Playing poker as a corporation

[Jodly]

Does anyone know if you can play in a tournament as a corporation? I have 8 backers and would like to not deal with the w2g or the 5754 and file my profits as an S corp. without the casino withholding over 25% over $5k next year.

[Jimbo]

An S Corp is a pass-through entitiy, meaning that all the distributions are taxed at your normal income rate. As is an LLC, a Partnership as well as a sole proprietorship. If you are trying to avoid paperwork the 5754 is a no brainer compared to any type of corporate entity.


Jimbo

[1p0kerboy]

Poker players, like athletes, cannot incorporate themselves. That is what I was told at least.