CPA on when Neteller $ returned - Page 3

Mendacious · #21 03-17-2007, 07:15 PM

Based on what I have read and seen there has been NO IRS summons. The amount in question here is nothing approaching the "billions" referenced in the Credit Card case you cited to. The IRS cannot simply take money without court action/intervention-- much less do it to a whole class of people, such as everyone who has money in neteller-- which certainly would include people who do not owe taxes. And there is no evidence that the DOJ has requested personal information and VERY suspect information that the DOJ seized, or froze any of Neteller's money as part of their case against 2 individuals (not the company).

That said, I think it is very reasonable to assume that a few large dollar tax cheats may be prosecuted stemming from this, AND it would not surprise me if the DOJ requested such information from Neteller (which I think is not material to their case) that they would turn it over to the IRS who would, in turn send out some letter audits.

I think most will admit that these things would not be terribly surprising, and I have thought that from the beginning. But that is a far cry from suggesting that it is probable that the IRS will be holding the money in mass without any due process-- which is what I think everyone is reacting to.

Mendacious · #22 03-17-2007, 07:22 PM

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the government could very well withhold taxes based on the assumption that it is all taxable income and then it would be up to the tax payer to show on his/her return what is income and what is not, resulting in a tax refund for most people.

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I am a lawyer but not a tax lawyer, nonetheless, I have two problems with this: 1) I do not think the IRS can simply take possession of the Neteller money (which is really many citizens' money) without any due process; and 2) I don't believe ANY court would find the assumption that it is all taxable reasonable. That is a totally laughable conclusion that is false. It more or less assumes that everyone with money in Neteller was a winning gambler.

Mendacious · #23 03-17-2007, 07:32 PM

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Talked to my CPA today. his hypothesis is that the US Govt will intercept Neteller monies of US players and levy fines related to income taxes before returning any excess to the gamblers. And that they'll do it with big publicity. He expects money in Neteller will be returned eventually (minus any fees if you haven't paid taxes).

That would mean US players would see money maybe late this year (October?) after IRS has chance to cross-reference the info they get from neteller to your filed return april 15.

-g

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Some of you need to work on your reading comprehension... Gergery isn't a troll, and he isn't trying to scare anybody. He just wanted to share an interesting take on the situation. He didn't even imply that his CPA's opinion was anything other than that: an opinion.

I would imagine that he posted this to urge people to pay their taxes. Doesn't seem like such a bad idea...

ML4L

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I know Gergery and believe he is not being a troll at all. The problem I have is with the fact that his accountant's HYPOTHESIS seems to predict several things that are completely unsupported by fact, far-fetched, and/or plainly unlawful. And there is nothing about the fact that this guy is a mere "accountant" that makes this genuinely informative as opposed to just adding just another guy's speculation under the guise of "new information". Hence the reaction.

niss · #24 03-18-2007, 11:32 AM

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There are tons of people here on this forum that try to scare people daily and Gergery is probably one of them.

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Since apparently you've been on the site for a mere month and a half, yet feel that you are in a position to besmirch the reputations of good posters with a retardedly broad stroke, I will give you the benefit of the doubt, assume you are ignorant, and suggest that, via the Search function, you review the posting history of a particular poster before saying something inanely mongoloid like this about a poster like Greg.

Poker CPA · #25 03-18-2007, 01:31 PM

Mendacious

I don't know Gregery or his CPA. You are confusing the DOJ's case and the IRS. Two completely seperate issues. When I get a free hour, I will try to explain more clearly. The IRS could care less about the evidence (55 Million), they will not take this. They want other information, and they will get it. And they don't need a court's permission. Their powers are greater than the FBI, CIA and SS.

The Credit Case is up to 67 million and counting. Maybe not "billions", but painfully, because it has taken at least 7 years to complete. The Taxpayers involved have paid a dear price, whether guilty or not.

nineinchal · #26 03-18-2007, 07:29 PM

Neteller, humbug!!!!!!!!!!!!

What about the abuse of the earned income credit(EIC)?

In the case of the EIC individuals with no income are receiving cash payments for filing tax returns when they haven't paid in dollar one in taxes. Until the IRS plugs the hole in this dyke, they can't redeploy their (human) resources to run down on line gaiming payments. I spoke to peers who represent taxpayers under audit in the NYC area, and the local IRS employees are demoralized with their workload of auditing the EIC to the exclusion of all other audits, which abound.

Nineinchal CPA

Mendacious · #27 03-18-2007, 11:00 PM

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Mendacious

I don't know Gregery or his CPA. You are confusing the DOJ's case and the IRS. Two completely seperate issues. When I get a free hour, I will try to explain more clearly. The IRS could care less about the evidence (55 Million), they will not take this. They want other information, and they will get it. And they don't need a court's permission. Their powers are greater than the FBI, CIA and SS.

The Credit Case is up to 67 million and counting. Maybe not "billions", but painfully, because it has taken at least 7 years to complete. The Taxpayers involved have paid a dear price, whether guilty or not.

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I know full well that the IRS and DOJ case are seperate. I am not the one blurring the disctions, I am pointing them out. There has been NO Indication that the IRS wants Neteller records. The IRS no basis for jurisdiction over Neteller, and Neteller hasn't violated any law relating to the IRS that I can see. The only way the IRS gets Neteller records-- assuming they want them at all-- is if Neteller decides to give them. The IRS has no leverage over Neteller whatsoever other than potential DOJ criminal prosecution of directors and board members. I fully agree that the IRS will not do anything with the $55 Mil. That is my main point of contention with Gergery's accountant.

Poker CPA · #28 03-19-2007, 08:36 AM

During 2006 I have deposited over $70,000 via checks from neteller. These checks were from a bank in Scottsdale AZ and a bank in Atlanta Ga. I also understand that Neteller debit cards drawn against a bank in the LA or Texas, not sure exactly, but US nevertheless. These banks are subject the IRS scrutiny and if the DOJ case goes to trial, the intended bank accounts for the 55 mil, will also become public. The IRS will have a field day with these bank accounts, just like they did with the offshore credit card case. The Credit card case is summarizied in the IRS web site. IRS does not need Neteller to conduct an inquiry into this whole mess. And I think this is the CPA's point. THE IRS IS INVOLVED.

Between now and April 15th, IRS will jail some poor bastard for tax evasion. They always do this around tax time every year for the major metropolitan areas of the US. Next year the "poor bastard" will be a poker player, sure as chit. All because of this Neteller BS.

nineinchal · #29 03-19-2007, 09:44 AM

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During 2006 I have deposited over $70,000 via checks from neteller. These checks were from a bank in Scottsdale AZ and a bank in Atlanta Ga. I also understand that Neteller debit cards drawn against a bank in the LA or Texas, not sure exactly, but US nevertheless. These banks are subject the IRS scrutiny and if the DOJ case goes to trial, the intended bank accounts for the 55 mil, will also become public. The IRS will have a field day with these bank accounts, just like they did with the offshore credit card case. The Credit card case is summarizied in the IRS web site. IRS does not need Neteller to conduct an inquiry into this whole mess. And I think this is the CPA's point. THE IRS IS INVOLVED.

Between now and April 15th, IRS will jail some poor bastard for tax evasion. They always do this around tax time every year for the major metropolitan areas of the US. Next year the "poor bastard" will be a poker player, sure as chit. All because of this Neteller BS.

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Well it ain't gonna be me, maybe I got like $10K in cashouts a year. I am happy to be mediocre at poker.

Mendacious · #30 03-19-2007, 10:27 AM

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These banks are subject the IRS scrutiny and if the DOJ case goes to trial, the intended bank accounts for the 55 mil, will also become public.

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There is no credible evidence that the DOJ has in fact seized $55 million. Moreover, the private banking information of individuals who transferred money out of Neteller AFTER the charges against the FORMER neteller founders has arguably ZERO evidentiary value in any pending case against them. That information will almost certainly NOT become "public" relating to that trial. To say othersise is just irresponsible BS from someone who undertands the IRS and taxes but not evidentiary law.

This does not negate the fact that the Neteller MAY have voluntarily produced account information to the DOJ, who MAY have shared it with the IRS (pretty likely if they got account information) and that SOME audits by the IRS may result from this information.

Accountants who do not have law degrees should stop making definitive sounding pronouncements about what is going to happen to disputed evidence in a criminal case.