The Taxman is coming for the Tournament Dollars
/ Editor / 22 October 2007 / Leave a comment
The IRS in the USA wants to squeeze poker players for more Do-Ray-Me...
A LOOK at poker in the US of A. The country's Inland Revenue Service (the taxman) has already rejected a plan which would have allowed them to harvest an automatic 25% from any poker player in the US that won a live poker tournament with a prize of $5,000 or more. The problem was not the money. As if. The problem was implementing the regulation. And now a new law...
From March 4 2008, tournament sponsors will have to report winnings of more than $5,000. The IRS said it has issued the new requirement "to clear up confusion" about the tax reporting rules that apply to poker tournaments. As it stands, poker tournament winners are required under pain of law to report their winnings on their federal income tax returns. There is no tax on winnings in the UK. Be thankful...
