CPA on when Neteller $ returned

[gergery]

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

[Sparta45]

If your CPA really told you that, then you should get a new CPA. That makes no sense what-so-ever.

If I have $10,000 in neteller, that does not mean I have $10,000 in income. I could have $10,000 in income or I could have losses. This is nothing more than cash. That's like saying the IRS is going to look at our bank accounts and decide how much to tax us.

What a ridiculous post. Get yourself a new accountant.

[spino1i]

[ QUOTE ]
If your CPA really told you that, then you should get a new CPA. That makes no sense what-so-ever.

If I have $10,000 in neteller, that does not mean I have $10,000 in income. I could have $10,000 in income or I could have losses. This is nothing more than cash. That's like saying the IRS is going to look at our bank accounts and decide how much to tax us.

What a ridiculous post. Get yourself a new accountant.

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[DING-DONG YO]

[ QUOTE ]
[ QUOTE ]
If your CPA really told you that, then you should get a new CPA. That makes no sense what-so-ever.

If I have $10,000 in neteller, that does not mean I have $10,000 in income. I could have $10,000 in income or I could have losses. This is nothing more than cash. That's like saying the IRS is going to look at our bank accounts and decide how much to tax us.

What a ridiculous post. Get yourself a new accountant.

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where in his post does he say that the CPA gave any kind of opinion as to how to treat the income? This sounds like his CPA's personal opinion of the outcome of this neteller nonsense and that's it.

But the post doesn't say that, so I'm just assuming.

[gergery]

You may have misunderstood my post.

He is saying that Neteller has turned over their records to the USGovt. The IRS will then cross-reference Neteller records with your tax return. If Neteller shows you have transfered lots of money to your bank acct but haven't claimed it on your return, then you get an audit letter. Or if you haven't filled out the foreign bank acct form.

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.

-g

[FatalError]

[ QUOTE ]
You may have misunderstood my post.

He is saying that Neteller has turned over their records to the USGovt. The IRS will then cross-reference Neteller records with your tax return. If Neteller shows you have transfered lots of money to your bank acct but haven't claimed it on your return, then you get an audit letter. Or if you haven't filled out the foreign bank acct form.

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.

-g

[/ QUOTE ]

thanks for the clarification

you are still wrong, there is no precendence for this

[palman]

[ QUOTE ]
If your CPA really told you that, then you should get a new CPA. That makes no sense what-so-ever.

If I have $10,000 in neteller, that does not mean I have $10,000 in income. I could have $10,000 in income or I could have losses. This is nothing more than cash. That's like saying the IRS is going to look at our bank accounts and decide how much to tax us.

What a ridiculous post. Get yourself a new accountant.

[/ QUOTE ]

You are correct. The only thing I wish to point out is there are going to be tons of poker players that will read this, and consider their 10k in cash in neteller as not winnings or income since it's seized not to be income and decide not to declare it until it's released, which couldn't be a worse mistake.

[DING-DONG YO]

[ QUOTE ]
[ QUOTE ]
If your CPA really told you that, then you should get a new CPA. That makes no sense what-so-ever.

If I have $10,000 in neteller, that does not mean I have $10,000 in income. I could have $10,000 in income or I could have losses. This is nothing more than cash. That's like saying the IRS is going to look at our bank accounts and decide how much to tax us.

What a ridiculous post. Get yourself a new accountant.

[/ QUOTE ]

You are correct. The only thing I wish to point out is there are going to be tons of poker players that will read this, and consider their 10k in cash in neteller as not winnings or income since it's seized not to be income and decide not to declare it until it's released, which couldn't be a worse mistake.

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Op never said his accountant said that.

[playah8er]

you might have the dumbest accountant in this country

[Steve565]

It's interesting the wide range of opinions that come from folks in the accounting field.

This would be fitting for how ridiculous this whole thing has been - to waste more time and resources auditing a group of people who were enjoying a past time.

And may I remind everyone - a pastime in which we as players are large scale net losers.

Yeah, I know, everyone here is good and shows a profit. But as a group, the amount of money being lost by card players is obviously quite large.

If we had some good business people in congress, they would be finding a way to regulate the on-line poker industry, and keep the large tax base here.

I think it would be completely insane to see a massive audit of folks with money in Neteller accounts, so I guess it's about 50-50.