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Thread: NYC accountant

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    Featured Member Katherine's Avatar
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    Default NYC accountant

    So I'm considered an independent contractor for both dancing and my day job (real estate agent) and this is my first year as either. I also haven't paid taxes in three years. So I want to use an accountant but would like one who has worked with dancers before. I'm in Manhattan. If anybody here knows of a good accountant in NYC that they could reccomend, please either post or pm me.
    I'm afraid to just open the phonebook and start calling.

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    God/dess montythegeek's Avatar
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    Default Re: NYC accountant

    Quote Originally Posted by Katherine
    So I'm considered an independent contractor for both dancing and my day job (real estate agent) and this is my first year as either. I also haven't paid taxes in three years. So I want to use an accountant but would like one who has worked with dancers before. I'm in Manhattan. If anybody here knows of a good accountant in NYC that they could reccomend, please either post or pm me.
    I'm afraid to just open the phonebook and start calling.
    Katherine, if you do end up going to the yellow pages, your key would be to look for "entertainment" or "contractor" in any add.

    There would be lots of entertainers (actors, comedians, musicians, models etc) who were contractors in the NYC area. Before you go to the yellow pages, see if there are any papers for performers besides the pure trade papers, or check out the actors equity or musician unions.

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    Veteran Member stant's Avatar
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    Default Re: NYC accountant

    Quote Originally Posted by Katherine
    I also haven't paid taxes in three years. .
    Have you filed returns?

    Sounds like you'll need somebody experienced in negotiating with the IRS. If you've been making good money the penalties can be steep for not filing returns. If they haven't got on your ass yet, this is a good time to talk to the IRS. Someone experienced in negotiating with them will know exactly what sort of a break he/she can get you and not waste any time getting it. Once you get to a settlement with the IRS you can switch to a cheaper regular accountant/bookeeper.

    Being in a heavy cash business and no returns for three years is not an IRS friendly situation. I'd get somebody talking to them quick before they start sniffing around. I'll send couple referrals by PM.

    Best of luck.

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    Banned Melonie's Avatar
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    Default Re: NYC accountant

    This could lead to some BIG NASTY surprises if either your real estate company or club decide to 1099 you next February. Considering the potential tax liability, I'd do a search for Manhattan CPA's and hook up with one as soon as possible. As the guys point out, given your situation having a CPA with IRS contacts which may lead to a favorable settlement is highly preferable to being audited and billed for taxes plus penalties.

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    Veteran Member stant's Avatar
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    Default Re: NYC accountant

    Quote Originally Posted by Melonie
    This could lead to some BIG NASTY surprises if either your real estate company or club decide to 1099 you next February.
    They already did this for the previous years. If K had filed returns, the IRS computers would check the return against the 1099. A mismatch would lead to a letter. With no return filed, they sit around waiting for it for who knows how long. Probably until she's nice and loaded.

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    Featured Member Katherine's Avatar
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    Default Re: NYC accountant

    No, see I haven't filed because I haven't made anything. Less than a grand a year. This is the first year that I'm working so I want to file. It's not that I haven't filed to not pay taxes, I haven't filed because I was living off my parents. But now I'm a working adult and it's time. I used to file because I had a part time job. But that was years ago. Every year my dad looks over my state bonds and stuff and it's never more than a few hundred (what I get each year), so we haven't filed.
    The reason I want an accountant is that since I'm dancing too, I don't want to ask my dad to do my taxes. That's all.

  7. #7
    Featured Member Katherine's Avatar
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    Default Re: NYC accountant

    BTW, I've only been dancing one week and in Real estate for two months, so I'll be paying whatever is on the 1099's.

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    Veteran Member stant's Avatar
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    Default Re: NYC accountant

    Quote Originally Posted by Katherine
    BTW, I've only been dancing one week and in Real estate for two months, so I'll be paying whatever is on the 1099's.
    Very sorry, I guess I (and then Mel) just assumed you were one of those WILD, out of control, Thelma and Lousie-type, lawbreaking strippers we hear about in the movies. Guess we let our imaginations get away from us.

    Back to reality. You've only been working in NYC for 2 weeks and you're looking for a Manhattan CPA... Damn. Guess those have been two pretty good weeks!

    Seriously, since you already started working, it's too late to get any pre-contract advice, so take your time. Estimated taxes aren't due for months.

    First, you have too extremely different sets of issues with your chosen fields. Of the two, I'd have to say real estate is far and away the more financially complex. And remember you're in Manhattan, not Mobile (no offense Mobilians). Accountants (in particular CPA's) are ethically and legally bound to maintain your privacy, and few will make moralistic judgements about you, provided you keep paying their bills. In fact, unless you plan on going into theater, TV, or film, of high fashion modelling, I'd steer clear of NYC accountants in the entertainment field. These will be accountants familiar with the financial complexities of represented actors, writer, directors, etc. Look for an accountant with experience in setting up small free-lance businesses.

    Second, you need to select a business entity type. The purpose of this is to provide asset protection. Both of your jobs present certain liability issues, and NYC is not exactly litigation averse. You need an accountant that can help you pick and set up the correct type of entity. Generally, your choices are, sole-proprietorship/dba, LLC, s-corp, c-corp, or none (bare). I say LLC, which has new benefits and is generally seen now as the preferred small biz form. You can create two dba's for the same business entity, for example Kat's Big Apple Land Scams, and Kat Entertainment: both as dba's of KE Professional services, LLC. (dba is: doing business as... a registered business name).

    Third, Bright Lights, Big City. You've entered possibly the most capitalist shark infested waters in the world, you've barely started earning a living, and you're self-employed. Good accountants, like good lawyers, should not only provide protection for you, they should make you feel warm and protected. Find one that will teach you and warn you about dangers to watch out for. Find one that you trust to give good advice in rough seas, and follow their advice. I'll repeat that last part: follow the advice of professionals you hire. Never hesitate to call them.

    Fourth, Bookkeeping. You need to set up bookkeeping records and maintain them on a regular basis. Your two quite disparate businesses poses an additional complexity. Ask your accountant to recommend a bookeeper to help you set up Quickbooks and then maintain the records yourself. This way whenever you need advice or tax info, you can simply email a QB file, and the QB account setup will perfectly match the way his/her accounting/tax prep system is organized. This will save you a ton of money in financial services costs. Find an accountant that will help with this and is happy you asked.

    Fifth, Nolo: Start reading nolo books about these various topics. They are far and away the best and most accurate sources of information and advice available for non-professionals. Start here:
    http://www.nolo.com/lawstore/product...5A576D33A0DECA

    Lastly, ask Ben Stein. Ben Stein, yes the Ferris Bueller one, and Nixon speech writer is a former accountant and lawyer. For a period while he lived in LA early in his carreer he represented a number of strippers and escorts. He wrote a great article about the experience for Playboy some years ago. He set up tax shelters and all kinds of shit for them; it's a great story. I'll send you his email address by PM. Tell him your story and I'll guarentee he'll reply with a good NYC referral. Add that you're a stripper that loves Nixon, and just watch what happens. I don't know why I thought of him, but I can't wait to hear what happens. If this one doesn't earn my keep on stripperweb, I'll evict myself.

    This will so make his day.

    Good luck, I'm counting on a good story from you here.

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    Featured Member Katherine's Avatar
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    Default Re: NYC accountant

    Thanks for the warning. And I'll try e-mailing ben at a not so god awful time in the morning that we're all awake at.

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