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Thread: SM Issuing 1099

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    Default SM Issuing 1099

    I just received an e-mail (as should have everyone who works on SM) that they are now issuing 1099s to US models, and that we must give them additional info by February 21st in order to avoid account interruption. They are requesting SSNs from all US models (which I already gave when I signed up).

    I'm worried about how this is going to affect me for the following reasons:

    1. I already filed my taxes for the year.

    2. When people did a background check on me, Streamate did not show up before but now it will. Not fun.

    Anyone have any more information on this? Are they going to issue these 1099s before the tax deadline and therefore all US models who have already filed taxes will have to file an amendment?

    Are they going to use their name "Streamates" on the 1099? It would be awesome if they would use another name, but I'm guessing that's not going to happen.

    I can e-mail them these questions myself and hopefully get someone who knows what they're talking about, but I just wondered if anyone else has info on this.
    Last edited by Cam_Model_Jess; 02-16-2012 at 03:48 PM.

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    Default Re: SM Issuing 1099

    seriously? this sucks!

    wait- what if you are with a studio? than what happens? princess jenny???

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    Veteran Member SweetPinkCupcake's Avatar
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    Default Re: SM Issuing 1099

    ----------------------
    Last edited by SweetPinkCupcake; 06-26-2013 at 05:07 AM.

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    Default Re: SM Issuing 1099

    its the end of camming as we know it man it fucking sucks.

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    Default Re: SM Issuing 1099

    I just logged in to my SM account, and noticed the big red "tax" crap for us U.S.A cammers. !? What does this mean really? This shouldnt be a problem unless u've been hiding sum income, am I right? Well i already filed this year just a couple days ago....hows that going to work? :S Do I have to do anything now?

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    Default Re: SM Issuing 1099

    You should be fine as long as you are not lying about your income...(which would be difficult, seeing as we get paid by check anyway). Check with your accountant, but I can't see it causing a problem....
    I take cash, debit or credit. I just don't take shit.


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    Default Re: SM Issuing 1099

    I didn't receive an email yet but the only reason this would be bad is if you were hiding income which is a stupid risk anyways because nothing is truly hidden online. I don't think you will need to file an amendment either as long as you claimed your SM money as misc business income.

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    Default Re: SM Issuing 1099

    Will this affect us in UK too? I'm not worried about tax, but i do NOT want any record of camming anywhere thank you very much

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    Default Re: SM Issuing 1099

    I claimed all of my money. I know it's really dumb not to. But I don't want to have to re-do my taxes to report the EIN on the 1099. If you get a 1099, it's kind of like getting a W2 in that it has the business' info listed on it. I'm worried about that, because I don't want to have to re-file or file an amendment. But... I can't see how SM could request info this late in the year. I mean, some people have already gotten their returns.

    Also, I'm just upset because it's reported to the government, so basically my profession is no longer just independent contractor. It's going to be very well connected to SM. Also, I have no idea if they're going to list occupations, job descriptions, or anything like that on the 1099. I just don't know what to expect.

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    Veteran Member SweetPinkCupcake's Avatar
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    Default Re: SM Issuing 1099

    This is just the other risk of camming. I'm adding it this to that one famous thread about camming, about how it isn't all rainbows and unicorns. Lol.

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    Default Re: SM Issuing 1099

    lol I called it. Yes its because of new laws put in place. They will probably also be required to send the IRS a backlog of previously disbursed income, so lets hope no one ever lied about how much they made from Streamate or they will be auditied because the records won't match up.

    They pay us under the name "Streamates" so that is what the 1099 payer name will be credited as.

    I am curious to see how this affects studios owners versus people under studios though. I'm pretty sure that since most people don't know they've signed up under a studio, they will only get a 1099 for what they actually received as payment. Then again, Streamate is not the one giving them their payment, so I'm not sure.

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    Veteran Member SweetPinkCupcake's Avatar
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    Default Re: SM Issuing 1099

    I know that some of the bigger named studios like already have been sending out 1099s. But, are they sending out 1099s only for 2012? Are are they actually going to put together 1099s NOW and send them out really late, for 2011?
    That's kind of stupid, haha, but whatever I guess if that is the case.

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    Default Re: SM Issuing 1099

    Quote Originally Posted by SweetPinkCupcake View Post
    I know that some of the bigger named studios like already have been sending out 1099s. But, are they sending out 1099s only for 2012? Are are they actually going to put together 1099s NOW and send them out really late, for 2011?
    That's kind of stupid, haha, but whatever I guess if that is the case.
    In that case, I'm pretty sure PJ will have to send those who are on dailypay a 1099 then? Yes?

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    Default Re: SM Issuing 1099

    The deadline (as I understand it) was Jan. 31 for sending out 2011 1099 forms. Also they say something about "going forward" they will be collecting info for taxes, so I take that to mean 2012 onwards. I think we're ok for 2011.

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    Featured Member Tsani's Avatar
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    Default Re: SM Issuing 1099

    Also, I'm just upset because it's reported to the government, so basically my profession is no longer just independent contractor. It's going to be very well connected to SM. Also, I have no idea if they're going to list occupations, job descriptions, or anything like that on the 1099. I just don't know what to expect.
    1099's are a "miscellaneous income" form. There won't be any job descriptions or stuff like that on it. You can still be considered an independent contractor with a 1099.

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    Default Re: SM Issuing 1099

    Quote Originally Posted by Tsani View Post
    1099's are a "miscellaneous income" form. There won't be any job descriptions or stuff like that on it. You can still be considered an independent contractor with a 1099.
    There's no description no, but their company name is "Streamates" whereas MFC's, C4S's, and other are cryptic names. You must attach the 1099 to your taxes. If you google "Streamates" I bet you can image what comes up.

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    Default Re: SM Issuing 1099

    Quote Originally Posted by GlamourRouge View Post
    There's no description no, but their company name is "Streamates" whereas MFC's, C4S's, and other are cryptic names. You must attach the 1099 to your taxes. If you google "Streamates" I bet you can image what comes up.
    Very true. I was just saying that it's not gonna say exactly what you do so you could technically still get away with saying you're an affiliate marketer or developer or something.

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    Default Re: SM Issuing 1099

    Quote Originally Posted by space_cowgirl View Post
    The deadline (as I understand it) was Jan. 31 for sending out 2011 1099 forms. Also they say something about "going forward" they will be collecting info for taxes, so I take that to mean 2012 onwards. I think we're ok for 2011.
    They will still report that you made that income though, whether they disburse the 1099s this year or not though. I bet the government already looked into it, and that's why they're doing this.

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    Default Re: SM Issuing 1099

    It would appear that SM, and their Cyprus bank, have finally acceded to the new IRS mandates for transactions involving US citizens.

    The February 21st deadline for personal info is front-running a February 28th deadline for issuing 1099's. The January 31st deadline only applies to W2 forms for EMPLOYEES ... and independent contractor camgirls aren't employees they are sole proprietor businesses !

    What this really means ...

    A. If the IRS receives a 1099 with your name and SS# on it, this forces you to file a 1040 long form tax return with the 1099 income reported on Schedule C. Any girls who have already filed short form tax returns will be required to file an amended tax return. The primary difference is that 1099 income will be subject to a 15.3% 'self-employment' tax ( actually both the 'employer' plus the 'employee' share of Social Security / Medicare tax ), whereas camming income reported on the 1040 ( without a Schedule C ), 1040A, 1040EZ etc. is only subject to the 7.65% 'employee' share.

    B. The IRS receiving a 1099 for 'last year's' business income forces you to file 1040-ES vouchers and forces you to pay estimated taxes on 'this year's' income ( if you want to avoid being charged IRS penalties and interest ). This means that, by the April 17th deadline, you must pay both the taxes due on your 1099 income from last year, PLUS the estimated taxes due on money earned during January, February and March of 2012.

    C. The IRS receiving a 1099 will set off an IRS computer 'cross check'. One aspect of this will be to find all tax returns which reference the social security number listed on the 1099. If that social security number appears as a dependent filing on a parent's tax return, and the amount of 2011 earnings listed on the 1099 is 'substantial', the IRS may challenge dependent status and audit both the parents and the camgirl.

    D. Since the IRS also shares data with other US federal agencies, that social security number 'cross check' will also be performed by Sallie Mae = FAFSA. Since eligibility for student loans and grants is based on 'total household income' ( which means the parent's income PLUS the camgirl student's income ), if the camgirl student's income was not included in 2011 FAFSA applications Sallie Mae will most likely seek immediate repayment of any grant money that was paid out on the basis of an artificially low level of 'total household income' ... grant money that the student camgirl would not have been eligible to receive had her 2011 camming income ( as reported by the 1099 ) been added in.


    I would also add that if SM's Cyprus bank is complying with the new IRS regulations regarding payments made by 'offshore' banks to US citizens, you will only have to worry about filing and paying estimated taxes for a single year. The reason for this is that, beginning in 2013, unless new laws already in effect ( part of National Health Care laws ) are changed, those same IRS regulations will require the 'offshore' banks to withhold 30% of all payments made to US citizens ( basically a form of 'employer-like' paycheck estimated tax withholding ), for which you'll be forced to file a 2013 tax return to get any of this withheld money back.
    Last edited by Melonie; 02-16-2012 at 04:32 PM.

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    Default Re: SM Issuing 1099

    Quote Originally Posted by GlamourRouge View Post
    There's no description no, but their company name is "Streamates" whereas MFC's, C4S's, and other are cryptic names. You must attach the 1099 to your taxes. If you google "Streamates" I bet you can image what comes up.
    That's what I'm saying... it's just not quite as anonymous anymore

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    Default Re: SM Issuing 1099

    Quote Originally Posted by Cam_Model_Jess View Post
    That's what I'm saying... it's just not quite as anonymous anymore
    Its NEVER been anonymous IMO. It has a paper trail. It has always had one. That can't be anonymous. It can always be traced. I still don't think any girl should ever cam if she wants it to be anonymous because it won't be. Paper trails and video/picture trails. If you want anonymity, try dancing in places that do not send 1099s (and preferably those places that do not require business licenses).

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    Default Re: SM Issuing 1099

    Quote Originally Posted by Melonie View Post
    It would appear that SM, and their Cyprus bank, have finally acceded to the new IRS mandates for transactions involving US citizens.

    The February 21st deadline for personal info is front-running a March 1st deadline for issuing 1099's.

    What this really means ...

    A. If the IRS receives a 1099 with your name and SS# on it, this forces you to file a 1040 long form tax return with the 1099 income reported on Schedule C. Any girls who have already filed short form tax returns will be required to file an amended tax return. The primary difference is that 1099 income will be subject to a 15.3% 'self-employment' tax ( actually both the 'employer' plus the 'employee' share of Social Security / Medicare tax ), whereas camming income reported on the 1040 ( without a Schedule C ), 1040A, 1040EZ etc. is only subject to the 7.65% 'employee' share.

    B. The IRS receiving a 1099 for 'last year's' business income forces you to file 1040-ES vouchers and forces you to pay estimated taxes on 'this year's' income ( if you want to avoid being charged IRS penalties and interest ). This means that, by the April 17th deadline, you must pay both the taxes due on your 1099 income from last year, PLUS the taxes due on money earned during January, February and March of 2012.

    I'm trying to imagine a situation in which someone, being honest, would not file a Schedule C for camming income from SM.

    I mean, taxes were not withheld, an employer did not pay a portion of the taxes, and therefore that needs to be reported on a Schedule C.

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    Default Re: SM Issuing 1099

    yep, that's why I said "quite" as anonymous.

    i've never been under the impression that this business is anonymous. i'm not naive. however, i've had background checks and SM did not show up. i believe this will increase the likelihood that it does.

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    Default Re: SM Issuing 1099

    Glamour, I swear your siggy is decreasing my productivity lol! And it makes me want to thank every post you make regardless of its content.

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    Default Re: SM Issuing 1099

    Melonie I have a question - I know nothing about taxes so please dumb it down for me

    Why is it that SM lists us as an independent contractor instead of a regular employee. How much would they be losing or whatever? I just can't help but think how nice it would be if we didn't have to pay so much in taxes for the whole self employed thing and I'm not really sure why no cam companies hire us as actual employees.


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