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IRS to poker winners: Pay up!
IRS to poker winners: Pay up!
WASHINGTON (AP) — They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take. Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday. Sponsors who meet the reporting requirement won't need to withhold federal income tax at the end of a tournament, it said. If a sponsor does not report winnings, it is responsible for withholding the taxes and sending the money to the IRS, normally 25% of the amount subject to reporting. The IRS said poker tournament winners must provide their taxpayer identification number, usually a Social Security number, to the sponsor. If the winner fails to do so, the sponsor must withhold federal income at a rate of 28%. http://www.usatoday.com/news/washing...terstitialskip |
#2
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Re: IRS to poker winners: Pay up!
Old news but never was news.
You mean you have to report income to the IRS!? Find out more in this weeks publication of DUH. |
#3
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Re: IRS to poker winners: Pay up!
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career.
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#4
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Re: IRS to poker winners: Pay up!
Does this mean we didn't have to pay taxes before?
HYACHAHCHACHACHACHHCHA |
#5
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Re: IRS to poker winners: Pay up!
this explains why my phone continues to be quiet. they start coming after losers and most of us are royally screwed.
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#6
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Re: IRS to poker winners: Pay up!
hello Yesterday!
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#7
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Re: IRS to poker winners: Pay up!
[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career. [/ QUOTE ] [img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying? |
#8
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Re: IRS to poker winners: Pay up!
[ QUOTE ]
[ QUOTE ] Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career. [/ QUOTE ] [img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying? [/ QUOTE ] if your not making enough money in your job, and have to hide from the IRS in order to get by (financially), the career is prolly bad. So if you dont declare taxes b/c if you did you would live in a box, change careers. So everyone who grinds NL50: get a college degree. |
#9
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Re: IRS to poker winners: Pay up!
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career. [/ QUOTE ] [img]/images/graemlins/confused.gif[/img] i'm slow, what are you saying? [/ QUOTE ] if your not making enough money in your job, and have to hide from the IRS in order to get by (financially), the career is prolly bad. So if you dont declare taxes b/c if you did you would live in a box, change careers. So everyone who grinds NL50: get a college degree. [/ QUOTE ] cuz a degree shows that you are entitled to make a lot of money? I do have 2 bachelor's....and they never made me a dime. College degrees are way overrated, you either got what it takes or you dont. Its really that simple. |
#10
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Re: IRS to poker winners: Pay up!
[ QUOTE ]
Any enterprise that requires you commit tax evasion for it to be a worthwhile career choice ain't much of a career. [/ QUOTE ] [x] Probably sucks at poker |
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