Remember that adult video store that you used to pass by that remained in business despite never having any cars but the single employee? Businesses like this are prime for money laundering because everyone tries to conceal their identity when using them legitimately, so it makes it hard to look for money changing hands just to change hands.
The online ones are no different, saw an article about some embezzler tipping his sister-in-law millions of dollars over years on her cam girl page, only caught because it being his sister-in-law made it blatant, and it all clicked for me that the entire adult industry is rife with money laundering.
The porno industry always had a reputation of being run by the organized crime, it isn't just because they branched out from prostitution. They need a place to feed their drug profits through.
Does the no tax on tips apply to onlyfans? That would make it even more attractive to money laundering, even from legal but off-book profits.
Many tax professionals and IRS guidance indicate that tips from OnlyFans especially those tied to adult or pornographic content do not qualify for the special “no tax on tips” deduction.
It's the same in most countries live streamers tried to claim "donations" as tax exempt but the money given was clearly given as appreciation of a product, in this case the stream.
They tried to do this in countries where we already have laws to tax tips and don't have a tipping culture at all.
Good point, I think that is technically under the de facto umbrella of money laundering though, but probably exempt from the de jure umbrella (like the "wealth management" Epstein did as his more-legit face business)
That includes a lot of money laundering.
Remember that adult video store that you used to pass by that remained in business despite never having any cars but the single employee? Businesses like this are prime for money laundering because everyone tries to conceal their identity when using them legitimately, so it makes it hard to look for money changing hands just to change hands.
The online ones are no different, saw an article about some embezzler tipping his sister-in-law millions of dollars over years on her cam girl page, only caught because it being his sister-in-law made it blatant, and it all clicked for me that the entire adult industry is rife with money laundering.
The porno industry always had a reputation of being run by the organized crime, it isn't just because they branched out from prostitution. They need a place to feed their drug profits through.
Does the no tax on tips apply to onlyfans? That would make it even more attractive to money laundering, even from legal but off-book profits.
Many tax professionals and IRS guidance indicate that tips from OnlyFans especially those tied to adult or pornographic content do not qualify for the special “no tax on tips” deduction.
It's the same in most countries live streamers tried to claim "donations" as tax exempt but the money given was clearly given as appreciation of a product, in this case the stream.
They tried to do this in countries where we already have laws to tax tips and don't have a tipping culture at all.
Also, the Feds are definitely send info money through, or at least the CIA.
Good point, I think that is technically under the de facto umbrella of money laundering though, but probably exempt from the de jure umbrella (like the "wealth management" Epstein did as his more-legit face business)