Are you scared of a possible OnlyFans IRS audit on you? You are not alone, because this is an issue that has been worrying hundreds, if not thousands, of content creators like you. In this article, we will talk all about the OnlyFans IRS audit, how you can prevent it and what resources you could use in case you get audited.
Intro to OnlyFans IRS Audit: How Is Your Income Being Tracked?
As reported in December 2022, agents of the IRS Criminal Investigation division are currently contacting and investigating OnlyFans creators for different tax-related crimes, principally not reporting all of their income.
According to the evidence, the IRS has been mainly focusing on the top earners of the platform, but it doesn’t mean that they cannot go after you. Because the IRS is well aware of how much OnlyFans is generating, and hence, they can also track your income.
The company will report how much you are making to the IRS, and as a consequence, they will know how much you are earning. There is no way to fly under the radar here, the IRS knows about it and they are likely to go after you if you fail to report your income.
Also, OnlyFans creators often do ostentatious displays of wealth, which have also dragged the attention of the IRS on them. Therefore, the best move for you is to fulfill your tax obligations.
OnlyFans IRS Audit: Do You Really Have to Report Your Income?
Yes, you have to. As we said, the company must report how much their members are making, and hence, they are well aware of how much money you are making. Failing to report, or even conducting tax fraud, will lead to severe and expensive consequences.
Plenty of OnlyFans creators have already been served subpoenas because they failed to report their income. Do not be a victim of this and fulfill your tax obligations.
However, fulfilling your obligations does not mean that you must just pay without a strategy. That is why you need an accountant to help you to take full advantage of deductions.
You are running a business, and hence, you can use deductions to reduce your tax burden. Furthermore, choosing the right commercial structure might also help you to reduce your taxes even more. We can help you with all of this, just give us a call at (786) 310-5582 and we will gladly bring you the ideal solutions for your business.
What Should You Do If You Have to Face an OnlyFans IRS Audit?
Let us suppose that you did not report your income and know the IRS is conducting an audit on you. The government agents are likely to visit you at home or office, and your best move here will be to respectfully accept the document and close the door. Let the agents know that your attorney will contact them.
However, this recommendation will only work for subpoenas and summons, but if we are talking about a search warrant, then the agents will seize the documents, files, evidence and/or property that might be needed for the audit. Your best move here is to call your attorney as soon as possible.
Do Not Wait for an OnlyFans IRS Audit To Knock Your Door – Protect Your Business Now
As you can see, an OnlyFans IRS audit can be quite scary and lead to severe consequences. Do not wait until it happens to you, protect your business now with our help. Call us now at (786) 310-5582 or contact us at [email protected] to book a consultation – we will help you to protect your content creation business.
