Good News from the IRS

[Russ Fox]

The IRS announced today (http://www.irs.gov/irs/article/0,,id=174937,00.html) that they will require reporting of tournament wins of more than $5,000 rather than withholding at $5,000. Only individuals who don't provide a SSN/ITIN or are covered by a tax treaty/other withholding requirement will have winnings withheld (unless the 300 times buy-in requirement is met).

I have more on this at my tax blog. (http://www.taxabletalk.com/posts/1192839584.shtml)

-- Russ Fox

[tangled]

just went to my AT&T (Yahoo) home page and saw a headline about this. Here is a link to the full story.
http://news.yahoo.com/s/ap/20071019/ap_on_go_ot/irs_poker

[DeadMoneyDad]

[ QUOTE ]
The IRS announced today (http://www.irs.gov/irs/article/0,,id=174937,00.html) that they will require reporting of tournament wins of more than $5,000 rather than withholding at $5,000. Only individuals who don't provide a SSN/ITIN or are covered by a tax treaty/other withholding requirement will have winnings withheld (unless the 300 times buy-in requirement is met).

I have more on this at my tax blog. (http://www.taxabletalk.com/posts/1192839584.shtml)

-- Russ Fox

[/ QUOTE ]

Russ,

Did you save a copy of the release from the other day? They changed the wording.
There was a part about foreign players proving they were covered by some other tax law or treaty, that is now missing.


D$D

[mo42nyy]

now maybe they cant get rid of the idiotic way winnings are reported (not being allowed to net them unless you file as pro!)