IRS to poker winners: Pay up! - GoFuckYourself.com

Azoy? · 10-19-2007, 09:32 AM

WASHINGTON - They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take.

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Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday.
Sponsors who meet the reporting requirement won't need to withhold federal income tax at the end of a tournament, it said.

If a sponsor does not report winnings, it is responsible for withholding the taxes and sending the money to the IRS, normally 25 percent of the amount subject to reporting.

The IRS said poker tournament winners must provide their taxpayer identification number, usually a Social Security number, to the sponsor. If the winner fails to do so, the sponsor must withhold federal income at a rate of 28 percent.

Casinos and sponsors of tournaments completed before March 4 next year will not be required to report winnings to the IRS or withhold tax.

By law, the winners already must report poker earnings on their federal income tax returns.

Full story here.

emjay · 10-19-2007, 09:38 AM

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

J. Falcon · 10-19-2007, 09:39 AM

that sucks lol... damn got to pay for the war somehow.

StuartD · 10-19-2007, 09:44 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

Yeah, I was gonna say.... how exactly does the IRS expect to receive taxes on an illegal activity?

L-Pink · 10-19-2007, 09:46 AM

Of course there will be no provision for claming losses.

SykkBoy · 10-19-2007, 09:47 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

These are casino tournaments, not online tourneys.

emjay · 10-19-2007, 09:55 AM

Quote:

Originally Posted by SykkBoy2

These are casino tournaments, not online tourneys.

Ah, ok, working on that also see http://www.statisticmanager.com/tournament/

Could be quite a hit in Asia, I hope

FuqALot · 10-19-2007, 10:00 AM

Perhaps once they see how profitable it is, they will legalize online poker.

WarChild · 10-19-2007, 10:02 AM

Quote:

Originally Posted by StuartD

Yeah, I was gonna say.... how exactly does the IRS expect to receive taxes on an illegal activity?

There's a whole bunch of legal poker options in the States, just not online.

yys · 10-19-2007, 10:12 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

$3.50 tax per gram of marijuana in N.C.
$50.00 tax for a gram of cocaine.
I bet you there are a few tax cheats on this board

Here's the tax form
http://www.dor.state.nc.us/downloads/BD-1.pdf

hateman · 10-19-2007, 10:21 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

they outlawed internet gambling only

eroswebmaster · 10-19-2007, 10:30 AM

Playing poker online is NOT illegal...funding accounts is.

the UIGEA addresses the funding of accounts, and nothing else..and to be a bit more specific...it is merely for financial institutions.

There are however a few states where it is illegal to play poker on line...Washington, and Nevada are two I can think of right off the top of my head.

In other news, Party Gaming is trying to sell Party Poker and MGM Mirage is interested as is Harrah's. If one of these companies buys Party, then you may see a bigger lobbying push to get one of these bills like the IMGEA through and all is right with the world.

eroswebmaster · 10-19-2007, 10:38 AM

I've posted the link before and I've been a member since the beginning...but if you play poker on line, and would like to make sure you can continue to play on line then join the PPA

http://www.pokerplayersalliance.org/

emjay · 10-19-2007, 10:42 AM

Quote:

Originally Posted by eroswebmaster

There are however a few states where it is illegal to play poker on line...Washington, and Nevada are two I can think of right off the top of my head.

Nevada!? This was the original 'gambling friendly' state....

eroswebmaster · 10-19-2007, 10:52 AM

Quote:

Originally Posted by emjay

Nevada!? This was the original 'gambling friendly' state....

There are 11 states where it has always been illegal to gamble online and Nevada has been one.

The other 10 are Illinois, Indiana, Louisiana, Michigan, New Jersey, New York, Oregon, South Dakota, Washington, and Wisconsin.

beemk · 10-19-2007, 10:55 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

we have legal casinos in the US.

emjay · 10-19-2007, 11:00 AM

Quote:

Originally Posted by beemk

we have legal casinos in the US.

Yes, sorry, I was refering to online poker.

Apparently even the Diplomat resort in Miami resort where the Internext is held, is gearing up to be transformed into a pokie palace...

[ Nate ] · 10-19-2007, 11:02 AM

Quote:

Originally Posted by emjay

So US citizens will have to pay tax on an activity that their Government outlawed earlier this year?

Yea, imagine that...

Barefootsies · 10-19-2007, 11:06 AM

Quote:

Originally Posted by emjay

Nevada!? This was the original 'gambling friendly' state....

Yeah. Only when there is an advantage FOR Nevada.

B_Maverick · 10-19-2007, 11:08 AM

It never ceases to amaze me how our government obesesses about the United States being the "free-est" country on the planet...yet anything that is linked to some sort of fun or pleasure is illegal or immoral by government standards.

so...basically...you are "free" to do what you want, so long as we say it is okay. How hypocritical is that?

directfiesta · 10-19-2007, 11:10 AM

can you deduct your losses from your income ???

After all, the money that hits the table has already been taxed as income ....

Have to pay for upcoming OPERATION LOOSENUP IRAN ...

eroswebmaster · 10-19-2007, 11:12 AM

Quote:

Originally Posted by directfiesta

can you deduct your losses from your income ???

After all, the money that hits the table has already been taxed as income ....

Have to pay for upcoming OPERATION LOOSENUP IRAN ...

http://www.pokerplayernewspaper.com/...le.php?id=1894

some answers here.

Azoy? · 10-19-2007, 11:16 AM

most of you may know this but those who do not, just set up a VPN between yourself in the Untied States and an ISP in a country such as Canada (where you truly are free

) to play online poker

avolongold · 10-19-2007, 11:35 AM

Quote:

Originally Posted by Azoy?

most of you may know this but those who do not, just set up a VPN between yourself in the Untied States and an ISP in a country such as Canada (where you truly are free

) to play online poker

sounds like a good idea

VeriSexy · 10-19-2007, 01:08 PM

only a matter of time

Twisted Dave · 10-19-2007, 01:15 PM

Wait ... these funds have already been taxed, be it by US or non US citizens ... personal money has always already been taxed in either wages or some other tax ...

so the cunts at the IRS wanna tax funds that have been taxed already, AND funds that are won via an illegal activity.

Fuck them assholes. I'd tell them to their faces.

Lucky for me, I don't play gambling games and I also don't live in the USA.

emjay · 10-19-2007, 01:23 PM

Quote:

Originally Posted by directfiesta

can you deduct your losses from your income ???

lol good point..

Barefootsies · 10-19-2007, 01:50 PM

If the IRS would actually close the loop holes in corporate tax havens they would make 1000 x's more money they kicking the shit out of the piss ants for a few hundred or grand.

Typical.

10-19-2007, 09:32 AM	#1
Azoy? Confirmed User Join Date: Aug 2005 Posts: 2,178	IRS to poker winners: Pay up! WASHINGTON - They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take. ADVERTISEMENT Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday. Sponsors who meet the reporting requirement won't need to withhold federal income tax at the end of a tournament, it said. If a sponsor does not report winnings, it is responsible for withholding the taxes and sending the money to the IRS, normally 25 percent of the amount subject to reporting. The IRS said poker tournament winners must provide their taxpayer identification number, usually a Social Security number, to the sponsor. If the winner fails to do so, the sponsor must withhold federal income at a rate of 28 percent. Casinos and sponsors of tournaments completed before March 4 next year will not be required to report winnings to the IRS or withhold tax. By law, the winners already must report poker earnings on their federal income tax returns. Full story here.

10-19-2007, 09:38 AM	#2
emjay Confirmed User Join Date: Dec 2004 Location: Back in Blighty Posts: 4,277	So US citizens will have to pay tax on an activity that their Government outlawed earlier this year? __________________ I Run 500+ WhatsApp Groups. The Zuck Owns Me www.emjayconsultancy.com

10-19-2007, 09:39 AM	#3
J. Falcon www.AdultCopywriters.com Industry Role: Join Date: May 2006 Posts: 31,618	that sucks lol... damn got to pay for the war somehow. __________________ Adult Copywriters SEO Content for Porn Sites sales at adultcopywriters dot com

10-19-2007, 10:30 AM	#12
eroswebmaster March 1st, 2003 Join Date: Jul 2001 Location: Seat 4 @ Venetian Poker Room Posts: 20,295	Playing poker online is NOT illegal...funding accounts is. the UIGEA addresses the funding of accounts, and nothing else..and to be a bit more specific...it is merely for financial institutions. There are however a few states where it is illegal to play poker on line...Washington, and Nevada are two I can think of right off the top of my head. In other news, Party Gaming is trying to sell Party Poker and MGM Mirage is interested as is Harrah's. If one of these companies buys Party, then you may see a bigger lobbying push to get one of these bills like the IMGEA through and all is right with the world. __________________ For rent - ICQ 127-027-910 Click here for more details

10-19-2007, 10:38 AM	#13
eroswebmaster March 1st, 2003 Join Date: Jul 2001 Location: Seat 4 @ Venetian Poker Room Posts: 20,295	I've posted the link before and I've been a member since the beginning...but if you play poker on line, and would like to make sure you can continue to play on line then join the PPA http://www.pokerplayersalliance.org/ __________________ For rent - ICQ 127-027-910 Click here for more details

10-19-2007, 09:46 AM	#5
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Of course there will be no provision for claming losses.

10-19-2007, 10:00 AM	#8
FuqALot Confirmed User Join Date: Dec 2001 Location: Malibu Posts: 3,817	Perhaps once they see how profitable it is, they will legalize online poker.

10-19-2007, 11:08 AM	#20
B_Maverick Confirmed User Join Date: Dec 2002 Posts: 447	It never ceases to amaze me how our government obesesses about the United States being the "free-est" country on the planet...yet anything that is linked to some sort of fun or pleasure is illegal or immoral by government standards. so...basically...you are "free" to do what you want, so long as we say it is okay. How hypocritical is that? __________________ Sig too big http://www.gofuckyourself.com/gfy_faqs.html Want to use a large banner in your sig??? Contact Eric about getting on as an advertiser - eric AT adult.com

10-19-2007, 11:10 AM	#21
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Montreal, Quebec Posts: 29,680	can you deduct your losses from your income ??? After all, the money that hits the table has already been taxed as income .... Have to pay for upcoming OPERATION LOOSENUP IRAN ... __________________ I know that Asspimple is stoopid ... As he says, it is a FACT ! But I can't figure out how he can breathe or type , at the same time ....

10-19-2007, 11:16 AM	#23
Azoy? Confirmed User Join Date: Aug 2005 Posts: 2,178	most of you may know this but those who do not, just set up a VPN between yourself in the Untied States and an ISP in a country such as Canada (where you truly are free ) to play online poker

10-19-2007, 01:08 PM	#25
VeriSexy Join The Royal Family Join Date: Apr 2002 Posts: 25,463	only a matter of time __________________ Looking for a KICK ASS TEEN SPONSOR? Check out ROYAL CASH - THE KING OF TEEN! Incredible webmaster tools FHGs, Morphing Blog and RSS Feeds, Embedded FLV & WMV Videos. With TOP RATIO Sites like TeenStarsOnly.com - Earn $$ with our New Site & Bonus Payouts!! ATMovs.com \| iTeenVideo.com \| TeenSexMovs.com \| TeenSexMania.com

10-19-2007, 01:15 PM	#26
Twisted Dave Confirmed User Join Date: Mar 2006 Posts: 3,635	Wait ... these funds have already been taxed, be it by US or non US citizens ... personal money has always already been taxed in either wages or some other tax ... so the cunts at the IRS wanna tax funds that have been taxed already, AND funds that are won via an illegal activity. Fuck them assholes. I'd tell them to their faces. Lucky for me, I don't play gambling games and I also don't live in the USA. __________________ Custom Cartoon Mascots - ICQ: 243355699, Email: [email protected] or Click Sig - 15% referrals. Send me clients, make money!

10-19-2007, 01:50 PM	#28
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	If the IRS would actually close the loop holes in corporate tax havens they would make 1000 x's more money they kicking the shit out of the piss ants for a few hundred or grand. Typical. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"