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October 2, 2023

When accounting goes unaccounted for

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Friday Footnotes: EY’s Six CEO Candidates; Deloitte UK Partner Payouts Increase Again; IIA Gets Their Way | 9.29.23 Prager Metis Just Got Thoroughly Boned By the SEC For Hundreds of Independence Violations Listen Up, Young Accountants: Career Advice For Sticking Out Those Early Years Deloitte Survey Finds Zoomers Are 3x More Likely to Fall For Scams Than Boomers So Why Don’t More of Them Work at Deloitte Longtime PCAOB Veteran and Skepticism Enthusiast George Botic to Sit on the Actual Board

Salt Lake City

News

Overstock CEO Patrick Byrne Had No Idea That There Was a Gun in His Luggage When He Went to the Salt Lake City Airport

by Caleb Newquist

It's been quite a while since we've checked in with Arkham Asylum escapee Patrick Byrne. For better or worse, OSTK has managed to keep their financial reporting relatively respectable and thus his smiling mug has not graced these pages.  Today we pick up the beat again and it's more or less in line with what you […]

Tax

Is the Shortage of Good Accountants in the Sex Industry an Opportunity?

by Caleb Newquist

Okay my friends, this is a serious problem in our country that needs addressed. The vast shortage of competent, professional, tax advisors and accountants for escort service businesses, brothels, and your run-of-the-mill houses of ill repute can go on no longer. If not for the business opportunity, then for the good of your fellow Americans and maybe your state’s dire fiscal situation.


Today we learned that the one of the proprietors of Companions, “a call-out escort service” in Salt Lake City that was convicted of one count of tax evasion. Jodi Hoskins and her husband Roy were both convicted of dodging taxes (he in May 2009) for the year 2002. They managed to underreport their gross receipts by $1,204,354 which resulted in evaded taxes of $485k-ish. As you can tell, this is a bit of a problem. And with all challenges/problems/giant pains in the ass, therein lies an opportunity.

Our position is that these businesses simply cannot go on without more accountants and tax professionals stepping up to help these pillars of the business community run their whorehouses better. This means you, GC readers. Your knowledge of the double-entry accounting, inventory, derivatives, and payroll will be invaluable for these entrepreneurs and their employees.

Plus! If more of these businesses are in compliance with state and federal taxes, that’s one more step to states becoming fiscally solvent AND Tim Geithner can give the cash printing machine break. Everyone wins!

Escort Service Operator Convicted of Tax Evasion [Web CPA]
Companions Website [Warning: NSFW]