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Steve welcome to CAP :wavey:
Are you a CPA or Tax attorney? Can you provide any more details? I have had a few people contact me about this post and ask for additional info…
Lou (and everyone else),
I have known Steve for about a year… he was a webmaster lurker at GPWA way back when…
We speak on the phone a few times a month and he’s a good guy… although we’ve not yet met in person.
He is doing my taxes as we speak. And, after I try his services myself, I have a teneative agreement with him to help offer his services via the APCW’s webmaster members section.
That’s not to say that I don’t want anyone here to take advantage of his services right now if need be. I want to offer APCW members everything I can… but I won’t recommend anything to members if I haven’t tried it myself.
Thank you for the warm welcome.
Yes, I am a CPA in Dallas, TX. Currently, I am taking this same deduction for several of my other clients not related to the casino affiliate industry. For instance, one client of mine is a petroleum engineer. He contracted to go to Columbia to assess the potential crude oil production from several oil fields there. He is also eligible for the same deduction.
I will be happy to discuss this with you or anyone else interested. You can reach me at:
Office: 972-517-4432
Cell: 214-762-8039You can reach me day or night as I am working pretty much around the clock until Oct. 15.
Steve
Thanks Steve
I would like to pre-invite you to join us in Miami for our upcoming spring break. I would love to have you host a tax discussion session where affiliates can interact and ask questions and learn more about our tax exposure and how best to minimize that impact on bottom lines. This would be a perfect complement to our legal discussion with Lawrence Walters.I will have our sales manager contact you to make arrangements if this sounds like something you would be interested in.
Professor:
Thank you for the invite. Yes, I would be interested. Sounds like fun. However, March is a tough month for me as corporate income tax returns are due on the 15th. We also have our annual Tahoe ski trip with my wife’s family over spring break.
But, let me know what dates you have in mind and perhaps things will work out. In the mean time, you and others may ask me general questions here. Person or company specific concerns will need to be addressed via email or the telephone.
Steve
Wow, sounds interesting.
Would this apply to any affiliate revenue earned from commissions based on overseas transactions, or is there a definition of the types of goods and services covered?
Also, would it be 15% of overseas related income or all income?
Thanks much!
Sparrow:
The 15% exclusion is based up gross profit (sales less cost of goods sold) and for products produced in the US for consumption outside the US. It also applies to some services – including the online casino affiliate business.
I believe from reading some of your posts that you are or have been involved in the travel industry and another adult industry as well. It could apply to all or part of your earnings depending upon the circumstances. What I have outlined for you in this thread are some general guidelines. I would really need to talk to you about specifics in order to give you a better idea of how the exclusion would apply to you. There are other rules and guidelines to be taken into account than what I have previously detailed. This is intended as a general discussion only. You really need to give me a call or contact another competent tax professional before going too far down this road.
The World Trade Organization (WTO) does not like this exclusion from tax. To them it amounts to a US government subsidy of exports. As soon as I posted this information the House passed a bill designed to rework the Corporate tax code. It went to the senate. I do not know if it has passed yet or not or if so, what form the bill has taken. A part of this pending legislation was to address WTO concerns due to Tarrifs imposed by the European Union. I do not know at this time if the 15% exclusion was specifically targeted or affected. I’ll keep you posted as things develop. In any event the exclusion is availiable for transactions occuring from Oct 1 2000 thru 2004.
Steve
