Warning to escorts who accept credit cards and Paypal

[marylander1940]

I've always wondered about that... Hmmmmm! Well PayPal does give a big of anonymity to the parties involved...

 

However, surprise surprise... I guess that they are also a good "PayPal" with the IRS!

 

Interestng...

 

yes, but it took them almost 2 years to catch up... I wonder if sequestration is affecting the IRS ability to go after big and small fishes.

 

Cash is king!

 

http://www.acting-man.com/blog/media/2015/03/cash_king.jpg

[Scorpio]

yes, but it took them almost 2 years to catch up... I wonder if sequestration is affecting the IRS ability to go after big and small fishes.

 

Cash is king!

 

 

Yet, another person that doesn't have a clue what they're talking about.

 

It did not take two years and it happened in the appropriate amount of time.

 

The credit card company was required to file its 2013 1099-K on January 31, 2014.

 

The escort was required to file his 2013 income tax return by April 15, 2014, unless he had an extension. Then he would have until October 15, 2014.

 

The information-matching program is mostly an automatic process not affected by sequestration. The first wave of matching notices for the 2013 tax season would have been expected around Thanksgiving time of 2014. The second wave of notices would have been expected soon after the end of the 2014 tax season on April 15, 2015. The escort received his notice in May 2015 precisely within the expected framework for the second wave of notices.

 

https://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Jul/IRSCompliance.jsp

 

I’m not sure why you’re so gung-ho on encouraging tax evasion. Cash revenue is TAXABLE! It’s all “math and nonsense” until someone gets poked in the penitentiary.

[marylander1940]

Yet, another person that doesn't have a clue what they're talking about.

 

It did not take two years and it happened in the appropriate amount of time.

 

The credit card company was required to file its 2013 1099-K on January 31, 2014.

 

The escort was required to file his 2013 income tax return by April 15, 2014, unless he had an extension. Then he would have until October 15, 2014.

 

The information-matching program is mostly an automatic process not affected by sequestration. The first wave of matching notices for the 2013 tax season would have been expected around Thanksgiving time of 2014. The second wave of notices would have been expected soon after the end of the 2014 tax season on April 15, 2015. The escort received his notice in May 2015 precisely within the expected framework for the second wave of notices.

 

https://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/CPA/Jul/IRSCompliance.jsp

 

I’m not sure why you’re so gung-ho on encouraging tax evasion. Cash revenue is TAXABLE! It’s all “math and nonsense” until someone gets poked in the penitentiary.

 

I think you had too much coffee this morning...

 

From 2013 to 2015 is 2 years, right... Ok I get it, he didn't add that money to his last taxes and they caught up with him within 1 year. Big difference, besides the OP says 2003 but we all know he means 2013, right?

 

Maybe the sequestration comment got you angry...

 

http://www.nolo.com/legal-encyclopedia/what-is-the-impact-budget-sequester-the-irs.html

 

"First of all, the IRS says the sequester should not result in any delays in processing this year's tax returns or sending out tax refunds. The deadline for filing 2012 returns without an extension remains April 15.

 

However, the IRS faces budget cuts under the sequester totaling $597 million. If the cuts are not restored, the IRS says it will have to start unpaid employee furloughs by the summer. Additional savings will be achieved by continuing the IRS’s hiring freeze; reducing funding for grants and other expenditures; and cutting costs for travel, training, facilities, and supplies.

 

If this occurs, the level of all IRS services will decline. It will be harder to get the IRS on the phone, and will take longer to get responses to taxpayer letters. The IRS would also be forced to audit fewer tax returns. Right now you may be saying "boo hoo." But fewer audits could result in billions of dollars in lost revenue and further complicate deficit-reduction efforts. In recent years each dollar spent on the IRS has returned at least $4 in additional enforcement revenue"

 

I said "cash is king"... am I "so gung-ho on encouraging tax evasion. Cash revenue is TAXABLE! It’s all “math and nonsense” until someone gets poked in the penitentiary" I didn't encouraged tax evasion.

 

Don't bring your baggage into this forum when it comes to non sexual issues, life is too short.

 

Next time you pay for sex make sure to pass a 1040X to the escort so you can sleep well at night knowing you're a law-abiding citizen and still judgmental on others.

[Scorpio]

A 1040X is an amended personal income tax return. Why would I give an escort my amended personal income tax return? Does he also work for the IRS and is he going to process it for me? However, since I have no errors on my tax return, it doesn’t need to be amended in order for me to sleep at night. Or are you assuming the escort engaged my professional services to prepare his Form 1040X? If so, I would either mail it to him or have him pick it up at my office like all my other clients.

 

I also have no duty to issue the escort any sort of information return (Form 1099) for his service, because I did not engage his service in the course of my trade or business. So I'm abiding the tax law there as well.

 

Why would I be angered by your sequestration comment? I merely pointed out that the IRS matching program is an automatic computer process NOT affected by sequestration. I’m merely correcting your disinformation.

 

And no, a 2013 tax return is due on April 15, 2014. May 2015 is not two years from April 15, 2014. It is 13 months. It is not two years.

 

Yes, the OP meant 2013. Form 1099-K was not introduced until 2012. Therefore, a Form 1099-K would not have affected a 2003 income tax return. Also, 2003 is a closed tax year, even under the statute of frauds (which is limited to going back 6 years).

 

Lastly, I do not drink coffee. Therefore, I could not have had too much.

 

 

PS – Perhaps you can get one of your 3 or 4 multiple identities to comment and/or like your post so that you can feel better about it.

[marylander1940]

A 1040X is an amended personal income tax return. Why would I give an escort my amended personal income tax return? Does he also work for the IRS and is he going to process it for me? However, since I have no errors on my tax return, it doesn’t need to be amended in order for me to sleep at night. Or are you assuming the escort engaged my professional services to prepare his Form 1040X? If so, I would either mail it to him or have him pick it up at my office like all my other clients.

 

I also have no duty to issue the escort any sort of information return (Form 1099) for his service, because I did not engage his service in the course of my trade or business. So I'm abiding the tax law there as well.

 

Why would I be angered by your sequestration comment? I merely pointed out that the IRS matching program is an automatic computer process NOT affected by sequestration. I’m merely correcting your disinformation.

 

And no, a 2013 tax return is due on April 15, 2014. May 2015 is not two years from April 15, 2014. It is 13 months. It is not two years.

 

Yes, the OP meant 2013. Form 1099-K was not introduced until 2012. Therefore, a Form 1099-K would not have affected a 2003 income tax return. Also, 2003 is a closed tax year, even under the statute of frauds (which is limited to going back 6 years).

 

Lastly, I do not drink coffee. Therefore, I could not have had too much.

 

 

PS – Perhaps you can get one of your 3 or 4 multiple identities to comment and/or like your post so that you can feel better about it.

 

The 1040X was a joke... You have issues with sarcasm, we have that in common, let's build on it.

 

You said I was promoting tax evasion, read again, I wasn't.

 

13 months versus 24... give me a break... I hope you don't plan short term your finances.

 

Is not my fault I get plenty of "likes", I also click "like" a lot of times, sometimes even when I disagree because at least the point is written with respect and great arguments. I didn't click it on your first posting, but I just click it on this one... you see?

 

Ps: read what I quoted about sequestration... even if computers are not reduced the bureaucracy (good and bad) gets the cut.

[+ tristanbaldwin]

Wait a minute...there's all this talk about taxation and income? What are you guys talking about? This isn't a free hookup site like Scruff? You mean I could have been charging this entire time...?

[TruHart1]

Wait a minute...there's all this talk about taxation and income? What are you guys talking about? This isn't a free hookup site like Scruff? You mean I could have been charging this entire time...?

 

Hold on TB, haven't we done this roleplay before: Me, (sugar daddy) "Hey TB, didn't I see your pic on Grindr? How would you like a bj and a nice meal? I'm very generous!!! You, (innocent super-hot young man) "Yes, sir, I am on Grindr. A nice dinner certainly sounds really generous...!"

 

TruHart1

[+ dutchmuch]

working class envy?

 

Now Jimboi Darling, do you 'tip' on those Private Jet trips?

 

The Wall St. Journal suggests you do!

For this tip, Mr. Collins recommends $50 to $100 per crew member, noting that you should tip more if you feel you’ve added to the crew’s workload more, either with excessive luggage or specific meal or drink requests. Typically the crew consists of two to three people. “It’s not expected,” he says, “but it’s certainly appreciated.”

http://www.wsj.com/articles/a-private-jet-primer

[Hudson Hawke]

Last night a dear, sweet and handsome escort I have seen ocassionally for a couple of years showed me correspondence that he received from IRS about ten days ago. The escort is well known and has many reviews on this site.

 

The escort accepted credit cards and Paypal. The documents he showed me from the IRS accuse him of not reporting more than 60,000 dollars paid to him by credit cards and Paypal during 2013. The IRS documents assess him with huge penalties and interest on the unreported income. The penalties and interest amount to almost 35,000 dollars.

 

The escort told me that the amounts reported by the credit card companies and Paypal are "probably correct" but he does not remember how much money he made in 2003 from cash payments for escorting. He said he didn't report any escort income, only his income from his day job.

 

Needless to say, he has problems, big time.

 

Escorts and their clients should read the below web link. Accepting credit cards gives escorts quick access to funds and convenience for clients. But, credit card companies and Paypal, are required to disclose payment amounts to the IRS.

 

The escort no longer accepts credit cards or Paypal.

 

http://www.aicpa.org/Publications/TaxAdviser/2015/april/Pages/Tax_Clinic_09.aspx?cm_em=dgcpaphd@gmail.com&cm_mmc=AICPA:CheetahMail-_-NewsUpdate-_-MAY15-_-NewsUpdate_A15MY40_FVS

My policy is to never accept cc's. It protects both of us