Epass And Taxes
 

Anyone ever pay taxes on the revenue held in Epass?

:1orglaugh

I take that as a "no"

So anyone ever get a wd-40 or a bullshit dot 2 or a t5 and a half from Epass???

Does tab stand for taxes audit bureau?

We're onto you...

It doesn't matter. It is your responsibility to report income.

I really hope you're joking. I claim all my income, so should you.

:Oh crap

Lot a nervous fidgeting going on now...lol :)

Look...
My feeling is that most of the money in epass was undeclared revenue.
Better still, you could stream this undeclared revenue on to a visa card and live a jolly good life.
Mr. Mallick didn't fuck up even though he can be a bit of a narcissistic bozo.
He just never imagined that the great weight of the US treasury department and the IRS would lift itself off its comfy office chair to squash him.
I have no idea how much money moved through epass, anyone care to throw out a figure?
However, the tax losses must have been enormous.
Enough so that the IRS forces a meeting with Visa and the hammer drops.
Shut it down.
And down it shuts.
Uncle Sammy wants his moola.....

Not a new theory.

Let's see, Epass went down on 9/3, and people have been speculating about that very same scenario since...I think right around 9/4.

Crap I must have missed it...
Can you point me to the thread...

Thanks

At first you answered me 1 minute after my post.
At second you answered me 2 minutes after my post.
A third you answered me 3 minutes after my post.

Now more then 40 minutes have gone by and no answer?

Please do point out to me the thread where this theory has been discussed so I can invoke a colloque of like minded acolytes of sameness for being and gratification.
Please I do await your answer.

With all due respect of course...:)

I've always claimed income. If the IRS ever decide to lok they would have found the money anyways so why put up with having the IRS on your ass?

of course :D And I gave 35% of my epass earnings to government so I can scream at organized protests that I am a tax paying citizen and I DEMAND JUSTICE ____fill__in___cause___here! ;) ;)

If the speculation was true I would imagine the US webmasters would have their assets frozen in the banks that handle wires and SKNANB that handles their VW. This would have also surfaced by now. Just as it did with Neteller.

It could be a dozen other things. The way epass did their due dilligence it is unbelievable no one put a stop to this organization. Not that it was illegal or anything, but the way due diligence was performed... no solid bank does it that poor. But then, they were not a bank.

<--- declares all income.

I did. After the meeting the tax agency had with me... Feels better to know that all money I got is mine and there wont be any problems in the future.

No... but we do/did pay taxes on the withdrawals and subsequent deposits in our bank accounts.

I doubt anyone who used epass paid taxes on the money.

I did. Kind of normal. The people that paid me via ePassporte also sent me 1099's. No different than checks. I only used the account to pay bills so those people might have something to answer for.

If they live in the U.S. then they'd be fools not to have. Especially if it's a large amount of money.

Of course.

Sure thing.

I always transfer my money into a US bank account and always claim everything.

If the payment was from a US co, then dont they have to fill out a W9?

if you have large amounts going through your epass, you sure as hell better. they are watching...it typically doesn't even matter if you claim it or not, if you have large amounts going through you could have some explaining to do and the tax man does not lkie it when you despoit random amounts of cash into your bank account and can't trace the amounts back to your epass withdrawls, so apparently you should be depositing the same amounts you withdraw ie withdraw 568, deposit 568 that same day, etc. if its going straight to your bank account from epass with no cash being involved, its much less messy should the tax man come after you.

All properly booked, taxes paid, invoiced and checked by our accountants.

You should seek legal council about your taxes.

I pay taxes on all of my online income. I use Stats Remote to keep track of revenues. People using Epass for tax evasion and illegal activities is likely the reason why Epass is gone.

Yes, all by the book here as well.

:thumbsup :thumbsup :thumbsup :thumbsup The best Sig on GFY :)

The IRS and Revenue Canada are not and could not watch Epass.
They are watching you.
So long as you do not give them a reason to look they won't.
Living the good life off of an off-shore credit card is very hard to detect.
Just make sure none of that webmaster revenue ever shows up in an on-shore bank and your good to go.
Visa won't report it, they earn a percentage with every transaction you make.
Epass won't report it they also earn off of every transaction you make.
And the same goes for the bank in St.Kitts and the shop keeper that accepted your credit card.
Epass was a great deal all around for everyone except the IRS

there is going to be a nice chunk of liquidity flowing into an ailing banking system this month. kind of weird, probably intentional.

Maybe if you used a fake name/fake address, otherwise it can still come back to you.

Best reply so far...

Ditto.. kind of hard to use epass to avoid paying taxes when 1099's are being sent.

And the IRS is going to be requiring paypal, google checkout, and others to report stuff using a"1099-K" starting next year.. (and that might also include ccbill as that is technically a 3rd party processor).

The big problem i foresee is with this is companies that use paypal or ccbill etc for payouts that send 1099's already.. it is going to get real confusing at tax time because there are bound to be a ton of double entries. (which is probably why they use a unique form, but in the end it means alot of extra paperwork.. ugghh..).

If you ask me, they should just kill off the IRS and instead collect a higher sales tax.. then even drug dealers and hookers would pay, and there would be no need for filing returns, no need for the IRS, and no way to evade taxes... And it would be fair across the board, the more you make, the more you spend, the more you pay..

Either way, all of those ebay people are gonna be in for a big surprise lol..

A lot of people used ePassporte for its convenience, not for tax evasion since if you are a US entity, you have to fill up a W-9, so how you get paid doesn't really matter since the IRS knows how much you are getting paid...

Mos people used epass for payments from sponsors who report the income anyways so it's a moot point really. Most people have no choice but to report it.

You got it! My aunt is an accountant and she does mine every year.

Dude seriously, of course.

I hate prison.

:1orglaugh

Well if you are from usa and using usa sponsor,then you need to fill w9 form and cant avoid it.

Sounds good.
I get a fist full of "W" whatever's once a year from all the USA sponsors.
I get nothing from sponsors outside the US of which there are plenty.
Can't hand a "W" nothing to my accountant can I?

Keep in mind the actual reason for starting the thread wasn't to get anyone to fess up to anything.
I know everyone on this board pays all of their taxes properly and in full just like me.

I was just rooting around for the real reason for the sudden no notice shutdown....

Unless some genius discovered al qaeda was pumping money through epass the only other thing I can think of is that the IRS was pissed that too many dollars were going untaxed.

Mallick would have avoided this if he could because that Epass must a been a humdinger of a cash cow :)
This was coming from an angle he did not anticipate at all otherwise he would a patched the hole fast.