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#1
09-18-2007, 10:07 PM
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Taxes, Cashouts
Hey guys, I live in the US. I've recently been doing well on FTP, made a few thousand.
Now I want to know, should I be notifying the IRS? Whats the best method to cash out with, checks? How much at a time? Is it safe and reliable? Is this illegal in the US or is it just illegal to deposit? Thanks for your help on this. [img]/images/graemlins/smile.gif[/img] 
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#2
09-18-2007, 11:33 PM
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Re: Taxes, Cashouts
It's illegal to cashout to your bank, if you deposit the check to your bank, they're going to close your account and notify the FBI, and soon they will come to your house, and arrest you, the best thing for you to do right now is to lose all the money back to the site.
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#3
09-19-2007, 12:13 AM
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Re: Taxes, Cashouts
Hmmmm.....anyway....
I just want to know if I can get a check for a couple grand from FTP, not pay taxes and go about my day.
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#4
09-19-2007, 01:25 AM
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Re: Taxes, Cashouts
Not paying taxes on income is fine, just as long as you don't get caught. If you do get caught, there are minimum sentencing guidelines in place depending on how much income you did not report.
Now from you're post it doesn't sound like much so you won't go to jail, but then again the taxes on not much income is not much either.... If somehow you do get nailed, the IRS will charge you interest and penalties, and then go about their day.
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#5
09-19-2007, 01:53 AM
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Re: Taxes, Cashouts
[ QUOTE ]
Hmmmm.....anyway.... I just want to know if I can get a check for a couple grand from FTP, not pay taxes and go about my day. [/ QUOTE ] Of course you can. You can also rob a 7-11 and go about your day. You might not get caught for that either.
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#7
09-19-2007, 11:53 AM
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Re: Taxes, Cashouts
[ QUOTE ]
You can also rob a 7-11 and go about your day. You might not get caught for that either. [/ QUOTE ] hmm robbing a 7-11 and getting caught is more like losing to a straight flush draw.. getting caught by the IRS is a 1 outer with 1 card comin. i guess you just have to figure out if it's +EV or not
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#8
09-19-2007, 12:42 PM
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Re: Taxes, Cashouts
[ QUOTE ]
You have probably .01% chance of being caught and prosecuted, but it's still a chance [/ QUOTE ] Math please....
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