IRS to poker winners, Time to pay up

[Gerk]

WASHINGTON (AP) — They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take.
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% 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%.

[ZoomVT]

thats only at the casinos and its always been this way. online poker thay cannot enforce until they "legalize it".

[Gerk]

Casinos and sponsors were not "required" to report these winnngs previously.


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.

[Seanie Mac]

no way im paying taxes on the 3.376 mil i grossed this year

[revnecro1273]

Originally Posted by Seanie Mac

no way im paying taxes on the 3.376 mil i grossed this year

i seriously doubt you got that much dude...if so, you wouldnt be posting on a message forum...you would be hosting your own blog and bragging about such earnings...you arent a modest person by any means

[Seanie Mac]

im actually very modest, now we know u cant read people. i stayed faithful to cappersmall even after the 2 bracelets and 2 wpt final tables. im loyal to my main man jack