According to an IRS Bulletin, beginning March 4, 2008 the IRS will require tournament directors to withhold taxes from poker tournament winners who win in excess of $5,000. It requires this withholding at the third-lowest tax rate which is …Login/Register for more.

Welcome to this week’s archive review, the legal edition. It’s a topic that’s obviously on many people’s minds lately, so I figured it was worth spending some time on in the archives.

The Audits are Coming is a warning to Americans that I think the IRS will increasingly target online …Login/Register for more.

I’ve been something of a broken record in the past about the fact(s) that:

Gambling income is taxable in the US
Lots of people aren’t declaring poker income on their returns
The transactions are all logged, so there’s no plausible deniability if they look into your stuff
They will start …Login/Register for more.

I can’t say I’m very surprised to hear it, but today it became official. Neteller is rolling over to save itself from the headache and expense of a fight with the DOJ. Neteller issued a press release today. The lowlights are the …Login/Register for more.

At the risk of beating a dead horse, I just wanted to share a little of my morning paranoia. So I know that despite my protestations, a number of online poker players still don’t plan to report their play on their taxes. I frankly think …Login/Register for more.

Poker players are abuzz lately with the news that two Neteller execs were arrested on money laundering charges. The feds’ position:
“Internet gambling is a multibillion-dollar industry,” Mark Mershon, assistant director-in-charge of the New York FBI office, said in a statement. “A Online Gambling Legal Woes|152|3.95|USD|| significant portion of that is the illegal handling [...]

This morning I saw a post on pocketfives where someone claims they just received an audit notice from the IRS. They say they did everything they were supposed to do (filed quarterly estimates and reported the income) and they still got an audit notice The Audits are Coming|78|3.95|USD|| from the IRS.
A year ago [...]