April 15th, Tax Day today

[LouieD]

I just finished signing and mailing my tax returns and was just wondering...

 

Maybe some of you CPA's and tax lawyers out there can answer a question: Aren't we, strictly speaking, according to IRS regulations, supposed to be giving 1099 tax forms to our boys?

[josephga]

this year the deadlines the 17th i fixed mine up and sent out this morning

[jjkrkwood]

Already got My Refund, so I'm good .

[seeker630]

I just finished signing and mailing my tax returns and was just wondering...

 

Maybe some of you CPA's and tax lawyers out there can answer a question: Aren't we, strictly speaking, according to IRS regulations, supposed to be giving 1099 tax forms to our boys?

 

We don't give 1099s to personal trainers, doctors, barbers, etc., (people we hire for specific tasks or occasional work), so I don't see why we should to escorts - but it occurs to me that I don't know what dictates that. Perhaps if you have an exclusive relationship?

[OneFinger]

...Aren't we, strictly speaking, according to IRS regulations, supposed to be giving 1099 tax forms to our boys?

 

I don't know enough personal information about the guys I hire to issue a 1099. How often do other guys hire escorts and actually get their real name and social security number??

[Kevin Slater]

From http://www.irs.gov/instructions/i1099msc/ar02.html: Trade or business reporting only. Report on Form 1099-MISC only when payments are made in the course of your trade or business. Personal payments are not reportable. (It goes on to say not-for-profits are also considered a trade or business for 1099 reporting requirements.) So as long as hiring escorts is a personal expense and not part of your business, there's no need to file a 1099.

 

Kevin Slater

[bigvalboy]

So as long as hiring escorts is a personal expense and not part of your business, there's no need to file a 1099.

 

oooppps... for all you guys that got those, just ignore them.

[Irtwo]

Slater is correct, but even though they don't get 1099's, the boys are still supposed to be reporting their income and paying tax on it. I'm sure they all dilligently do that.

[Kevin Slater]

Slater is correct, but even though they don't get 1099's, the boys are still supposed to be reporting their income and paying tax on it. I'm sure they all dilligently do that.

 

Separate issue, but yes, that burden lies with the service provider and not the hiring party. Every sole proprietor is obliged to report and pay taxes on his income, including paying quarterly estimates. IN NYC there's federal, state and local income taxes, an unincorporated business tax, and a tax on self-employment income due to the metropolitan transportation district.

 

Kevin Slater

[LouieD]

I think you found the right answer, Kevin. Good research. Thanks.

 

So, no flurry of 1099's required. But, wasn't Pres. Obama proposing something like that (all these 1099's) a few years back?