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#91
08-23-2006, 04:59 PM
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Re: paying taxes
[ QUOTE ]
I actually read up on this after reading this thread the other day. The laws are actually quite severe. If you make over 100K per year or have assests of over 500K, it is assumed by the IRS that the reason you are renouncing your citizenship is to evade taxes, and your income is subject to taxation for the next ten years. It is possible to get around this if you present a case providing valid reasons why you are renouncing citizenship, and though I'm not entirely familiar with KKF's situtation I get the sense that these would not really apply to you. [/ QUOTE ] How about this for a work around. Move to another country and set up a foreign company. Work for the company on an hourly basis. Have the proceeds of your winnings go to the company. Say you make $300K and the company pays you $100k. You pay taxes on the $20k (100-80), and the company uses the rest of the money to pay for a house, etc. By the book it seems legal, but I wonder if the IRS would have a way to come after your company. 
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#92
08-23-2006, 05:18 PM
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Re: paying taxes
[ QUOTE ]
If you make over 100K per year or have assests of over 500K, it is assumed by the IRS that the reason you are renouncing your citizenship is to evade taxes, and your income is subject to taxation for the next ten years. [/ QUOTE ] Is there a difference between the IRS and organized crime? GG IRS
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#93
08-23-2006, 05:23 PM
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Re: paying taxes
[ QUOTE ]
[ QUOTE ] I actually read up on this after reading this thread the other day. The laws are actually quite severe. If you make over 100K per year or have assests of over 500K, it is assumed by the IRS that the reason you are renouncing your citizenship is to evade taxes, and your income is subject to taxation for the next ten years. It is possible to get around this if you present a case providing valid reasons why you are renouncing citizenship, and though I'm not entirely familiar with KKF's situtation I get the sense that these would not really apply to you. [/ QUOTE ] How about this for a work around. Move to another country and set up a foreign company. Work for the company on an hourly basis. Have the proceeds of your winnings go to the company. Say you make $300K and the company pays you $100k. You pay taxes on the $20k (100-80), and the company uses the rest of the money to pay for a house, etc. By the book it seems legal, but I wonder if the IRS would have a way to come after your company. [/ QUOTE ] I think this would definitely be considered tax evasion, whether the IRS would have the ability to detect and punish I have no idea.
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#94
08-23-2006, 05:29 PM
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Re: paying taxes
what about putting 80% of my "bankroll" back into partypoker, claiming I lost it, then taking it back out next year?
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#95
08-23-2006, 05:35 PM
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Re: paying taxes
[ QUOTE ]
what about putting 80% of my "bankroll" back into partypoker, claiming I lost it, then taking it back out next year? [/ QUOTE ] That would be fine as long as the IRS never gets ahold of your Party records. Which could happen in one of 2 ways: 1) Online gambling is regulated instead of banned, and the Party decides to share its info with the IRS. 2) You get audited by the IRS and they demand access to your party account. My good friend knows an attorney who's client was audited and they wanted access to his Party Account. He said no, and they charged him with Obstructing Justice or something like that. He ended up giving it to them after they applied enough pressure. -dB
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#96
08-23-2006, 06:11 PM
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Re: paying taxes
I just talked to an accountant who was refered to me by a family friend who basically just told me that because:
a) it's unregulated b) it's offshore c) i never gave Party my social security # d) i am not getting a 1044 (i think...some tax form i should get at the end of the year if i were at a regular job) that the gov't can't tell where the money is coming from and as far as they know can be 'inheritted' money, etc.
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#97
08-23-2006, 06:24 PM
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Re: paying taxes
I hope you realise that its huge -EV to post this Grimstarr. You have 6600 posts. You have likely pissed off someone enough to rat you out..
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#98
08-23-2006, 06:27 PM
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Re: paying taxes
[ QUOTE ]
I hope you realise that its huge -EV to post this Grimstarr. You have 6600 posts. You have likely pissed off someone enough to rat you out.. [/ QUOTE ] I don't think Grimstarr gave his SSN to 2+2 either.
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#99
08-23-2006, 06:32 PM
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Re: paying taxes
[ QUOTE ]
what about putting 80% of my "bankroll" back into partypoker, claiming I lost it, then taking it back out next year? [/ QUOTE ] What exactly does this accomplish? Don't you have the same problem then next year?
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#100
08-23-2006, 06:51 PM
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Re: paying taxes
very true, duck
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