Re: WSOP & the IRS.
I can only speak for myself (American citizen), but here's what happened when I took 2nd in one of the earlier events this year...
The tournament director hands me a partially filled out W2-G (IRS form to declare gambling winnings). I took the form to the cage, where they had me fill it out completely, sign it, and show proof of identity. Five minutes later, they handed me $250K in "chocolate chips" ($5000 chips). That was the full amount of my win, including a side-deal I made with the eventually winner, and no taxes were deducted.
Because they couldn't issue a check at the poker-room cage, I was escorted up to the main cage, where 45 minutes later I was able to get a check for the full amount.
It amazed me that it only took 5 minutes to get my money, but then another hour to turn it into a check...
-Aces
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