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... :-)

Thats a wide open field right there man.

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

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

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.

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

great idea

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...

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.

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...

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... ;)

Without a doubt, YES :thumbsup

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

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.

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

i concur :thumbsup

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.