DO Payday Loan Companies pay taxes on all the money...

Might be interesting to see what you turn up.

Why will a company who makes "illegal" money will be bothered to pay taxes? I guess they want to earn more money in this way only. It might be possible that they will show a certain portion in their books to make it legal and pay taxes on it. This way, they will be able to keep their business running and make illegal money aside

I would bet that they do pay taxes. Otherwise they could get into big trouble with the IRS.

Look at Heidi Fleiss (sp) . . . She got into more trouble for not reporting her income then for running a **** house! If she had reported the income, she would've only done a few months in jail, instead of years in prision.

It would be interesting to see for sure. If they aren't and it could be proved they could be in some very serious trouble . . . . .

[color=Red]****Adult term removed - Jason[/color]

I want to know if they are or if they aren't! I'll figure it out.

Sswett - What are you going to compare the reported income to?

I've found a website where you can look-up EIN's TIN's for free (3 per month) with registering (free registration). I've found 3 of the ones I was looking for. I guess I'll post my findings on these - 3 per month.... (i'm not paying the $400 to have unlimited lookups).

I've found:

GFS
DMS/PD6/Westbury/The loan Shoppe/Express Cash.

I'll post my findings later.

Another good thing to look up would be if these companies are paying payroll taxes on their employees. Should make for interesting reading!

To have a loan license in IL, I am required to prepare a HUGE report every year for the Dept of Financial Institutions. I need to tell the State how many loans I did all year (grouped by dollar amount of loan), how many of them were unsecured/secured, how many people I sued, how many cars I reposessed, how many people BK'd on me, how much interest I charged all year, how many accounts I charged off, etc. I also need to recap all my expenses and allocate a portion of each expense for each of my loan classes ... I worked on this damn thing for about 2 hours a day from Jan 1 until it was due on March 1.

My point being, most states require their licensees to submit reports like the one I just mentioned. If these places are licenesed in New Mexico, maybe you can see if they file an annual report with that state.

I agree with Goudah though, the AGs out there are nothing compared to what the IRS would do them them if they weren't paying tax.

sswett, if you would post the website maybe some of us can get 3 per month and we could check on all of those "wonderful" pdl sharks.

the website is freeerisa.com

If you look up any pdls, then you should post which companies, so there aren't any duplcations!

Does anyone know if lenders are required to report income from each state? As a resident of CT, I know that if you have income from CT and live in MA, you pay taxes in both CT and MA. Do you think its the same for business and lenders?

I would bet that since they are internet businesses, they would report their income as only coming from the state they are located in.