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."
"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."