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#11
12-21-2006, 06:21 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
People say "contact a tax professional".... Talk to a CPA who lives in the real world. LISTEN to them! [/ QUOTE ] So, for you, "tax professional" should mean "someone who tells you what they think you can get away with, but won't suffer any punishment if they're wrong"? 
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#13
12-22-2006, 01:13 AM
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Re: Pay on withdraws or earnings?
I find it remarkable that a player as successful as aba can be so clueless to have not researched this long ago, and a tax guy can be so bad that he would give out this advice. If I worked for the IRS, I would have a massive boner about auditing successful online poker players, as it would be such a landmine for tax fraud. It just really sucks that a tiny minority of poker players are essentially subsidizing the majority who are frankly cheaters. It really is no surprise the government wants to make this all illegal, afterall online poker players as a whole just seem extremely focused on avoiding paying taxes. And unfortunately for Aba, ignorance isn't an excuse, especially if you are making substantial amounts of money and should known about this stuff cold long ago.
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#14
12-22-2006, 05:13 AM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
I find it remarkable that a player as successful as aba can be so clueless to have not researched this long ago, and a tax guy can be so bad that he would give out this advice. If I worked for the IRS, I would have a massive boner about auditing successful online poker players, as it would be such a landmine for tax fraud. It just really sucks that a tiny minority of poker players are essentially subsidizing the majority who are frankly cheaters. It really is no surprise the government wants to make this all illegal, afterall online poker players as a whole just seem extremely focused on avoiding paying taxes. And unfortunately for Aba, ignorance isn't an excuse, especially if you are making substantial amounts of money and should known about this stuff cold long ago. [/ QUOTE ] I find it remarkable that you replied to this post by insulting most of the people on these forums and you didn't even answer the OP's question.
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#15
12-22-2006, 12:11 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
[ QUOTE ] People say "contact a tax professional".... Talk to a CPA who lives in the real world. LISTEN to them! [/ QUOTE ] So, for you, "tax professional" should mean "someone who tells you what they think you can get away with, but won't suffer any punishment if they're wrong"? [/ QUOTE ] Larry actually brings up an interesting point here. I have been in contact with some successful 2+2ers recently about their taxes as I'll probably help them this year. Now a lot of what they are doing isn't correct (leaving winnings in overseas accounts, not reporting overseas accounts, only paying taxes on money brought into the US, etc.) and I told them what kind of exposure they would have in an audit. They're still going to want my help, but probably aren't going to do what is proper, which is what I will advise them to do of course. My issue is how do I handle it from an ethical standpoint if a client doesn't follow my advice and basically chooses to do something illegal? Well, I'm not signing your return if I know you're evading taxes because I'm not losing my license and I sure as hell ain't getting brought up on charges for you. So, in this instance, I'll advise, but nothing official and I'm not signing anything. So, if your CPA gives you shady advice, ask him if he'll sign as preparer of your return and put his advice and position in writing. It'll give you some recourse against him if the situation blows up in your face, but remember, you're still ultimatelty responsible for your own taxes.
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#16
12-22-2006, 12:13 PM
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Re: Pay on withdraws or earnings?
Did the tax guy explain WHY he thought you should only claim withdrawals? Seems like he should be able to provide this to your satisfaction if he wants your business.
Second opinion also a good option.
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#17
12-22-2006, 01:04 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
(who is it anyway, H&R block or a true professional?) [/ QUOTE ] He does taxes for many high profile poker players and specializes in gambling taxes.
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#18
12-22-2006, 01:08 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
I find it remarkable that a player as successful as aba can be so clueless to have not researched this long ago, [/ QUOTE ] Why would I want to spend my time dealing with this. I hire people to take care of my taxes so I don't have to waste my time figuring these types of things out. What he told me stood out as odd which is why I deceided to post.
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#19
12-22-2006, 01:12 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
Did the tax guy explain WHY he thought you should only claim withdrawals? Seems like he should be able to provide this to your satisfaction if he wants your business. [/ QUOTE ] His reasoning was that he doesn't know that the money is yours. He said "what if the site never pays you?" Then you would be out of the tax money because the IRS will never give you your money back.
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#20
12-22-2006, 01:50 PM
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Re: Pay on withdraws or earnings?
[ QUOTE ]
[ QUOTE ] Did the tax guy explain WHY he thought you should only claim withdrawals? Seems like he should be able to provide this to your satisfaction if he wants your business. [/ QUOTE ] His reasoning was that he doesn't know that the money is yours. He said "what if the site never pays you?" Then you would be out of the tax money because the IRS will never give you your money back. [/ QUOTE ] Shouldn't a site not paying you, be handled the same as a theft? (itemized deduction, form 4684, etc)
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