FilthHoundFetishWorks
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February Update
🕑 Added 2021-02-21 09:44:30 +0000 UTCI know many of you were anticipating an announcement of some kind for this month as to a February release, but it looks like February is likely no long possible for us to release an art pack.
We will be working towards a larger March art pack as a result seeing as we have but only seven more days to the end of the month.
The reason for this lack of an artpack was due to a unprecedented financial crisis we had been sitting on for most of this month. Going in none of us really had experience in the financial ins and outs of what we were doing.
As the organizer and director of the service I had no previous experience in running what is essentially a online business. The artists of this service are essentially my quote 'employees' and what that means for taxes seeing as an unprecedented amount of money is going to be passing through my PayPal account this year. In my state anything above a certain amount of miscellaneous income needs to be reported to the IRS as taxable income. Which means Paypal is obligated by law to create a 1099k for me and report it to the IRS automatically. Without proper consultation I was looking to loose thousands of dollars come tax season 2021 and we had to halt payments to the artists and consult professional help ASAP as a result. It also delayed the release of our Gumroad page as well. It was a very depressing and discouraging month for all parties involved who at one point thought this was the end, the death of Filth Hound Fetish Works. It would have been the end of this venture. Without options we could not move forward when I was looking at owing the IRS at an excess of 3k dollars come next year as a result of this. I have helped the group at the cost of personal money out of my own pocket, but I stood to loose thousands of dollars in debt to the IRS without professional guidance.
Tax season come 2022 is going to be very complicated for me and require allot of work on my part, but not cause for the same alarm we felt weeks ago while struggling to find professional guidance. The financial crisis we were in is resolved. It means some changes for the artists involved but most are very willing to adapt to the changes. It requires a certain amount of trust and good faith between me and the artists, but no one has backed out of the deal yet. WickedStar knows of the new developments and is perfectly fine with it. So we are still on-track to onboard him soon despite these new developments.
It means I need to assume the roles of general manager, PR manager, manager of the treasury and accounts payable, and HR manager all rolled into one. My responsibilities have essentially doubled in the past month with more responsibility than I ever imagined being put at my feet. I am still willing to bear this burden to make this all possible.
We will work diligently to ensure a artpack is made as soon as reasonably possible now that we have direction and know our service is no longer in financial peril. I'll continue to update you all when we have a better picture as to a release date for the next artpack.
I cannot thank you enough for sticking with us through all of this. We didn't wish to burden any of you with the news until we had concrete feedback and advice from professionals in the field. To give you actual news with certainty whether good or bad. In which case it turned out to be fantastic news for everyone now that we can work to be back on-track by the end of March. Filth Hound Fetish Works is safe to continue forward for the foreseeable future.
As a result I'll be working on our Gumroad page very soon as well as our projects resume where they left off.
Sincerely,
Filth Hound, Manager, Treasurer, and HR lead of Filth Hound Fetish Works
