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Forum: Poker Legislation 11-28-2007, 08:17 PM
Replies: 12
Views: 182
Posted By Russ Fox
Re: Poker, the IRS, Law, and Self Emp Tax

[ QUOTE ]
I was under the impression that legal precedent (as well as some old threads here) has shown that NO PERSON is REQUIRED to file as a professional even if the IRS asks them to in order to...
Forum: Poker Legislation 11-27-2007, 11:34 PM
Replies: 17
Views: 445
Posted By Russ Fox
Re: Congressmen Press for Solution to WTO Internet Gambling Dispute

[ QUOTE ]
My point is that no other country attempts to make this case over jurisdiction of foreign companies with no assets within its borders.

[/ QUOTE ]

I don't think this is correct. ...
Forum: Poker Legislation 11-27-2007, 11:29 PM
Replies: 13
Views: 173
Posted By Russ Fox
Re: Interesting tax decision for those residing in states...

1. Being a professional can lead to a higher tax. Professionals must pay the self-employment tax, amateurs don't.

2. The standard for being a professional is very subjective. The key words are...
Forum: Poker Legislation 11-27-2007, 08:16 PM
Replies: 13
Views: 173
Posted By Russ Fox
Re: Interesting tax decision for those residing in states...

[ QUOTE ]
Is this situation handled differently for a gambler as opposed to any other type of side business?...Why wouldn't a poker playre be treated the same? Poker is a side business just like...
Forum: Poker Legislation 11-27-2007, 08:05 PM
Replies: 17
Views: 445
Posted By Russ Fox
Re: Congressmen Press for Solution to WTO Internet Gambling Dispute

[ QUOTE ]
But a company operating an online gambling website in a foreign company is not doing business in the United States. When you gamble at their website, you are doing so under the...
Forum: Poker Legislation 11-27-2007, 06:32 PM
Replies: 17
Views: 445
Posted By Russ Fox
Re: Congressmen Press for Solution to WTO Internet Gambling Dispute

[ QUOTE ]
A foreign company can exempt income made in the U.S. if taxed in another jurisdiction. This applies to all companies in all countries, not just gaming companies in Antigua.

[/ QUOTE ]...
Forum: Poker Legislation 11-27-2007, 01:19 PM
Replies: 13
Views: 173
Posted By Russ Fox
Re: Interesting tax decision for those residing in states...

[ QUOTE ]
The IRS does not seem to very often win the hobby v. business cases in which the taxpayer keeps complete and accurate records of his endeavor and seems to try the endeavor repeatedly. I...
Forum: Poker Legislation 11-26-2007, 07:46 PM
Replies: 13
Views: 173
Posted By Russ Fox
Re: Interesting tax decision for those residing in states...

[ QUOTE ]
Amazing how the IRS never wins the hobby v. business issue.

[/ QUOTE ]

The IRS wins most hobby loss cases in front of the Tax Court. This was a rare decision where the IRS lost,...
Forum: Poker Legislation 11-19-2007, 03:39 PM
Replies: 0
Views: 77
Posted By Russ Fox
Internet Radio Show to Look at Online Gaming

Ed Morrissey's "Heading Right Radio" broadcast on BlogTalkRadio (http://www.blogtalkradio.com/hrr) will spotlight Internet gaming. Mr. Morrissey's guest is former talk-radio host Jay Lakin, who...
Forum: Poker Legislation 11-16-2007, 01:28 PM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

[ QUOTE ]
What is or can you direct me to any info on deductibility of educational and industry related materials, along the lines of say Union, or for example as a broker I used to be able to...
Forum: Poker Legislation 11-16-2007, 01:25 PM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

[ QUOTE ]
if I have sizeable income from poker (60k+) but I am a full time student, do I still have to do the self employed thing?

[/ QUOTE ]

Without knowing the full details of your...
Forum: Poker Legislation 11-15-2007, 12:34 PM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

[ QUOTE ]
Say for '07 all of my non-poker income was passive, would the fact that all my active income change how the IRS determined my need to file as a pro? Yes I am a winning player. Personally...
Forum: Poker Legislation 11-15-2007, 11:49 AM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

[ QUOTE ]
But on one point of "other income" does much depends on the active vs passive nature of the "other income"? In all other regards I feel farily comfortable, but the nature of this source...
Forum: Poker Legislation 11-15-2007, 11:46 AM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

[ QUOTE ]
The IRS can't force you to divulge the nature of the corporation or even who owns it

[/ QUOTE ]

S Corporation tax returns contain Schedule K-1s that disclose the full ownership of...
Forum: Poker Legislation 11-14-2007, 09:44 PM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

Thank you for the kind remarks about Mastering No-Limit Hold'em.

[ QUOTE ]
Back on topic....what is the recommended way to file if your only source of income is from poker? (link?)

[/...
Forum: Poker Legislation 11-14-2007, 01:30 PM
Replies: 40
Views: 382
Posted By Russ Fox
Re: My new CPA says I should file as a corporation???

S Corporation owners who work for the company must (with very limited exceptions) pay themselves a "reasonable" salary. And that means a W-2, with employment taxes withheld. This is a point of...
Forum: Poker Legislation 10-19-2007, 08:24 PM
Replies: 3
Views: 44
Posted By Russ Fox
Good News from the IRS

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...
Forum: Brick and Mortar 10-17-2007, 09:21 PM
Replies: 21
Views: 108
Posted By Russ Fox
Re: Are comps taxable

[ QUOTE ]
what about airline frequent flier miles, when they are redeemed aren't they considered income, when in fact they are a rebate against existing flights previously taken?


[/ QUOTE ] ...
Forum: Brick and Mortar 10-17-2007, 04:41 PM
Replies: 21
Views: 108
Posted By Russ Fox
Re: Are comps taxable

The article that a poster in this thread linked to ( this blog post (http://www.taxabletalk.com/posts/1157259393.shtml) ) has nothing to do with casino comps. It has to do with casino employees and...
Forum: Tournament Circuit/WSOP 10-08-2007, 07:32 PM
Replies: 10
Views: 75
Posted By Russ Fox
2008 WSOP Dates Announced

Per a press release I received, May 30 - July 17.

The exact schedule of events TBA. A "soft opening" will begin on May 26th (for two special events) to "avoid the lines we had last year during...
Forum: Brick and Mortar 10-02-2007, 10:49 AM
Replies: 11
Views: 81
Posted By Russ Fox
Re: Poker near Irvine, CA

I live in Irvine, so be aware that you will face very bad traffic going to any of the cardrooms after work (5 pm). The traffic out of Irvine starts to load up around 3:30pm.

From where you're...
Forum: Poker Legislation 09-18-2007, 04:32 PM
Replies: 33
Views: 154
Posted By Russ Fox
Re: FPP porsche- taxable?

In almost all cases, gifts are not taxable to the recipient. (They can be subject to the Gift Tax and/or necessitate filing a Gift Tax return, but the Gift Tax and/or Gift Tax Returns are paid...
Forum: Poker Legislation 09-05-2007, 01:02 PM
Replies: 12
Views: 244
Posted By Russ Fox
Re: Paying taxes overseas in lieu of paying taxes at home.

[ QUOTE ]
Can somebody please explain why if I earn a living playing chess or bridge it is not treated as gambling income, but poker is?

Or am I mistaken about how income from chess and bridge...
Forum: Poker Legislation 09-05-2007, 10:16 AM
Replies: 12
Views: 244
Posted By Russ Fox
Re: Paying taxes overseas in lieu of paying taxes at home.

[ QUOTE ]
Why is playing poker not considered "earned" income if it is the sole means through which you make a living?

[/ QUOTE ]

Professional gamblers living abroad can take the foreign...
Forum: Poker Legislation 09-05-2007, 12:30 AM
Replies: 12
Views: 244
Posted By Russ Fox
Re: Paying taxes overseas in lieu of paying taxes at home.

US citizens are taxed on their worldwide income, no matter where they reside. There are deductions/credits available when you reside abroad: the foreign earned income deduction (note: gambling is ...
Showing results 1 to 25 of 170

 
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