The Sky Is Not Falling (Yet)

June 2nd, 2010 admin

For online gamblers, yesterday was the day that banking regulations relating to the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 went into effect. The legislation itself passed in 2006 (it was attached to the Safe Ports Act). Kay Bell at her excellent blog, Don’t Mess With Taxes, stated, “Attention online gamblers. When you go to ante up today, your bet is likely to be refused.” Not yet, anyway. What changed yesterday is that banks are now required to have policies to prevent funds from flowing to purveyors of “unlawful internet gambling.” The law itself did not change …


Originally posted on TaxableTalk

 
  Related Posts
Aloha! Hawaii Repeals Gambling Loss Prohibition
Last summer Hawaii enacted a tax, err, the elimination of the ability to take gambling losses as an itemized deduction. This made our fiftieth state even less of a good place for gamblers to reside. Today, Governor Linda Lingle signed legislation repealing the repeal of the gambling loss deduction. Hawaiian gamblers can now take gambling losses as... 
Ohio Adds Gambling Loss Deduction…In 2013
Ohio Adds Gambling Loss Deduction…In 2013
The Ohio legislature recently passed HB 519 . The measure creates the Ohio Casino Commission to run Ohio’s soon-to-exist casinos. There’s a bit of good news for Ohioans buried in the measure. Beginning with tax year 2013, Ohio residents will be able to deduct gambling losses up to the amount of their winnings. Professional gamblers... 
Taxes and Online Gambling: General Presentation on June 15th
I’ll be presenting a one-hour continuing education talk on Taxes and Online Gambling at the monthly meeting of the Orange County Chapter of the California Society of Enrolled Agents next Tuesday, June 15th. If you’re near the Phoenix Club (1340 S Sanderson Ave, Anaheim) come out and enjoy an introduction to this issue. I’ll also... 
More Gambling Questions from the Mailbag
A few interesting questions have come in recently on gambling and taxes: Question. I think it’s ridiculous that you have to file an FBAR on an online gambling account. These aren’t bank accounts and I don’t think the government can force me to file this form. Answer. The Department of the Treasury has the unlucky task of determining... 
Specifics Trumps General in Gambling Losses for Taxes
Congress writes the Tax Code. That leads to many situations where there’s conflicting language between two sections of the Code. Section 162(a) allows for the deduction of necessary and ordinary business expenses. Section 165(d) limits gambling losses to the amount of gambling winnings. Which section wins out for a professional gambler who... 
Bad States for Amateur Gamblers
All states are alike, right? That’s definitely not true in the world of tax. Some states don’t have an income tax. Other states have very high income tax rates. Amateur gamblers have a special concern: The ability (or lack thereof) to deduct gambling losses. For an amateur gambler, gambling losses are an itemized deduction. On the federal... 
Making Work Pay Credit Will Most Likely Cause IRS Back Taxes
At the beginning of this month, the Treasury Inspector General released a report describing the negative effect that reduced withholding associated with the Making Work Pay Credit (MWPC) could cause. What the report mentioned is that 15+ million taxpayers could owe taxes when filing in 2009 and 2010 due to the fact that thewithholding tables failed... 
Online Gambling Addresses
The IRS and Department of the Treasury stated in January 2009 that online gambling websites are considered to be foreign financial accounts. If you have $10,000 or more in one or more foreign bank and/or financial accounts, you must report them on Form TD F 90-22.1. There’s a problem, though. Most of these entities don’t broadcast their... 
HR 2267: Much Ado About Nothing
Online poker players and the Poker Players Alliance are celebrating the markup and passage of HR 2267 in the House Financial Services Committee. The measure passed the committee on a vote of 41 yes, 22 no, with one Congresscritter voting “Present.” The measure can now be taken up by the full House of Representatives. The good news is... 
Donations to Haiti Relief Via Online Gambling Websites
I’ve received quite a few inquiries asking about making a donation to Haiti earthquake relief via an online gambling website. Here’s the latest: An online poker site is saying that if I transfer funds to a specific account, they’ll use the money for earthquake relief in Haiti. Would such contributions be tax deductible? The answer... 
  Related Tweets from Twitter
brandy29 (Brandy)  : RT @thomaslennon: Seems like if you're good at gambling, you're a professional. If you're bad at it, it's an addiction...
Updated : 2010-09-07T01:32:39Z   |  Reply  |  View Tweet
inigofernando (Inigo Fernando)  : so true RT @funnyoneliners:Seems like if you're good at gambling, you're a professional. If you're bad at it, it's an addiction...
Updated : 2010-09-07T01:30:08Z   |  Reply  |  View Tweet
JessB1184 (Jess?)  : RT @funnyoneliners: Seems like if you're good at gambling, you're a professional. If you're bad at it, it's an addiction. via @thomaslennon..
Updated : 2010-09-07T01:30:08Z   |  Reply  |  View Tweet
neobuxing (Carlos Silva)  : START THE GAMES web starts here - gaming gambling 4 the Best http://ht.ly/2AhnB..
Updated : 2010-09-07T01:30:07Z   |  Reply  |  View Tweet
amazonets (ASWinq)  : START THE GAMES web starts here - gaming gambling 4 the Best http://ht.ly/2AhnA..
Updated : 2010-09-07T01:30:06Z   |  Reply  |  View Tweet
  Related News from Digg
No comments yet.

Spam Protection by WP-SpamFree

TOP