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re: Too much money to Launder?
Posted on 3/3/22 at 3:34 pm to BlueWaffleHouse
Posted on 3/3/22 at 3:34 pm to BlueWaffleHouse
quote:
Has anyone mentioned starting an Only Fans yet?
If it is as a hobby, you aren't gonna get a hobby deduction and will be expected to pay taxes on it as ordinary income.
If it is set up like a business you will likely be expected to pay self-employment taxes on it. If the only fans/social media stuff is making money "in the ordinary course of trade or business," (i.e., farting in a jar for money online) then you are expected to pay taxes on it. Set it up as a social media company in a partnership (or disregarded entity)/LLC/S-Corp, whatever. You will be expected to pay taxes on it. You can choose what to file and not file but as noted earlier, if a mistake or some random event prompts a look into the history of the returns, you are opening yourself up to very un-taxpayer friendly penalties.
1
Posted on 3/3/22 at 3:35 pm to shel311
quote:Yes, but I'd imagine the FBI would be involved too.
I'd have to prove to the IRS where I got the initial money?
quote:They'd subpoena your financial records and get a forensic accountant to comb through the records
Again, noob questions but if I just say I can't prove it or if I say I bought 1000 BTC 10 years ago when it was like $5 for a BTC(but have no proof) what specifically happens?
quote:money laundering, fraud, and anything else that turns up on the methods used to acquire the dirty money.
Or what charges do I come up against?
This post was edited on 3/3/22 at 3:47 pm
Posted on 3/3/22 at 3:36 pm to BorrisMart
quote:
If it is as a hobby, you aren't gonna get a hobby deduction and will be expected to pay taxes on it as ordinary income.
If it is set up like a business you will likely be expected to pay self-employment taxes on it. If the only fans/social media stuff is making money "in the ordinary course of trade or business," (i.e., farting in a jar for money online) then you are expected to pay taxes on it. Set it up as a social media company in a partnership (or disregarded entity)/LLC/S-Corp, whatever. You will be expected to pay taxes on it. You can choose what to file and not file but as noted earlier, if a mistake or some random event prompts a look into the history of the returns, you are opening yourself up to very un-taxpayer friendly penalties.
This isn't about tax evasion, this is about paying taxes so the money is legit. Paying taxes is part of the whole operation.
Posted on 3/3/22 at 3:42 pm to deeprig9
quote:
This isn't about tax evasion, this is about paying taxes so the money is legit. Paying taxes is part of the whole operation.
I know but how are you gonna run dirty money through only fans? By paying yourself with a made up account? I'd have to check and see where the Code and Regs are with that at the moment, but pre-covid the IRS was beginning to start cracking down on e-girls.
The IRS/DOJ could potentially subpoena records from the App company and they can try to trace where the money is coming from exactly. Whether or not Onlyfans or whatever would comply is another question. If it is electronic there is a paper trail, and the forensic accountants can definitely find it, assuming that they can prove that you are tied to the fake account sending money.
Posted on 3/3/22 at 3:45 pm to Havoc
quote:
if you had a ton of cash and couldn’t effectively launder it
I would declare war on Russia send trillions to Ukrainian, then when I get my kick back from Zelensky, just mix it in with that.
Posted on 3/3/22 at 3:54 pm to deeprig9
quote:
his isn't about tax evasion, this is about paying taxes so the money is legit. Paying taxes is part of the whole operation.
exactly what I was about to say. Hardest part I can think of is making sure you use a VPN when communicating with the fake accounts you setup.
Start slow and grow organically. All you need is 5 or 6 fake simps to be sending you $10k+ a month for your dirty towels and shite, pay all the taxes on that money, and turn it around and dump it into real estate and start leveraging your clean cash.
Camera equipment can get real expensive real quick too, and you can easily flip lenses and new camera bodies for 80%+ retail online, they hold their value well and you can physically go into a store and spend $10k in dirty cash and they wont bat an eye.
Plus you can start taking trips and staying @ nice hotels and expensing that as part of your work, as long as you film some stuff in the hotels/cities etc...
Posted on 3/3/22 at 3:55 pm to Havoc
quote:
Watching Breaking Bad (rewatch actually) got me thinking about if you had a ton of cash and couldn’t effectively launder it, what would you be able to do with it and evade suspicion?
I would think at some point you would start investing in everything you can and just go legitimate. If your problem is you have too much money to launder then you won and should cash out while you can.
Posted on 3/3/22 at 3:57 pm to Havoc
I would just deposit $9,000 at the bank at staggered dates like twice or three times a month. Any cash you deposit under $10,000 isn’t reported.
This post was edited on 3/3/22 at 3:58 pm
Posted on 3/3/22 at 4:01 pm to BlueWaffleHouse
quote:
as long as you film some stuff in the hotels/cities etc...
Squat cobbler?
Boston Cream Splat?
Simple Simon the arse Man?
Posted on 3/3/22 at 4:03 pm to WildManGoose
quote:Gosh, the FBI and IRS are so uptight!
Yes, but I'd imagine the FBI would be involved too.
They'd subpoena your financial records and get a forensic accountant to comb through the records
money laundering, fraud, and anything else that turns up on the methods used to acquire the dirty money.
Are the parameters in terms of certain amounts and time periods that stay off the radar? So if I deposit $1k into my banking account once a month, no one cares. Once a week, maybe not. Once a day...is there something that triggers from a bank's perspective to begin looking into you or something they turn over to the IRS?
Posted on 3/3/22 at 4:05 pm to BorrisMart
This is where the work comes in on your part. You will have to learn about VPN's and how to use them. I don't exactly know how 'burner phones' work, but just to be sure, I'd go on a road trip, and buy them in different areas when activating them, buy a couple of computers in different locations, etc.. but def not ever communicate as the fake account from any of your personal devices.
setup a pobox and mail yourself things from different locations and send creepy messages to yourself like: "Just sent 10 $500 gift cards for each of those pretty toes!"
Posted on 3/3/22 at 4:17 pm to deeprig9
quote:
as long as you film some stuff in the hotels/cities etc...
Squat cobbler?
Boston Cream Splat?
Simple Simon the arse Man?
I would stick to the foot game! haha. Only have to show from the ankle down, and do things like: live 'Toenail Tuesday' and 'sell' your trimmings or "Sock Saturday" - Wear you act like you've had the same pair of socks on all week and sell to the highest bidder...
or "Its Beach week! Headed to the Caribbean to film some new sand and ocean content - will bag up whatever is stuck to my feet at the end of the day and sell!"
Posted on 3/3/22 at 4:30 pm to The Spleen
quote:
quote:
You show receipts for cash purchases and deposits matching receipts. Audit clears.
But it won’t answer the question of where the cash made for the purchase came from, which is the whole point of money laundering - to clean money that was obtained illegally.
The cash for the purchase comes from an art buyer.
This isnt a mortgage application. If i sell art, i dont need their drivers license, social, and address. I dont need to take a selfie with the buyer and post it on instagram. I need their money.
Im not sure where the disconnect is.
Posted on 3/3/22 at 4:45 pm to BlueWaffleHouse
quote:
This is where the work comes in on your part. You will have to learn about VPN's and how to use them. I don't exactly know how 'burner phones' work, but just to be sure, I'd go on a road trip, and buy them in different areas when activating them, buy a couple of computers in different locations, etc.. but def not ever communicate as the fake account from any of your personal devices.
I'm sure its going on. But that was why I mentioned needing to check the Regs and what not, because this is a fairly new issue and the law takes time to catch up. Covid stalled it. I wouldn't be surprised to see legislation coming down in the next 5 years really making it hard to launder through social media.
Obligatory: Don't launder money.
I know this is just OT random talk and hypotheticals and it is entertaining to discuss, but I don't think the risk vs reward value is worth it. Most money launderers that successfully do it aren't really laundering, in the traditional sense, as they are already super high income earners/recipients and get with and hire top tax attorneys and accountants to find existing (and even sometimes new) tax shelters that are currently legal, which takes Congress and the IRS a while to find out about and to close.
ETA: The art thing has lots of loopholes and shelters and carve out but can potentially open you up to capital gain treatment. Once the art is sold you are going to pay taxes on it. Once or twice might not matter, but if you're making 250k a year (jointly with your spouse) and all of a sudden you are reporting tremendous gains from the disposition of art, that is gong to raise red flags and they'll definitely investigate. Then you have to put the cash in your bank account which will likely raise flags and draw IRS notification.
This post was edited on 3/3/22 at 4:49 pm
Posted on 3/3/22 at 5:11 pm to mstiger1
quote:
People are too afraid of the IRS and they are usually the bottom of the barrel of accountants.
This not true at all
Posted on 3/3/22 at 5:15 pm to lsutigersFTW
quote:
would just deposit $9,000 at the bank at staggered dates like twice or three times a month. Any cash you deposit under $10,000 isn’t reported.
Banks report deposits under 10k all the time … people just think this…
Posted on 3/3/22 at 5:17 pm to lepdagod
Casinos a dead end… Louisiana casinos running everything 1200 and up through the system
Posted on 3/3/22 at 5:22 pm to lepdagod
quote:
Casinos a dead end… Louisiana casinos running everything 1200 and up through the system
So are we back to art dealer?
Posted on 3/3/22 at 5:22 pm to Havoc
Move to the Ozarks, heard that was a good place for this
Posted on 3/3/22 at 5:27 pm to lepdagod
quote:
would just deposit $9,000 at the bank at staggered dates like twice or three times a month. Any cash you deposit under $10,000 isn’t reported.
That’s called “stacking” and bank employees are supposed to file a suspicious activity report if they see this
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