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Archive Review: Taxes, the IRS, and Online Poker Legality

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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 gamblers for audits. It comes complete with two handy book recommendations for planning your taxes. (Just because it’s May doesn’t mean you shouldn’t think about taxes. Unfortunately, it requires a year-round attention to detail if you want to maximize your savings. If that doesn’t make sense to you, read the books.)
  • Thoughts about the Unlawful Internet Gambling Enforcement Act was my first Q&A. The UIGEA is bad policy and Congress and the President need to repeal it.
  • Online Gambling Legal Woes details some of my thoughts about the potential consequences of the Fed’s shakedown of Neteller.
  • It’s not from my archive, but Taxable Talk is an excellent blog written by poker player/author and CPA, Russ Fox. Check it out.

3 Responses to “Archive Review: Taxes, the IRS, and Online Poker Legality”

@ Thu May 03, 2007 08:45:48 AM
1

[...] Noted Poker Authority Ed Miller issues a warning that the IRS may target online gamblers for audits. [...]

Jason
@ Fri May 04, 2007 06:16:06 AM
2

I would also add that players should keep good, detailed records of all live play and have deposit/withdrawal transaction reports handy. One thing to keep in mind also, and as mentioned in many books I’m sure, is that if a player takes the position that he/she is a poker “professional”, his poker playing may be treated as a business, with the income reduced by “business expenses”. Also, keep in mind that social security taxes will also come into play. Remember, the tax law taxes U.S. residents (as defined by tax law and not immigration laws) on ALL of their income, from whatever sources derived. This includes income from affiliate programs, rakeback, etc. Last thing, there are also severe penalties for not disclosing foreign bank account information for certain financial interests.

I like poker
@ Fri May 11, 2007 01:24:36 PM
3

Cheers man I love those card games, win a bit of money ya ya

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