How Will the IRS Catch Unreported Offshore Online Poker Income

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As H.R. 1174, the Internet Gambling Regulation, Consumer Protection & Enforcement Act moves through the House of Representatives and legislation again makes it way through the Senate, poker players who play and have won money on line, but not reported their winnings on their tax returns should give serious thought to coming clean now, before the IRS finds them. You may have until August 31 to take advantage of the current Offshore Voluntary Disclosure Initiative.

The prospects of legalization of on-line poker took a major step forward with the announcements of strategic alliances and/or partnerships between the major Nevada based gaming companies and offshore poker sites Poker Stars and Wynn; FullTilt and Stations; Cesars Entertainment and 888 are just examples. Some may consider these announcements as good news for on-line poker players, but for some of those poker player it will be the beginning of some serious problems.

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Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sanford Millar, Law Offices of Sanford I. Millar | Attorney Advertising

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