Neteller, the DOJ, and the IRS

REOdeathwagon

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Neteller, the DOJ, and the IRS

One of my practice areas is professional gambling. Many gamblers maintained an account with the e-wallet firm Neteller. Neteller served as a financial intermediary between US customers and online gambling firms. In January, the Department of Justice arrested the two founders of Neteller and charged them with multiple offenses, including money laundering. Neteller then pulled out of the US market. Neteller announced today that they are cooperating with the DOJ, and that $55 million in funds had been seized by US law enforcement.

Neteller, in one swell swoop, lost over half of its business. Ignoring whether or not such business was legal, assume you were running Neteller. The Department of Justice has arrested your two founders, has decided to fight you, and you no longer have any means to make financial transactions to the United States. What would you do? Fight the US DOJ, or make the best deal you can? It's clear from the Neteller press release that they are in negotiations with the DOJ, and that transaction records are being sent from Neteller to the DOJ.

Indeed, it's clear what's likely to happen. Neteller and the DOJ will likely come to an agreement. Neteller will announce that they will no longer do business with Americans, and they may have to pay a fine; the DOJ won't indict the company, or any of its current stockholders. The DOJ might even accept some sort of plea bargain for the two founders who were arrested. It's also certain that as part of such a deal Neteller will agree to release details of all transactions between American customers and Neteller.

What does the DOJ want with thousands of pieces of data? Well, Neteller required the customer's name, address, and for many accounts, their social security number. The details of those transactions will undoubtedly be sent to a government agency that's in the revenue collection business: the IRS.

So what does that mean for the customer who used Neteller?

If you complied with the lawyou reported all of your gambling income and your foreign bank accountsyou have nothing to worry about. But probably fewer than 5% of taxpayers report their gambling transactions as income.

First, Neteller is considered to be a foreign financial institution. If you have a foreign bank account, and have $10,000 or more in a foreign bank account(s) at any one time, you are required to file Form TD F 90-22.1 by June 30th of the following year with the Department of the Treasury and check the box at the bottom of Schedule B. If you have a foreign bank account and don't declare it, you can face civil and/or criminal penalties. Anyone who received $10,000 or more in one transaction from Neteller had a foreign bank account. I expect the Treasury Department to check their records and come after those who didn't declare their Neteller account. A few individuals may even face criminal prosecution over this, if they had extremely large transactions from Neteller.

Second, the IRS will check their records and see if individuals receiving funds from Neteller declared gambling winnings. The IRS will almost certainly target those receiving large amounts. If an individual received large amounts from Neteller, and didn't declare any gambling winnings, now is the time to amend your return, and pay the tax, interest, and penalties. It's almost always better to come forward to the IRS than to have the IRS knock on your door.

The IRS's first targets will be those with large (in dollars) transactions. But given the ability of the IRS to conduct computer matching, if you received funds from Neteller and didn't declare any gambling winnings, you might receive a "letter audit" from the IRS. ("Dear taxpayer, we've added $xxx [the amount of money you received from Neteller] to your income. If you agree, pay the tax, interest, and penalties....')

I believe that a few individuals will likely face criminal prosecution over this. If the IRS can find an online gambler who earned over $100,000 and didn't declare his gambling income (and I think the IRS will have several to choose from, and might even find someone who earned over $1 million) that individual could find himself facing jail time for tax evasion.

But what if you used Neteller for non-gambling activities? Interestingly enough, I know of one firm that paid individuals through Neteller. If you declared the income on your tax return (and can show that), there's nothing to worry about. You may have to spend some time responding to an IRS notice, but if you've paid your taxes, you're fine.

However, I believe that many (if not most) online gamblers have thought that since Neteller was based on the Isle of Man (a known tax haven), the IRS would never be able to see their records. You've just lost that gamble. It will take some time, probably several months at a minimum, for the IRS to conduct their matching of records. If you're one of those who just lost the first gamble, do you want to double-down and bet that the IRS won't find you or do you want to amend your return(s) and pay the tax that you knew you owed...and the interest and penalties?

As I've said many times, gambling income is taxable. The Tax Code isn't fair to gamblers, but the alternatives if you don't pay your taxes are worse than paying the tax that you owe. - From Russ Fox of Clayton Financial and Tax of Irvine, CA - Thursday February 8, 2007

Copyright © 2006 and 2005 by Clayton Financial and Tax


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Casinomeister

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Oh barf.

I can hear the IRS "goosestepping" down Main Street USA already.
 

REOdeathwagon

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winbig said:
How are they going to prove NET winnings? It's impossible.

Withdrawals - Deposits = Net winnings

I would doubt the burden of proof is on the IRS. I would think that the burden of proof falls on the taxpayer?
 

footdr

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IRS Identifying Source of EFT transactions to Bank

My Bank advised me that they have no means of determing the source of incoming EFTs, ACH; to my Bank Account. I was told this when I questioned several of the transactions on my Bank Statement.

I was under the belief that for instance, Click2pay, was a 3rd party payer, payment processor, they told me that they are not the originating Financial Institution. So technically, they are an intermediary. I believe that they use a German Bank, we "customers" don't hold an account at that Bank.

I also know Neteller was not the Originating Financial Institution, all their transactions went through their Bank Account who then sent them to the ACH who passes them through to the Recieving Financial Institution.

DOES THAT MAKE SENSE. I am just going by what I read and questions I asked C2P and Neteller.

If they are considered Foreign Bank Accounts, then niether one was, is following international banking laws.

JUST MY THOUGHTS, MIGHT NOT BE WORTH A HILL OF BEANS
 

REOdeathwagon

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First, Neteller is considered to be a foreign financial institution. If you have a foreign bank account, and have $10,000 or more in a foreign bank account(s) at any one time, you are required to file Form TD F 90-22.1 by June 30th of the following year with the Department of the Treasury and check the box at the bottom of Schedule B. If you have a foreign bank account and don't declare it, you can face civil and/or criminal penalties. Anyone who received $10,000 or more in one transaction from Neteller had a foreign bank account. I expect the Treasury Department to check their records and come after those who didn't declare their Neteller account. A few individuals may even face criminal prosecution over this, if they had extremely large transactions from Neteller.


Yup, it does make sense footdr. Correct, NETeller is not a bank, it's a third party processor. I think that Mr. Fox's interpretation is that the IRS / DoT may consider a players NETeller account as a Foriegn Bank account. Not that we as players or the banks themselves consider NETeller a 'bank'.

Also, when you file Form TD F 90-22.1, and check the box at the bottom of Schedule B on your tax return, you are very likely to trigger an audit.

As I've said many times, gambling income is taxable. The Tax Code isn't fair to gamblers, but the alternatives if you don't pay your taxes are worse than paying the tax that you owe.
 

Mousey

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While I do not think NETeller could be considered a foreign bank, (and I realize I am repeating myself here) given the fact that the DoJ and FBI and all those other Federal acronyms have subpoenaed a crapload of documents from NETeller and banks, I fully expect to see many, many U.S. online gamblers and affiliates to be audited by the IRS within the next year or two.

If you gamble at B&M casinos, you might want to get those end of year Win/Loss statements. And don't forget all those losing lottery tickets, either.
 

footdr

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LEGAL DOCUMENT FOR DOJ-HOW NETELLER TRANSFERED OUR FUNDS

subpoena from the US Bank demonstrate that, from in or about March2006 up to and including in or about April 2006, a total ofapproximately $50 million was transferred from an account in thename of the Payment Company at the US Bank in the United States toan account in the name of Cardload Inc. at National Bank of Canadain Calgary, Alberta, Canada. Neteller PLC’s 2004 annual reportstates that Cardload Inc. is a wholly-owned subsidiary of Neteller
Records of automated clearinghouse (“ACH”)transactions obtained pursuant to subpoena from an automatedclearinghouse located in the United States demonstrate thatNeteller processes a significant amount of customer transactionsthrough the automated clearinghouse system, including transactionsfrom customers in Manhattan. The ACH system permits Neteller tohandle internet-based customer transactions. These records furtherdemonstrate that Neteller uses a payment service company (the“Payment Company”) to conduct its customers’ ACH transactions inthe name of the Payment Company. By doing so, Neteller PLCconceals the nature of these financial transactions. The PaymentCompany receives funds in the United States on behalf of NetellerPLC, and then transfers the funds out of the United States toaccounts controlled by Neteller PLC in Canada.b.Records of wire transfers obtained pursuant tosubpoena from a bank in the United States (the “US Bank”)demonstrate that, from in or about January 2006 up to and includingin or about March 2006, a total of approximately $98 million wastransferred by wire from an account in the name of the PaymentCompany at the US Bank in the United States to an account in thename of JSL Systems Inc. at National Bank of Canada in Calgary,Alberta, Canada. --------------------------------------------------------------------------------
Page 6
6c.Records of wire transfers obtained pursuant tosubpoena from the US Bank demonstrate that, from in or about March2006 up to and including in or about April 2006, a total ofapproximately $50 million was transferred from an account in thename of the Payment Company at the US Bank in the United States toan account in the name of Cardload Inc. at National Bank of Canadain Calgary, Alberta, Canada.

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SO IN AROUND ABOUT WAY IT SEEMS FUNDS WERE ACTUALLY PROCESSED TO OUR BANK ACCOUNTS BY A U.S. BANK. SINCE NETELLER WAS USING A U.S. BASED PAYMENT COMPANY TO PROCESS U.S. TRANSACTIONS
 
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winbig

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Withdrawals - Deposits = Net winnings

I would doubt the burden of proof is on the IRS. I would think that the burden of proof falls on the taxpayer?

Who's to say that they used Neteller solely for depositing and withdrawing?

And you're right. It's the taxpayers duty to prove otherwise...

America: Guilty until proven innocent.
 

REOdeathwagon

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America: Guilty until proven innocent.

Sad, but true.

People gotta be informed first, then use the power of their vote. It's the only way things can ever be changed. (unlikely)
 

GrandMaster

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Withdrawals - Deposits = Net winnings

I would doubt the burden of proof is on the IRS. I would think that the burden of proof falls on the taxpayer?
A more correct formula would be
Net winnings=Final balance+withdrawals+outgoing p2p transfers-initial balance-deposits-incoming p2p transfers+charges+amounts spent on nongambling transactions. This would have to be added up over all accounts.

The winnings would also have to be allocated to the various years, since tax rates have changed and gambling losses cannot be carried over from one year to another, but the time of financial transactions will differ from the time of the gambling winnings or losses.

Then there is a big question about bonuses. There is obviously no rule about how to treat the different kinds of bonuses, but there might be some precedent on how promotional chips in land-based casinos are treated, whether they are considered gambling income, other income or not taxable income at all (very unlikely).

As for the burden of proof, if the internal procedures are exhausted and the IRS sends a note of deficiency, you have two choices: not pay up and fight for justice in tax court, or pay up and sue in US Disctrict Court for a refund.
 

winbig

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Then there is a big question about bonuses. There is obviously no rule about how to treat the different kinds of bonuses, but there might be some precedent on how promotional chips in land-based casinos are treated, whether they are considered gambling income, other income or not taxable income at all (very unlikely).

AFAIK, "bonuses" and comps from land based casinos aren't reported in a yearly win/loss report. I just checked mine from Harrah's, and it only included wins/losses on table games & slots. There was no mention of comps - rooms/cash/whatever. I'm assuming it's looked upon as you having a friend that gives you $20 out of the blue for no reason whatsoever. Would you claim that? I sure wouldn't :thumbsup:

Interestingly enough, they do not track poker winnings / losses at land based casinos.

As far as online gaming *Bonuses* (Not comps) - if they are a sticky bonus, I don't think they should be counted. You never received any money from that bonus. If it was a cashable bonus, then yes, it should be included.
 

winbig

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i'm definately out of the loop on US taxes but it is my understanding that the casinos do not track winnings for table games. has this changed?


Yes. Like I said earlier, when I checked my win/loss report for 2006 it showed table games as well as slots....with the exception of poker...;)

I can only speak for the Harrah's group. Others may be different.
 

GrandMaster

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AFAIK, "bonuses" and comps from land based casinos aren't reported in a yearly win/loss report. I just checked mine from Harrah's, and it only included wins/losses on table games & slots. There was no mention of comps - rooms/cash/whatever. I'm assuming it's looked upon as you having a friend that gives you $20 out of the blue for no reason whatsoever. Would you claim that? I sure wouldn't :thumbsup:
I doubt that the IRS would take such a charitable view in the case of a professional bonus hunter.
 

winbig

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I doubt that the IRS would take such a charitable view in the case of a professional bonus hunter.

Quite ironic...the IRS/DoJ labeling players as "Bonus abusers".

But seriously, if a player cannot cash out a bonus, how can it be counted as a win or loss? Seems like a wash to me.
 

EasyRhino

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A bonus-hustler is going to have winning sessions. And the winning sessions are going to be for greater amounts than the losing sessions.

Therefore, taxes.

Besides, IRS say that taxes are supposed to be paid on winnings per session, not net over a year (although losses per session can also be deducted). It's ridiculously complicated, and can only be done accurately by keeping a log.

I'd much rather just ignore the subject completely on my 1040 form, and also not pay tax on the winnings, too.
 

REOdeathwagon

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Russ Fox, E.A. is a tax practitioner enrolled to practice before the Internal Revenue Service. Russ, has some other posts relevant to this subject on his blog (which is great -by the way). I have copied and pasted some of the articles and links. Instead of butchering his posts with my interpretation of them. Russ, is also a poker player and is the co-author of Why You Lose at Poker

Why You Keep a Gambling Log :
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The Tax Court reviewed the case of a couple that enjoyed playing the slots in Atlantic City. The IRS thought that the couple were winners; the couple alleged that they lost. What would the Tax Court say?

Terri and Austin Hartsook won $230,825 playing slot machines in 1999 and $293,750 in 2000. They claimed gambling losses (as an itemized deduction) of the same amounts. The IRS allowed at trial $76,314 of losses in 1999 and $55,750 in 2000. According to the Hartsooks, the IRS disallowed all gambling losses at Harrah's.

The Hartsooks received numerous W-2G's from Harrah's. The Hartsooks used a formula to calculate their losses:

"As we understand the way in which petitioners calculated their claimed gambling losses at Harrahs, petitioners multiplied the number of minutes between gambling winnings at a $100 slot machine or a $25 slot machine, as reflected on the respective Harrahs substitute Forms W-2G with respect to Aug. 13 and 14 and Sept. 4, 1999, by the amount that they estimated they would have been able to wager within a minute in such a $100 slot machine or such a $25 slot machine if they had played two coins at one time. Mr. Hartsock testified that he would have been able to wager within a minute $1,200, give or take $200, in a $100 slot machine and $300 in a $25 slot machine. Mr. Hartsock testified that petitioners reduced the amount so calculated to reflect that they would not have been constantly wagering in slot machines that they were playing because they would have stopped wagering to light up cigarettes, get drinks, or talk with others."


There's a problem with this. "[The Court is] unwilling to rely on Mr. Hartsocks self-serving and uncorroborated testimony and the self-serving and uncorroborated workpapers that petitioners prepared in order to establish that they incurred gambling losses at Harrahs on certain dates during 1999." Additionally, they didn't have any evidence to show gambling losses in 2000.

What should they have had? A contemporaneous logbook would have been a good start. If they belonged to Harrah's slot club, they should have gotten a printout of their wins and losses. (Of course, they'd also have to claim the gambling wins that were not shown on W-2G's.) In any case, not only did they lose on the gambling losses, the Court upheld a negligence penalty.

So the next time you play the slots, we hope all you do is win (so you don't have to worry about the losses). But if you do lose, write it down correctly in a logbook and you should be protected if the IRS knocks on your door.
2007 by Russell Fox, E.A., All Rights Reserved.

Case: Hartsook v. Commissioner

It's Unfair, but Tough
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Today the Tax Court decided two cases where the Court basically said, you're right, the law is unfair, but toughyou have to obey it.

The first case involves a gambler who wanted to net her wins and losses. If you're a regular reader of this blog, you know that only professional gamblers can do this. In this case, both the IRS and the taxpayer agree that the wife lost more than she won. However, the amount she wonsome $13,400will have to be included as income (Other Income, line 21). As the taxpayer is retired, this caused some social security income to be taxable and that a credit for qualified retirement savings was eliminated. The taxpayer was allowed to deduct her gambling losses as an itemized deduction. The Court noted,


"Petitioners are [non-professional gamblers], and their only entitlement to the deduction for their gambling losses is the manner in which respondent determined it as an itemized deduction. Petitioners have cited no authority, and indeed there is no authority to support their argument that unrelated income and credits are immune from the effects of the manner in which respondent treated their gambling winnings and losses."
2007 by Russell Fox, E.A., All Rights Reserved.

Case: Spencer and Egerton v. Commissioner
 
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REOdeathwagon

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EasyRhino said:
Besides, IRS say that taxes are supposed to be paid on winnings per session, not net over a year
winbig said:
What's the difference?

For instance a detailed log for poker it would include: date, table #, limit / stakes, buy in, rebuys, hours played in the session, won lost amount? I would assume, possibly more?

Russell Fox said:
http://www.twoplustwo.com/magazine/current/Fox0207.html
Myth #7. - I can lump my play on the Internet for a full day (or week, month, or year) as a session.
Unless there are specific rules stating otherwise, the tax treatment of the virtual world is the same as the brick and mortar world. I have previously written on the definition of a session ((link: URL Not Found / Outdated. Theres no way that play for a year, month, or week will pass the IRS smell test. Indeed, I do not believe that defining a session as a day will be accepted unless youre playing for a full, continual 24-hour period. 2007 by Russell Fox, E.A., All Rights Reserved.
 

footdr

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PAY TAXES PER SESSION?

That might work in Nevada, because on big slot wins, they deduct the taxes.

How in the world could you possibly pay taxes for winning online when playing online is:

l. illegal(according to Fed government)Dear IRS here is the tax for the money I won illegally by illegally transfering money to offshore casinos. Since I play almost everyday, can you send me Tax deposit forms so I can transfer the taxes from my Bank Account"

2. you might win,that session, but if your deposits to the casino still equal more than you have won,you still have a loss.

3. what is the definition of "Session"? a day, week, year. Playing online is quite different from occassionally playing in vegas.

4. If audited, they would find that a large percentage of people playing for a year or more would show a loss or break even. I have been playing for 2 years. I have never deducted the losses but in the long run they probably outweigh the wins, I NEVER HIT THE JACKPOT. So I would not be subject to paying taxes on lost money. Those people winning jackpots and transfering large amounts are the ones that should be worried, because the RED FLAG will go up.

5.How many people who occassionly win in vegas, claim in on their taxes. The casinos do not keep track of people playing slots or blackjack that win a couple of thousand, unless they hit a jackpot, right, and then you have to sign a tax form.

6. There are no written IRS guidelines regarding ONLINE GAMBLING losses or wins, or how to report them, obviously, since the government thinks federal law prohibited it even though no law in your state prohibits it

Submitting the information to the IRS when you have not won a substantial amount of money will do nothing more than incriminate yourself and raise a RED FLAG for audit.

Lets face it, they are not able to collect taxes from all the money won at landbased casinos. To bad they don't realize that it would be easier for them to keep tabs on online winnings since most all transactions go through an individuals bank account.
 

footdr

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PAY TAXES PER SESSION?

That might work in Nevada, because on big slot wins, they deduct the taxes.

How in the world could you possibly pay taxes for winning online when playing online is:

l. illegal(according to Fed government)Dear IRS here is the tax for the money I won illegally by illegally transfering money to offshore casinos. Since I play almost everyday, can you send me Tax deposit forms so I can transfer the taxes from my Bank Account"

2. you might win,that session, but if your deposits to the casino still equal more than you have won,you still have a loss.

3. what is the definition of "Session"? a day, week, year. Playing online is quite different from occassionally playing in vegas.

4. If audited, they would find that a large percentage of people playing for a year or more would show a loss or break even. I have been playing for 2 years. I have never deducted the losses but in the long run they probably outweigh the wins, I NEVER HIT THE JACKPOT. So I would not be subject to paying taxes on lost money. Those people winning jackpots and transfering large amounts are the ones that should be worried, because the RED FLAG will go up.

5.How many people who occassionly win in vegas, claim in on their taxes. The casinos do not keep track of people playing slots or blackjack that win a couple of thousand, unless they hit a jackpot, right, and then you have to sign a tax form.

6. There are no written IRS guidelines regarding ONLINE GAMBLING losses or wins, or how to report them, obviously, since the government thinks federal law prohibited it even though no law in your state prohibits it

Submitting the information to the IRS when you have not won a substantial amount of money will do nothing more than incriminate yourself and raise a RED FLAG for audit.

Lets face it, they are not able to collect taxes from all the money won at landbased casinos. To bad they don't realize that it would be easier for them to keep tabs on online winnings since most all transactions go through an individuals bank account.
 

REOdeathwagon

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footdr said:
3. what is the definition of "Session"? a day, week, year. Playing online is quite different from occassionally playing in vegas.

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Myth #7. - I can lump my play on the Internet for a full day (or week, month, or year) as a session.

Unless there are specific rules stating otherwise, the tax treatment of the virtual world is the same as the brick and mortar world. I have previously written on the definition of a session. Theres no way that play for a year, month, or week will pass the IRS smell test. Indeed, I do not believe that defining a session as a day will be accepted unless youre playing for a full, continual 24-hour period. 2007 by Russell Fox, E.A., All Rights Reserved.

The above is for poker, I do not know if it would pertain to casino games? If you go through the link, I think you can find Mr.Fox definition of a session.

footdr said:
4. If audited, they would find that a large percentage of people playing for a year or more would show a loss or break even. I have been playing for 2 years. I have never deducted the losses but in the long run they probably outweigh the wins, I NEVER HIT THE JACKPOT. So I would not be subject to paying taxes on lost money. Those people winning jackpots and transfering large amounts are the ones that should be worried, because the RED FLAG will go up.

I do not think they would go after losers or marginal winners, the financial incentive is just not there for the IRS. They would go after the jackpot winners. After you win a jackpot is not the time to start covering your ass.

footdr said:
5.How many people who occassionly win in vegas, claim in on their taxes. The casinos do not keep track of people playing slots or blackjack that win a couple of thousand, unless they hit a jackpot, right, and then you have to sign a tax form.
If you complied with the lawyou reported all of your gambling income and your foreign bank accountsyou have nothing to worry about. But probably fewer than 5% of taxpayers report their gambling transactions as income.

When you hit that jackpot and sign the form, with no records to cover your ass, on losses, now you pay the full tax on winnings = IRS wins. Instead of paying your true tax liability and being able to deduct your losses.

footdr said:
6. There are no written IRS guidelines regarding ONLINE GAMBLING losses or wins, or how to report them, obviously, since the government thinks federal law prohibited it even though no law in your state prohibits it

Unless there are specific rules stating otherwise, the tax treatment of the virtual world is the same as the brick and mortar world.
Gambling is gambling. Income is income. Al capone didn't go to jail for bootlegging or murder, he went to jail for not paying his income tax.

footdr said:
Submitting the information to the IRS when you have not won a substantial amount of money will do nothing more than incriminate yourself and raise a RED FLAG for audit.


If you do file Form TD F 90-22.1, and check the box at the bottom of Schedule B. You are very likely to instigate an audit. If you don't, you may face civil and/or criminal penalties for not declaring a foreign bank account(s)? Damned if you do, damned if you don't.

Today the Tax Court decided two cases where the Court basically said, you're right, the law is unfair, but toughyou have to obey it.
The U.S. Tax Code is complex. Its unfair to gamblers. Parts of it are just plain stupid. But its the law. And when you break the law, there are consequences. Its a whole lot easier to pay your taxes now than to wait for the IRS to find you and pay taxes, interest, penalties, and possibly find your way to prison. 2007 by Russell Fox, E.A., All Rights Reserved.
 

footdr

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STILL HAVE QUESTIONS RE: FOREIGN BANK ACCOUNT

Neteller and the like are payment processors same as Paypal. They facilitate e-commerce payment transactions. They process the transactions through their bank affiliate who we have no access to. Their bank apparently then transfers the transactions to the ACH on their behalf. So I do not know how a payment processor can be considered a bank or financial institution.

Clearly I could have a credit card issued by Citi Bank and yet not have a bank account at Citi Bank. Tax forms do not require us to list Citi Bank under Bank Accounts if we have a Credit Card issued by Citi Bank, do they?

Given that Neteller and Firepay and Citadel and Click2pay, issue funds for our deposits prior to receiving funds from our bank account, I would logically think they would be better categorized as electronic charge/credit companies.

They simply process payments between bank to merchant and merchant to bank.

If you look up Financial institutions and Banks you won't find these companies. Look up Payment Processors/ecommerce and you will find them there.

Right now, I am more worried about getting my money out of Click2pay now that I know it is a WIRE TRANSFER versus the normal EFT/ACH. I am trying to decide if $2800 is worth the risk, since the FED is putting more emphasis on watching international wire transfers according to the breaking news(florida banks). I can't figure out why wire transfer can be successful for Click2pay and EFT is not. They don't have any problem getting the money out of my Bank Account via eft, why can't they send it back by the same method?
Searched but can't find the answer to that question anywhere.
 

REOdeathwagon

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# 1 - Because they are foreign based financial companies. They are regulated by the FSA (which seems to be a UK version of the FDIC). They recieve, hold, and transfer, and credit funds worldwide for their (American) account holders. All of the aforementioned account options can be done in multiple currencies. The IRS has always been concerned about American citizens that have foreign based bank accounts (before the internet, foreign based financial companies were usually banks). This has more to do with possible tax shelters, than online gaming. NETeller is based in the Isle of Man, this country(?) is considered an offshore tax haven.


#2 - I have never had a Click2Pay account, so this is just speculation on my part. Click2Pays customer service always seemed to be rated poor. Even before this sudden increase in business that just came their way. Now these customer service agents are 200% busier than they have ever been. Try calling them on the phone (they probably won't answer). If you can manage to get a csr on the phone, or email, or live chat, bite your tongue and be as courteous as you possibly can be. And see what Click2Pay recommends as the quickest way to recieve your funds. With $2800, I would be less concerned about fees. I would more concerned about recieving the funds as soon as possible. Things are changing very quickly in this market. Wire transfer, or paper check sent by FedEx might possibly be your best options right now. I personally would be more concerned about getting my $$ quickly than the Florida bs mentioned in the other thread, or fees.

If my reply does not help your problem with Click2Pay, and you cannot seem to get help on Casinomeister. A poster that has been around in threads recently is GrandMaster, click on the link in his signature, and see if you can research your answer on his fine forum? Or possibly try 2+2.com > Internet forum? Good Luck with Click2Pay and your $2800.


FWIW, duplicate posts in different threads will usually just slow a response down, not speed it up. The Big Boss Man himself already mentioned this last week.
 
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