mentioned that SM might have to report prior years' income, so if you worked for SM last year, you might wanna file a return for last year and just pay the penalties on what you owe. But you probably don't have to worry about that right now. They're gonna be busy with 2011 for a while. If you can manage it, you can do your taxes for a "dry run" and figure out what you're going to owe, that way you can mentally prepare yourself. But keep in mind, making more money online means that, yes, you make more money overall, but you also owe more taxes.
Just as an estimate... you can expect to owe 20%-30% of your income for the year (depending on your deductions). So, if you made $60,000 you will owe about $12,000 to $18,000. They're gonna want that real soon... or you can work out a payment plan. But the interest and penalties on what you owe start from the beginning of the year (daily interest and penalties). If you owe more than $1000 at the end of the year (and you knew that you would), you should've paid that as you went along & they're going to hold you responsible for that.
But... it's better to own up to it and work out payments (those will have interest too) than to wait until they come after you. Court costs are a bitch.
GlamourRouge
02-19-2012, 08:15 PM
Yeah, guess you'll be paying your taxes this year.
Also, someone mentioned that SM might have to report prior years' income, so if you worked for SM last year, you might wanna file a return for last year and just pay the penalties on what you owe. But you probably don't have to worry about that right now.
Just because they didn't issue a 1099 doesn't mean they didn't still report your income to the IRS. They did. And the reason why they abruptly are issuing 1099s has to be because the IRS is now involved, meaning if they overlooked non-paying cam models from SM before, they will certainly be finding you relatively soon. File for ALL years prior. File everything ASAP right away. If you can't pay it out of pocket, they'll work out a payment plan for you. But waiting until you're caught is a major disaster that will cost you 3x as much or more.
Cam_Model_Jess
02-19-2012, 09:06 PM
Oh, I know. But they didn't cam all of 2010, and I'm assuming they'll owe a lot more for this year, so I'm just saying that when doing damage control, it might be best to start with the worst. Of course, it's not really any of my business...
Melonie
02-20-2012, 03:42 AM
i've been filing using turbotax, once a year, and saying the income was misc/gigs
can i still do what ive been doing?
1099 income has to be reported via Schedule C. If you use TurboTax this means the 'Home and Business' version. If you filed already using any other method / forms, you'll have to file an amended tax return.
if i start filing 4 times a year can i still use turbotax,
the 'Home and Business' version of TurboTax also does the quarterly 1040-ES forms and the calculations for how much money you need to send in quarterly
And don't forget that, in addition to filing and paying taxes owed on 1099 income you earned during 2011 by the April 17th deadline, you also need to file a 1040-ES and pay estimated taxes owed on income you earned during Jan, Feb and March of 2012 by the same April 17th deadline.
and do i have to file with the city too?
This depends on what state and city you live in. For example, New York City residents must file a state tax return plus pay city of New York taxes in addition to the federal tax return. TurboTax 'Home and Business' version can do these tax returns as well if you purchase the state 'add-on'.
someone mentioned that SM might have to report prior years' income, so if you worked for SM last year, you might wanna file a return for last year
In truth it is the new US National Health Care Law's requirements for 'offshore' banks that hold accounts / make payments to US citizens that has 'forced' SM to start issuing 1099's for 2011. That law doesn't affect prior years, so it's extremely doubtful that SM will retroactively issue anything regarding 2010 incomes.
However, that doesn't mean that the IRS can't / won't do some cross-checking of their own to see if camgirls receiving 1099's for 2011 income from SM have filed tax returns for 2010 as well as for 2011, to see if camgirls receiving 1099's for 2011 from SM who did NOT file tax returns for 2010 made any 'major' expenditures ( like registering a car, a house, big tuition payments, retirement fund contributions etc. ) in 2010, etc.
File everything ASAP right away. If you can't pay it out of pocket, they'll work out a payment plan for you. But waiting until you're caught is a major disaster that will cost you 3x as much or more.
While this is coming across a bit 'strong', if anybody at the IRS has half a brain, they are probably going to put some good effort into investigating US citizens who are now reporting 1099 "offshore" income for the very first time. The reason of course is that, with or without a 1099 being issued by the 'offshore' business, the US citizens still had the legal responsibility to report 'offshore' income and pay taxes on that income in prior years.
Additionally, the new National Health Care Law also authorized the IRS to hire thousands of additional human auditors, and the IRS has already announced that they are going to be increasing scrutiny on businesses with a history of poor 'tax compliance' ... with 'adult entertainment' businesses having a terrible history of 'tax compliance' !!! So it's safe to say that camgirls reporting 'offshore' earnings from an 'adult entertainment' related business for the very first time have an increased risk of being audited.
As to the difference in IRS reaction to belatedly filing a 2010 tax return for previously unreported 'offshore' income, versus being caught not filing a 2010 tax return reporting 'offshore' 2010 income by the IRS, indeed the latter can be a whole lot worse than the former. For starters, being caught not reporting 'offshore' income places the person in the position of being presumed guilty of 'willful tax evasion'. Besides potential penalties being much higher, this will 'kill' any real chance of IRS negotiation / co-operation. It can also create a situation where the IRS can 'estimate' that the person earned $100k in 2010 versus actual earnings only being $50k ... without a 1099 for 2010 there is no way that the person can conclusively prove that they DIDN'T earn as much money as the IRS has 'estimated' they earned ! And of course it will prompt the IRS to put that person in a category of previous tax evaders, which may translate into the IRS choosing to audit each and every future year tax return filed by that person, to question every future tax deduction claimed by that person, etc.
tinydancer23
02-20-2012, 02:58 PM
just in case anyone's still wondering about daily pay, i got an email from princess jenny saying that daily pay girls in the u.s. won't receive 1099s (but still report your income!).
Melonie
02-21-2012, 09:34 AM
^^^ just curious how that's being handled. I assume that daily pay has another 'offshore' bank that is less concerned with IRS directives.
IsobelWren
02-21-2012, 12:40 PM
Just because they didn't issue a 1099 doesn't mean they didn't still report your income to the IRS. They did. And the reason why they abruptly are issuing 1099s has to be because the IRS is now involved, meaning if they overlooked non-paying cam models from SM before, they will certainly be finding you relatively soon. File for ALL years prior. File everything ASAP right away. If you can't pay it out of pocket, they'll work out a payment plan for you. But waiting until you're caught is a major disaster that will cost you 3x as much or more.
Ain't it the truth. RP decided taxes were optional and didn't pay them for 10 years. Nobody will give him credit now and he owes more in fees than he owed in taxes originally. He owes slightly less than a quarter of a million dollars. He will never be able to pay that off in his lifetime so they put him on a payment plan that ends when he pays it off or in 8 years, whichever comes first. He won't be able to buy anything big like a new car or a house until it's over because they'd say, "Hey you could have sent that down payment to us and you owe us, so we're taking that."
File as soon as you can, get a good accountant and get a settlement if it's more than you can pay.
LAChloe
02-21-2012, 12:49 PM
Ain't it the truth. RP decided taxes were optional and didn't pay them for 10 years. Nobody will give him credit now and he owes more in fees than he owed in taxes originally. He owes slightly less than a quarter of a million dollars. He will never be able to pay that off in his lifetime so they put him on a payment plan that ends when he pays it off or in 8 years, whichever comes first. He won't be able to buy anything big like a new car or a house until it's over because they'd say, "Hey you could have sent that down payment to us and you owe us, so we're taking that."
File as soon as you can, get a good accountant and get a settlement if it's more than you can pay.
Does it stress you out that you are marrying these problems? I think that at this point in my life, that much debt would be a deal breaker for me. :(
tinydancer23
02-21-2012, 01:12 PM
^^^ just curious how that's being handled. I assume that daily pay has another 'offshore' bank that is less concerned with IRS directives.
i don't know exactly how it's being handled - princess jenny is based in the uk so she uses a uk bank and she does daily pay payments through payoneer, alertpay, and uk banks. you'd have to ask her for more details than that though.
Melonie
02-21-2012, 02:00 PM
^^^ just 'fishing' for the odds that daily pay's 'offshore' bank, if not complying with the new IRS requirements, could become a potential 'target' for IRS investigations. If so, there would undoubtedly be a 'paper trail' leading straight to camgirls' personal info. If daily pay's 'offshore' bank is Wegelin or some other financial entity that is truly beyond the reach of the IRS, then great. But if daily pay's 'offshore' bank is located in a country like the UK where an information sharing treaty exists with the USA, then even if a camgirl using daily pay has properly reported her income and properly paid taxes she could still face an elevated risk of IRS audit.
File as soon as you can, get a good accountant and get a settlement if it's more than you can pay.
Indeed. The WORST thing you can do is to 'ignore' the filing of annual tax returns. In general, the IRS understands 'honest' mistakes. But they tend to get pissed off by 'willful disregard'. Thus as was the case with RP, if the IRS catches you 'willfully disregarding' your responsibilities to report income and file tax returns, they will A. be far less inclined to 'settle' or 'negotiate', B. be far more incredulous in regard to any amounts of income or deductions listed that don't have 'hard' 3rd party supporting documentation, and C. place you on a 'priority' list for future year audits.
And indeed, if there is reasonable suspicion that a person has seriously under-reported their income or failed to file altogether, the IRS does have legal authority to freeze / seize bank accounts, retirement funds, cars, homes, and just about every other type of valuable asset, until the tax liabilities have been sorted out and some sort of payment method has been set.
Cam_chick
02-22-2012, 07:47 PM
Does AW issue 1099's? If not, how is it that they are not getting the same pressure SM apparently is?
Melonie
02-23-2012, 01:26 AM
actually, as a 'foreign' company, it isn't SW that's feeling the pressure from the US IRS ... it's their 'foreign' bank that is being used to transfer money to US based SM camgirls.
SweetPinkCupcake
02-23-2012, 11:00 AM
--Moved--
DannieDivine
02-23-2012, 11:11 AM
I haven't gotten an email or any sort of notice about this other than this forum... is this really going through?
Cam_Model_Jess
02-23-2012, 11:54 AM
^Yes, it is. There was an e-mail in my inbox, a notice in a BIG red box on my profile page, and there was a popup that required I push a button telling them I read the notice. Then I had to submit personal info (that I had already given them when I signed up).
If you didn't get a notice, they don't recognize you as a US camgirl, you didn't make $600 last year, or they just made a mistake and didn't include you somehow. If you think a mistake has been made, contact them, because the deadline (Feb 21st) has passed and they may freeze your camming account.
badcompany
02-23-2012, 12:01 PM
I just want to give melonie a big hi-five, a hug and a kiss for sharing all her helpful tax knowledge with us SM girls. I know I pretty much used her posts as a guide in handling this since this is the 1st year I will be filing independent income.
THANK YOU MELONIE!!
CassieHeart
02-23-2012, 05:44 PM
I talked to my financial adviser about this whole mess and she said that Portugal gets a lot of Financial Aid and other goodies from the USA. So their financial institutions are being strong armed into cooperating with Uncle Sam. She also said that the World bank and other country's are pushing other governments to follow suit. Pretty soon all electronic forms of money transactions will be reported across nations. So there will be no way to hide income electronically. She also said most of this was caused by PayPal due to the billions of untaxed money being made.
crispy
02-24-2012, 11:10 PM
melonie has been a hug help on this board for years! i swear she should get paid here! (under the table of course) haha.
Melonie
02-25-2012, 01:48 AM
Thanks for the positive feedback. I wound up learning a lot while sitting on the laps of bankers, brokers, corp. execs, politicians etc. in Manhattan VIP rooms for all those years ! I also wound up learning a few things 'the hard way' via IRS auditors, courtrooms etc. Here's my chance to 'share' some of that knowledge.
Where this particular topic is concerned, all I can say is that recent IRS / US State Dep't actions involving 'offshore' banking institutions, recently enacted new laws ( and even more so proposed laws that are now on the table ), etc. are painting a clear picture that the incomes and investment profits thus tax liabilities of US citizens will be an increasingly 'open book'. And this is true if the source of that income is inside or outside the USA, if the US citizen is residing inside or outside the USA, if the saved / invested money by that US citizen is inside or outside the USA. Setting aside issues of whether this change is 'good' or 'bad', where the adult entertainment industry is concerned it is definitely a change ... at least a change versus the way 'things used to be' 10 years ago.
Today, camming and exotic dancing are truly treated as business activities by the IRS. This means expectations of 'professional' business book-keeping, timely and complete tax filings etc. If you conduct your camming or exotic dancing business 'professionally', and do your estimated tax payments and annual tax returns in a timely and complete manner, there's absolutely no cause for concern. But if you don't, the probability has never been higher that the IRS will be paying you a 'personal' visit !
bubblegumbitch
02-25-2012, 02:08 PM
do any of you ladies know when we should receive the actual 1099 from SM? i would like to file my taxes this month cuz i know the deadline for tax filing is the beginning of april.
temptingmodel
02-25-2012, 06:46 PM
BB~ you can add your earnings from last year and take them. I use to do that. Print it out for your CPA
temptingmodel
02-25-2012, 06:48 PM
I talked to my financial adviser about this whole mess and she said that Portugal gets a lot of Financial Aid and other goodies from the USA. So their financial institutions are being strong armed into cooperating with Uncle Sam. She also said that the World bank and other country's are pushing other governments to follow suit. Pretty soon all electronic forms of money transactions will be reported across nations. So there will be no way to hide income electronically. She also said most of this was caused by PayPal due to the billions of untaxed money being made.
Gotta love paypal :(
bubblegumbitch
02-25-2012, 08:05 PM
:) :) :)