NO Amnesty For Unreported Internet Gambling Winnings

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While the poker bloggers and newsletters, including that of the AGA are talking about new alliances being formed between big casino companies and offshore internet poker operators, there is little hope for the players who have won money on the sites and not reported the winnings.

Whatever deal, if any, that may get struck between the offshore operators, big casino companies and the state and federal regulators and prosecutors there is no one who will be speaking for the players. Players who won and did not report can expect that demands will be made for information about them as a condition of any deal approval. What information, you should expect the same type of information request as the IRS is now demanding of offshore banks, meaning, name, address, id number, and total deposits, total withdrawals, (by year) banking information (where was the money sent) and a bunch more. The IRS and state taxing agencies, may then filter by amount of activity (amount played and won) and audit accordingly.....

Please see full article below for more information.

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Topics:  Amnesty, Internet Gambling, IRS

Published In: General Business Updates, Finance & Banking 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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Sanford Millar
Law Offices of Sanford I. Millar

Experience and Qualifications: Over 30 years of experience in domestic and international tax... View Profile »


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