If you were worrying about the tax implications of that big poker tournament win you enjoyed in the United States, the U.S. Treasury has a plan for you according to a report carried in Card Player magazine this week.
The magazine discusses the August 15 publication of the U.S. Treasury's 2006-2007 Priority Guidance Plan, which includes a list of 264 tax projects scheduled for implementation within the next 12 months. Four final regulations listed within the tax administration section include a project on revenue procedures regarding withholding rules applicable to poker tournaments.
With a dramatic increase in high-buy-in events, record-breaking attendance, and enormous prize pools, Card Player says that there’s a lot of money changing hands. Televised tournaments have put poker in the spotlight, and though all of these factors have elevated the sport and encouraged growth, it has also made poker more conspicuous. It was therefore only a matter of time before the IRS took notice.
With taxes from big prizepools and dozens of major tournaments across the country, the IRS could put a dent in the national debt, and not just with American winnings. Even non-Americans will find themselves giving up a little more juice to stay in action, the magazine opines. The good news is that the Treasury’s Priority Guidance Plan could set the groundwork for other areas within the poker industry, while once and for all granting the sport some legitimacy.
In either case, poker players won’t have to wait long for an answer. “While the list usually grows to keep pace with new IRS or taxpayer concerns, the number of projects scheduled to receive attention this year is nothing out of the ordinary in terms of volume,” says Treasury spokesman Sean Kevelighan.
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