Most cpa's are cautious and selective about the clients they serve. No cpa, who wants to continue being a cpa, will accept a client that they know is not properly reporting revenue. If you are keeping an accurate set of books, i.e. tracking revenue and expenses correctly, some cpa's will view the escort business as just another business in need of tax work. However, many will not touch it because they are afraid thier reputation may become tarnished, causing them to lose major clients. They won't risk it in order to generate a few dollars for a small "schedule C" tax return. I strongly recommend you "do it right" from a tax stand point. Then you may be able to get a self employed cpa, or a small firm to do your tax work and maybe help with bookkeeping, plus you will have one less thing to worry about. As for how to find one, you need to simply tell them you are an escort, keeping good records, and would they like the business. Then discuss fees and what you will get for paying those fees.
Any suggestions on finding CPA's. ??? Trying to repay loan, tax filing, etc. Don't want to compromise a professional but need advice specifically how to find qualified, competent CPA who's understanding of The biz.
I do not trust and stay away from girls in my town, so am asking on this formum. Please -no smart aleck responses.
Thanks.
the IRS reconizes "escort" as a legitimate biz..as anyone self employed you must file taxes you can keep records of legite expences such as a formal gown you need for a black tie engagement,,, i know of free lance models and dancers that kept accurate records such as costumes etc..
Be careful with the CPA because (I believe) there is no privilege to keep them from testifying against you. Your lawyer can't testify or tell anything about you but the CPA can be required to do so.
What to do?
Have the CPA do the work, but you do not have his name as the tax preparer on the tax return. Let them think you did it yourself. Then they can't ask him. Maybe you buy a computer program? TurboTax or the like.
I think too that a CPA will not file a return if he believes that you are not reporting all your income. I wouldn't were I a CPA. That, btw, is the huge sword of damocles in any cash business, not just yours: people hold back. If the IRS does a full audit and your lifestyle is greater than your reported income, they simply ask where did you get the money? They then sit back and await your response, smiling, gleefully.
I don't believe that is completely accurate. I've worked with a number of CPA for different purposes, and they work for the CLIENT (Tax filer) not for the IRS.
They are usually very creative with their filings, and make sure that they get the best 'deal' for the clients. If they don't do that, they are probably not good at their job.
Often, they may want to declare more income than you would like, but on the flip side, they will also declare many more expenses than you would know about.
The price for being agressive on deductions is interest and a penalty. If you fail to declare income - I don't mean every penny but an amount large compared to your overall income - you get to go to jail. That's the difference.
Being creative and aggressive is different from being criminal.
There is a priviledge insofar as tax advice given, an exception is tax shelter advice and information. I would think a competent professional would limit the conversation to such advice, thereby reducing any risk of exposure.
I don't think that's correct but I'm not sure. The privilege is held by the taxpayer whom the IRS levers by making a favorable deal if the privilege is not retained. Frequently, they need the testimony and sometimes they want to "get" the CPA. That's one reason why a CPA is carefufl as to creativity on reducing revenues.
send me a PM.
I am a tax professional and have been in the business for more than 20 years. This work has supported me (and my hobbying) for quite some time. I currently have three (3) providers as tax clients, but, I do not see them as providers, as I do not mix business with pleasure. You did not say where you are located, so I don't know yet if I know any good tax professionals in your area. If you contact me by PM, i will help you as much as possible.
Most cpa's are cautious and selective about the clients they serve. No cpa, who wants to continue being a cpa, will accept a client that they know is not properly reporting revenue. If you are keeping an accurate set of books, i.e. tracking revenue and expenses correctly, some cpa's will view the escort business as just another business in need of tax work. However, many will not touch it because they are afraid thier reputation may become tarnished, causing them to lose major clients. They won't risk it in order to generate a few dollars for a small "schedule C" tax return. I strongly recommend you "do it right" from a tax stand point. Then you may be able to get a self employed cpa, or a small firm to do your tax work and maybe help with bookkeeping, plus you will have one less thing to worry about. As for how to find one, you need to simply tell them you are an escort, keeping good records, and would they like the business. Then discuss fees and what you will get for paying those fees.
Thx for all the great ideas, suggestions, and wisdom. I've re-read them all many times and have mulled over them. Thanks so much again!!!!!
I'd rather not say my city or PM anybody but I appreciate all you guys/girl's help. That was real nice. I may actually look into getting s/ware too.
I ahve been an enrolled agent for many years. I started out my career working for the IRS. In short the IRS doesn't care how you earn your money so long as you claim it properly. A good preparer, CPA, or Enrolled agent should be able to point out to you a number of ways and reasons why reporting your income can be advantageous to you in the long run. No reputable tax professional will file false information knowingly, but they will all be able to point out different ways of structuring things that will give you the best long and short term returns.