CPA on when Neteller $ returned

[DING-DONG YO]

why can no one in this thread read? The OP doesn't say what everyone seems to be assuming it does.

[Mendacious]

[ QUOTE ]
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


[/ QUOTE ]

Sorry, but I think this is very far-fetched. I assume this is your accountant's competely uninformed personal opinion, since nothing indicates that your accountant has any special expertise in this area other than he passed the exam.

There are many, many others who have opined on this (including other accounants, & lawyers, some of whom practice in this area, as well as other people who are simply more politically connected, and to the best of my knowledge none of them have made such a prediction.

I am not sure why you post this unless your accountant has some special knowledge that you are omitting.

I assume he was relying on whatever you told him and not a whole lot more when he had this "brainstorm".

Very little of what your accountant says has legal or factual precidence, and some of it is just flat out illegal.
Your accountant seems totally unaware of how the legal system works.

Thus far, I have seen no credible evidence that the DOJ has taken any action against Neteller itself or any US funds in Neteller, whatsoever. At most (and this is assuming you think Neteller has stated the facts correctly) the DOJ has "seized' money in transit.

I do think that Neteller is in negotiations with the DOJ and that there will be a resolution, I tend to doubt the agreement with involve the IRS. I am not at all certain that ANY peronal records were requested by the DOJ. Assuming they were, I would expect a FEW high profile tax prosecutions-- which is about the only area in which I agree with your accountant.

[gergery]

the DOJ/IRS almost certainly has neteller records for audit purposes. They've done it before for credit cards http://www.usdoj.gov/tax/txdv02188.htm

several others have posted on this including russ fox, cpa focusing on gambling. it is certainly what i'd do as head of IRS if i had neteller by the balls. this is a done deal imho and i'm not sure why its being discussed.

as for whether they'd take funds directly the IRS does this all the time. they certainly are legally able to do it. it seems somewhat unlikely to me but very possible.

and wtf is up with half the responders not able to correctly read a post??

[yahboohoo]

Your CPA's advice and opinions are rife with speculation...

[ QUOTE ]
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.

[/ QUOTE ]
Your CPA is assuming there will be continuances issued in this case between now and September?

[ QUOTE ]
The IRS will then cross-reference Neteller records with your tax return.

[/ QUOTE ]
More speculation. Your CPA is assuming that the DOJ's case is really directed at the players, not the company, and their real motives are to fish for records damning average Americans.

[ QUOTE ]
And that the govt is freezing Neteller $ to hold onto US players funds until the audits are complete, so they can confiscate the funds directly from neteller based on the audits.

[/ QUOTE ]
More speculation.


Your CPA has posed interesting theories, but they are all based on his assumption that the IRS and US Treasury are involved in this case, and that greed is their motivation, and that they are willing to tediously cross-examine hundreds of thousands of indivudal records while the US Attorneys Office is under fire and we're in the middle of a hardcore election cycle.

[[censored]]

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.

this isnt that far fetched.

[andywend]

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

You simply can't take what many people have to say at face value and I highly doubt his CPA said the things Gergery claims.

There is nothing of public record as of yet that says Neteller has turned over private records to the DOJ and there is nothing that says the IRS has gotten involved.

Now that they have delayed this case past the filing deadline there is no way they can expect people to pay taxes on money that has been stolen by the same federal government that is demanding taxes in the first place.

In the UK, online gambling is legal and gamblers don't pay taxes on the winnings. In the U.S. online gambling is allegedly illegal and yet they want to collect taxes. Our government needs to wake up quick as they are driving our country straight into the ground.

To all of those that are unsure of what to do concerning taxes (I am one of them), consult your own accountant for the best course of action and don't listen to anything that is said here.

[gergery]

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

You simply can't take what many people have to say at face value and I highly doubt his CPA said the things Gergery claims.

There is nothing of public record as of yet that says Neteller has turned over private records to the DOJ and there is nothing that says the IRS has gotten involved.

Now that they have delayed this case past the filing deadline there is no way they can expect people to pay taxes on money that has been stolen by the same federal government that is demanding taxes in the first place.

In the UK, online gambling is legal and gamblers don't pay taxes on the winnings. In the U.S. online gambling is allegedly illegal and yet they want to collect taxes. Our government needs to wake up quick as they are driving our country straight into the ground.

To all of those that are unsure of what to do concerning taxes (I am one of them), consult your own accountant for the best course of action and don't listen to anything that is said here.

[/ QUOTE ]

jesus you people are [censored] retarded.

mods lock this thread

[andywend]

What's retarded is when people get pleasure out of scaring others with posts that have NO FACTUAL CONTENT whatsoever.

[Michael C.]

[ QUOTE ]
the DOJ/IRS almost certainly has neteller records for audit purposes. They've done it before for credit cards http://www.usdoj.gov/tax/txdv02188.htm

several others have posted on this including russ fox, cpa focusing on gambling. it is certainly what i'd do as head of IRS if i had neteller by the balls. this is a done deal imho and i'm not sure why its being discussed.

[/ QUOTE ]

I've thought for a long time this was just stupid, no matter if its Fox or someone else guessing (which is really all they're doing). Could Neteller release tax records to the IRS as part of a settlement? Absolutely, and it may well be a work in progress. But to say they HAVE Neteller records is, IMO, stupid. That's like saying Neteller will give up before the fight even starts. Why would Neteller release records first, negotiate later? Makes no sense at all.

[ML4L]

[ QUOTE ]
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

[/ QUOTE ]

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