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#1
09-01-2007, 01:09 AM
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Re: New Tax Law - Witholding
From the article:
[ QUOTE ] The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation. [/ QUOTE ] I swear people who make these laws are 1. either losing poker players who assume they lose because of being "unlucky" or 2. don't bother to do conduct any real research to understand how poker in general and its concepts actually works. 
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#2
09-01-2007, 01:11 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
From the article: [ QUOTE ] The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation. [/ QUOTE ] [/ QUOTE ] when did aejones get into politics
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#3
09-01-2007, 01:11 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
[ QUOTE ] From the article: [ QUOTE ] The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation. [/ QUOTE ] [/ QUOTE ] when did aejones get into politics [/ QUOTE ] mlagoo - 1 rest of world - 0
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#5
09-01-2007, 02:09 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward. [/ QUOTE ] What's the issue "moving forward" if you intended to pay your taxes, anyway?
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#6
09-01-2007, 02:17 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
[ QUOTE ] also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward. [/ QUOTE ] What's the issue "moving forward" if you intended to pay your taxes, anyway? [/ QUOTE ] seriously keep good backing records and pay your taxes like a good little us citizen will they be witholding from countries the US has tax treaties with though? i.e. are canadians and europeans going to end up paying US taxes?
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#7
09-01-2007, 02:27 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
will they be witholding from countries the US has tax treaties with though? i.e. are canadians and europeans going to end up paying US taxes? [/ QUOTE ] Huh? Don't players from tax-treaty countries already have their taxes withheld on US tournament cashes? They don't wind up "paying US taxes." As far as I understand, this new regulation isn't changing who owes tax where, it changes how and when it's collected.
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#9
09-01-2007, 02:32 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
[ QUOTE ] also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward. [/ QUOTE ] What's the issue "moving forward" if you intended to pay your taxes, anyway? [/ QUOTE ] it seemed to me that this was going to make staking/being staked significantly more complicated. maybe i was off. and i just want to make sure i know what i need to do whenever i cash in a tournament.
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#10
09-01-2007, 03:49 AM
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Re: New Tax Law - Witholding
[ QUOTE ]
[ QUOTE ] also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward. [/ QUOTE ] What's the issue "moving forward" if you intended to pay your taxes, anyway? [/ QUOTE ] Not the end of the world if you pay your taxes but: - The money from people who weren't going to pay taxes leaves the poker economy. - Government doesn't immediately refund the same percentage from tournaments in which you don't cash, which hurts cash flow. - Makes backing situations more confusing.
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