tag:blogger.com,1999:blog-1169281096117913024.post5340258245314568588..comments2024-03-27T04:14:38.477-05:00Comments on crAAKKer: A Touch of Grey for Full Tilt Players?Grange95http://www.blogger.com/profile/01857460215043659894noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1169281096117913024.post-57763617835004810162012-08-02T09:05:42.276-05:002012-08-02T09:05:42.276-05:00Here is my post discussing the foreign bank accoun...Here is my post discussing the foreign bank account regulations as applied to offshore online poker accounts:<br /><br />http://taxdood.com/2011/02/24/fbar-requirement-for-offshore-online-casino-accounts-in-doubt/Brad Polizzanohttp://taxdood.comnoreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-39987445524387269472012-08-02T09:04:16.266-05:002012-08-02T09:04:16.266-05:00@Carl: Due to a fairly recent change in the regula...@Carl: Due to a fairly recent change in the regulations related to foreign bank account reporting, it appears that accounts with offshore online poker sites may not be not subject to reporting:<br /><br /><a href="http://taxdood.com/2011/02/24/fbar-requirement-for-offshore-online-casino-accounts-in-doubt" rel="nofollow"></a>Brad Polizzanohttp://taxdood.comnoreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-67906346912330842902012-08-01T22:45:21.015-05:002012-08-01T22:45:21.015-05:00With Stars getting Tilt (while playing savior to t...With Stars getting Tilt (while playing savior to the Tilt players) do they also get much in the way of additional European or other non-US customers? Or did Tilt have a heavily US centered customer base? I don't know, just spitballing here. They'll have the software interface they were using, and of course will know who they are since they're taking the responsibility of paying the non-US customers directly.Local Rocknoreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-81358797149332357802012-08-01T12:53:32.806-05:002012-08-01T12:53:32.806-05:00@ Memphis MOJO: That question requires a longer a...@ Memphis MOJO: That question requires a longer answer, but the short answer is that Stars gets the forfeiture lawsuit settled, and gets to look like the white knight. There is no adjudication that Stars was operating illegally, so they have a shot at getting past regulators if/when they apply for US licenses (though I still think some of the associated guilty please implicate Stars to a large degree, and will pose a big hurdle to licensing). And they get the FT Rush Poker and other software, and possibly some intellectual property rights, for whatever value that has.<br /><br />@Carl: The foreign bank account issue is interesting. I hadn't thought of it, but with all of the "Tilt transfer" economy that existed, it certainly might be an option for the IRS.Grange95https://www.blogger.com/profile/01857460215043659894noreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-62681232637989967422012-08-01T11:35:53.226-05:002012-08-01T11:35:53.226-05:00And, who knows--the IRS may consider this a "...And, who knows--the IRS may consider this a "foreign bank account", and look into those who had more than $10k, and didn't disclose it.Carlhttps://www.blogger.com/profile/15004891017118832931noreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-75170667183436003892012-08-01T11:27:54.278-05:002012-08-01T11:27:54.278-05:00I haven't seen discussed anywhere why Poker St...I haven't seen discussed anywhere why Poker Stars is willing to pay this large amount of money. Will it give them a leg up towards entering the U.S. market?Memphis MOJOhttps://www.blogger.com/profile/12653631347560307425noreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-43903400437534332232012-08-01T06:44:28.128-05:002012-08-01T06:44:28.128-05:00@ Cardgrrl: You are correct that the DOJ generall...@ Cardgrrl: You are correct that the DOJ generally does not alert the IRS to tax issues uncovered during non-tax investigations. There are a couple of different issues in play, however, that I'm referring to in my post. <br /><br />The first is the simple sharing of information related to funds held (e.g., tax liens, child support garnishments, etc.). That information is routinely shared.<br /><br />As for audits, although the DOJ likely won't comb through the Full Tilt records directly to find players who underreported poker income, players with larger balances nonetheless are likely to independently trigger IRS audits based on the absolute size of 1099/W2-G income reported, or the relative size of the poker income reported relative to past reporting and/or current income. For most players, the account balance will be small enough that there is little risk of an audit. But for players well into the upper five figure range or above, they would be wise to make certain their supporting records are in good shape.Grange95https://www.blogger.com/profile/01857460215043659894noreply@blogger.comtag:blogger.com,1999:blog-1169281096117913024.post-81633683064262071052012-07-31T23:45:23.850-05:002012-07-31T23:45:23.850-05:00My understanding, perhaps deeply flawed, is that i...My understanding, perhaps deeply flawed, is that it is NOT routine for the DoJ to share potentially tax-related information with the IRS in cases where the individual has no criminal involvement (i.e. no current judgment/garnishing/etc.).<br /><br />Disclaimer: IANAL and I'm also pretty ignorant.NT (aka Cardgrrl)http://www.somebeaut.com/noreply@blogger.com