New tax regs for poker accounts

[jetset]

From EGR today:

"American online poker players may no longer need to report their poker accounts to the IRS as foreign bank accounts, after the law governing the Foreign Bank and Financial Accounts (FBAR) tax form was changed.

"Previously all such accounts which held more than US$10,000(£6,132) had to be reportedto the tax body, with severe penalties for failing to do so, however the Financial Crimes Enforcement Network (FINCEN) published revised regulations last week on what accounts are reportable on the FBAR form."

[BingoT]

FBARs No Longer Required for Poker Accounts

The Financial Crimes Enforcement Network (FINCEN) published revised regulations for the Report of Foreign Bank and Financial Accounts (FBAR) in the Federal Register today. Poker accounts were reportable because they were pooled accounts with the money held in one central account (fund). However, the new rules change the accounts that must be reported:

Author: Russ
http://www.taxabletalk.com/2011/02/2...oker-accounts/