Playing poker as a corporation

Jodly · #1 10-11-2007, 10:40 PM

Does anyone know if you can play in a tournament as a corporation? I have 8 backers and would like to not deal with the w2g or the 5754 and file my profits as an S corp. without the casino withholding over 25% over $5k next year.

Jimbo · #2 10-11-2007, 11:53 PM

An S Corp is a pass-through entitiy, meaning that all the distributions are taxed at your normal income rate. As is an LLC, a Partnership as well as a sole proprietorship. If you are trying to avoid paperwork the 5754 is a no brainer compared to any type of corporate entity.

Jimbo

1p0kerboy · #3 10-12-2007, 04:42 PM

Poker players, like athletes, cannot incorporate themselves. That is what I was told at least.