New Tax Law - Witholding

[mlagoo]

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From the article:

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The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation.

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when did aejones get into politics

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From the article:

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The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation.

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when did aejones get into politics

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mlagoo - 1
rest of world - 0

[mlagoo]

also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward.

[luckychewy]

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From the article:

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The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation.

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when did aejones get into politics

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i lol'd pretty hard at this.

[Bellagibro]

This is going to hurt the tournament community in such a big way. Uncle Sam now gets a interest free loan from us degens and we get less money to Gamb00l up. Glad I don't live in the gold ol' U S and A

[shaniac]

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also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward.

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What's the issue "moving forward" if you intended to pay your taxes, anyway?

[FatalError]

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also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward.

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What's the issue "moving forward" if you intended to pay your taxes, anyway?

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seriously keep good backing records and pay your taxes like a good little us citizen

will they be witholding from countries the US has tax treaties with though? i.e. are canadians and europeans going to end up paying US taxes?

[shaniac]

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will they be witholding from countries the US has tax treaties with though? i.e. are canadians and europeans going to end up paying US taxes?

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Huh? Don't players from tax-treaty countries already have their taxes withheld on US tournament cashes? They don't wind up "paying US taxes." As far as I understand, this new regulation isn't changing who owes tax where, it changes how and when it's collected.

[mlagoo]

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also, this really really sucks. i need to speak to an accountant about wtf im supposed to do moving forward.

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What's the issue "moving forward" if you intended to pay your taxes, anyway?

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it seemed to me that this was going to make staking/being staked significantly more complicated. maybe i was off. and i just want to make sure i know what i need to do whenever i cash in a tournament.

[ryanghall]

Yes, Canadians already pay a witholding tax (which is why I rarely go to US tourneys)

Ryan