Re: How will part-time players survive a regulated poker site?
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Lets stick to the foreign bank account you have in the form of a named but often unnumbered off shore poker accounts. Not reporting that asset if combined amounts to over $10,000.00 is a crime. It is an IRS regulation/law.
D$D
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can you tell me where in the internal revenue code this requirement appears? if it appears there, i would assume it would clearly lay out for whom does it apply and for what specific purpose and for what assets. i would appreciate it.
assuming your statement is true, imo poker accounts are not banks in the eyes of the government anyway. not even close.take for instance paypal. it can be argue that it has more "banking" functionality than a poker account/balance yet the federal government has made it clear paypal is not a bank; hence, why it's not regulated at the federal level as such. if paypal is not a bank, which has a bunch of bank-like features, then neither is a poker account/site.
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