So my accountant asked me "Are there alot of internet companies with tax issues?" - GoFuckYourself.com

SplitInfinity · 05-05-2005, 01:46 PM

My accountant just asked me...

"Chris, I was wondering.... Are there alot of companies on the internet
in the adult industry who need major tax help? Do they need financial
advice and etc of how to better their situation and etc...."

I told him, YES, because I know alot of them.... but thats kinda a vague answer because I dont know particulars about their issues.

What I want to know, is is there a market for a company that specializes
in online commerce and business accounting related to our industry?

Please post comments and or suggestions here as he has some ideas... :-)

AlienQ - BANNED FOR LIFE · 05-05-2005, 01:49 PM

Thats a wide open field right there man.

Rinaldo · 05-05-2005, 01:55 PM

I agree.. but why would someone want to pay taxes if the money really isn't being tracked?

DO you mean for online business to use the service to bill legitimately?
in that case you're on to something

BradShaw · 05-05-2005, 01:59 PM

Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business.

Snake Doctor · 05-05-2005, 02:00 PM

Quote:

Originally Posted by BradShaw

Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business.

Yep, a P&L is a P&L....you pay taxes on the net profit. Pretty simple

Rinaldo · 05-05-2005, 02:01 PM

Quote:

Originally Posted by BradShaw

Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business.

Well you can take your papers to any H&R block, but perhaps offering a discount since you are running an internet accounting firm thus having lower overhead would be a nice idea wouldn't you think Brad. BestBuy sells video games but an internet store can sell the same game cheaper becuase it doesn't have to lease a lot and built a multimillion dollar building.

skillfull · 05-05-2005, 02:02 PM

Quote:

Originally Posted by BradShaw

Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business.

yep but i'm sure a fiscalist who specialise in E-commerce would know better how to maximise your stuff

pstation · 05-05-2005, 02:03 PM

great idea

SplitInfinity · 05-05-2005, 02:04 PM

True, but I mean someone who has the following experience:

1. Knows about credit processing inside and out
2. Know shitloads about tax santuaries... on and offshore...
3. Knows business accounting and how to make your money work for you...
4. Deferred comp programs and Trusts etc...
5. Understands the various expenses associated with our kinds of business...
Just how does one write off "Trisha the Vegas ho...." and etc...

SplitInfinity · 05-05-2005, 02:05 PM

Because he is sooooo very in touch with billing systems and etc, we have discussed
the possibility of a NEW billing method never before done...

Any investors? :-)
He has lots of ideas and im telling you I am impressed.

TheJimmy · 05-05-2005, 02:06 PM

a TOTALLY needed service man, I created a nasty tax bill even WITH a decent CPA a few years back...a MORE creative cpa would have been nice at the time...

d00t · 05-05-2005, 02:21 PM

My accountant has been in biz 30 years, a guru at tax and all tha jazz and he's fantastic - however internet crap has a few differences, for example:

a) dedicated server leasing can be claimed at 100% over 1 year if you blah blah blah...
b) affiliate payouts get complicated depending how you move your money around..

It's definately wise to hit up an accountant, or get advice from one at least about internet shit because there are DEFINATELY differences that can both help and fuck the way you do business.

Then again, you should have seen an accountant and lawyer BEFORE starting in this business... ;)

xxxice · 05-05-2005, 02:23 PM

Without a doubt, YES

Plugin Feeds K · 05-05-2005, 02:31 PM

Quote:

Originally Posted by Lenny2

Yep, a P&L is a P&L....you pay taxes on the net profit. Pretty simple

I'd have to agree with Brad and Lenny here ... pretty damn simple.

inthestars · 05-05-2005, 02:32 PM

Quote:

Originally Posted by SplitInfinity

My accountant just asked me...

"Chris, I was wondering.... Are there alot of companies on the internet
in the adult industry who need major tax help? Do they need financial
advice and etc of how to better their situation and etc...."

I told him, YES, because I know alot of them.... but thats kinda a vague answer because I dont know particulars about their issues.

What I want to know, is is there a market for a company that specializes
in online commerce and business accounting related to our industry?

Please post comments and or suggestions here as he has some ideas... :-)

Definitely. I'd love to see an accountant booth at internext or one that banner advertises on webmaster boards. Alot of webmasters do their taxes themselves because they don't want to have to explain to someone unfamiliar with the biz where their checks are coming from. Its awkward.

SplitInfinity · 05-06-2005, 10:14 AM

OK, I will pass this info to Mike and see what he has in mind even more... Sounds very promising.

In the meantime, if you need any help with this stuff, contact me and Ill get you in touch with him.

Regards,
Chris

webair · 05-06-2005, 10:20 AM

Quote:

Originally Posted by BradShaw

Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business.

i concur

SplitInfinity · 05-06-2005, 12:51 PM

This is from Mike, give him a ring would ya? He needs some new clients to fill the extra time he has now that he sold one of his companies. :-)

My name is Mike Guajardo. I am a Sr tax analyst and accountant providing the following services for internet and web hosting businesses. Internet and web hosting operate in a different way that any other business operates right now in regards to accountability of their finances and recordkeeping. The Internal Revenue Service has made specific laws and codes for this industry. Compliance andadherence to these rules can only be obtained with proper tax advice and service. Please note that taxes is one one of the biggest impedements for growing and maintaining your business. It is a factthat if you know the rules and use them correctly one can severely cut tax costs.

For tax year 2005 the IRS is going to increase evaluations (audits) in this industry about 20% to 30%. After getting funding and training more agents from the last four years, the IRS is going to increase audit procedures across the board in all fields. They estimate to collect an enormous amount of tax revenue from these audits and enforced collections.

In order to be prepared for an audit or evaluation, substantiation of all operating activity as to accountable income and expenditures is the most important areas that the IRS is concerned. It is essential to consider the following requirements to be in accordance with the rules.

Recordkeepping: Financial statements

- Recording all income from all sources.

- Substantiate all expenses;
Cost of operations
Cost of administration

- Inventory equipment for depreciation purposes.

- Payouts to affiliates and other entities.

Entity: Are you Incorporated?

Two things can be minimized if incorporated, liability and taxes. Enough said. How you are operating in regards to an entity really determines the amount of money you save. Your business will benefit from the following services:

-You will be incorporated and be advised on how you operate as one.

- Be kept up with current tax law changes regarding your business.

- Structure your corporation to fit your needs.

- Represent you and your corporation to all tax agencies.

Real tax service and support:

- We can incorporate your company and structure the administrative requirements.

- Set up recordkeepping and accounting services.

- Sit in on board meeting in order that the minutes and resolutions arecarried out correctly and used to utmost benefit for the company and its shareholders.

- File all tax returns for federal and state agencies

If you need more information for entity formation, recordkeepping/accounting, audit analysis, tax consulting or
just want find out how much you can save from paying taxes give me a call at (619) 417-3661 or (619) 271-3608.

05-05-2005, 01:46 PM	#1
SplitInfinity Confirmed User Join Date: Dec 2002 Location: San Diego, CA Posts: 3,047	So my accountant asked me "Are there alot of internet companies with tax issues?" My accountant just asked me... "Chris, I was wondering.... Are there alot of companies on the internet in the adult industry who need major tax help? Do they need financial advice and etc of how to better their situation and etc...." I told him, YES, because I know alot of them.... but thats kinda a vague answer because I dont know particulars about their issues. What I want to know, is is there a market for a company that specializes in online commerce and business accounting related to our industry? Please post comments and or suggestions here as he has some ideas... :-)

05-05-2005, 01:49 PM	#2
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	Thats a wide open field right there man. __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

05-05-2005, 01:59 PM	#4
BradShaw Confirmed User Join Date: Oct 2001 Location: KB's trailer Posts: 7,840	Any decent CPA can do your taxes. Internet biz is not rocket science. Business is business. __________________ Sig too big http://www.gofuckyourself.com/gfy_faqs.html Want to use a large banner in your sig??? Contact Eric about getting on as an advertiser - eric AT adult.com

05-05-2005, 02:06 PM	#11
TheJimmy ICQ- five seven 0 2 5 5 0 Join Date: Jan 2001 Posts: 10,747	a TOTALLY needed service man, I created a nasty tax bill even WITH a decent CPA a few years back...a MORE creative cpa would have been nice at the time... __________________ Investor with 5m - 15m USD to invest. Do you have a site or network of sites earning 50k - 200k a month income? Email your contact and preliminary data to: domain.cashventures (at) gmail.com....Please...no tire kickers...serious offers and inquiries only.

05-05-2005, 01:55 PM	#3
Rinaldo Confirmed User Join Date: Sep 2003 Location: South Florida Posts: 5,086	I agree.. but why would someone want to pay taxes if the money really isn't being tracked? DO you mean for online business to use the service to bill legitimately? in that case you're on to something

05-05-2005, 02:03 PM	#8
pstation Confirmed User Join Date: Jul 2003 Location: chicago Posts: 1,135	great idea

05-05-2005, 02:04 PM	#9
SplitInfinity Confirmed User Join Date: Dec 2002 Location: San Diego, CA Posts: 3,047	True, but I mean someone who has the following experience: 1. Knows about credit processing inside and out 2. Know shitloads about tax santuaries... on and offshore... 3. Knows business accounting and how to make your money work for you... 4. Deferred comp programs and Trusts etc... 5. Understands the various expenses associated with our kinds of business... Just how does one write off "Trisha the Vegas ho...." and etc...

05-05-2005, 02:05 PM	#10
SplitInfinity Confirmed User Join Date: Dec 2002 Location: San Diego, CA Posts: 3,047	Because he is sooooo very in touch with billing systems and etc, we have discussed the possibility of a NEW billing method never before done... Any investors? :-) He has lots of ideas and im telling you I am impressed.

05-05-2005, 02:21 PM	#12
d00t Confirmed User Industry Role: Join Date: Sep 2002 Location: In your mind Posts: 3,766	My accountant has been in biz 30 years, a guru at tax and all tha jazz and he's fantastic - however internet crap has a few differences, for example: a) dedicated server leasing can be claimed at 100% over 1 year if you blah blah blah... b) affiliate payouts get complicated depending how you move your money around.. It's definately wise to hit up an accountant, or get advice from one at least about internet shit because there are DEFINATELY differences that can both help and fuck the way you do business. Then again, you should have seen an accountant and lawyer BEFORE starting in this business... ;)

05-05-2005, 02:23 PM	#13
xxxice Confirmed User Join Date: Feb 2002 Posts: 5,042	Without a doubt, YES

05-06-2005, 10:14 AM	#16
SplitInfinity Confirmed User Join Date: Dec 2002 Location: San Diego, CA Posts: 3,047	OK, I will pass this info to Mike and see what he has in mind even more... Sounds very promising. In the meantime, if you need any help with this stuff, contact me and Ill get you in touch with him. Regards, Chris

05-06-2005, 12:51 PM	#18
SplitInfinity Confirmed User Join Date: Dec 2002 Location: San Diego, CA Posts: 3,047	This is from Mike, give him a ring would ya? He needs some new clients to fill the extra time he has now that he sold one of his companies. :-) My name is Mike Guajardo. I am a Sr tax analyst and accountant providing the following services for internet and web hosting businesses. Internet and web hosting operate in a different way that any other business operates right now in regards to accountability of their finances and recordkeeping. The Internal Revenue Service has made specific laws and codes for this industry. Compliance andadherence to these rules can only be obtained with proper tax advice and service. Please note that taxes is one one of the biggest impedements for growing and maintaining your business. It is a factthat if you know the rules and use them correctly one can severely cut tax costs. For tax year 2005 the IRS is going to increase evaluations (audits) in this industry about 20% to 30%. After getting funding and training more agents from the last four years, the IRS is going to increase audit procedures across the board in all fields. They estimate to collect an enormous amount of tax revenue from these audits and enforced collections. In order to be prepared for an audit or evaluation, substantiation of all operating activity as to accountable income and expenditures is the most important areas that the IRS is concerned. It is essential to consider the following requirements to be in accordance with the rules. Recordkeepping: Financial statements - Recording all income from all sources. - Substantiate all expenses; Cost of operations Cost of administration - Inventory equipment for depreciation purposes. - Payouts to affiliates and other entities. Entity: Are you Incorporated? Two things can be minimized if incorporated, liability and taxes. Enough said. How you are operating in regards to an entity really determines the amount of money you save. Your business will benefit from the following services: -You will be incorporated and be advised on how you operate as one. - Be kept up with current tax law changes regarding your business. - Structure your corporation to fit your needs. - Represent you and your corporation to all tax agencies. Real tax service and support: - We can incorporate your company and structure the administrative requirements. - Set up recordkeepping and accounting services. - Sit in on board meeting in order that the minutes and resolutions arecarried out correctly and used to utmost benefit for the company and its shareholders. - File all tax returns for federal and state agencies If you need more information for entity formation, recordkeepping/accounting, audit analysis, tax consulting or just want find out how much you can save from paying taxes give me a call at (619) 417-3661 or (619) 271-3608.