New IRS Regulations for Poker Tournaments
Usually when the words “new regulations” come out the offices of the Internal Revenue Service most of the population should prepare for something that will feel remarkably like a prostate exam. Those who enjoy the sport of tournament poker had better get ready for the IRS to make them very uncomfortable in the coming year. Starting on March 4, 2008 the IRS is implementing a new requirement for reporting poker tournament winnings.
“In the past, sponsors and players have been confused over whether sponsors who hold the money for players are required to report the winnings and/or withhold taxes on the winnings,” said Mark Walstrom, an Enrolled Agent and Licensed Taxpayer Representative from JK Harris & Company, the nation’s largest tax resolution firm.
The new regulations mandate that all tournament sponsors report tournament winnings of $5000 or more…
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Poker slang:
- TOP PAIR - In flop games, having a hole card that matches the highest card on the board.
- FAMILY POT - A pot where all of the players at the table are participating, even after each has had an opportunity to act.
- OPEN-HANDED - A category of games characterized by a part of each player's hand being exposed.
- CHASE - To continue in a hand, often at poor odds, in the hopes of catching a much better hand. "He called, chasing the flush.".
- S&M - Sklansky & Malmuth. Generally refers to the ideas and algorithms published by these two authors. When used in a 7-card stud context, often refers to "7 Card Stud For Advanced Players", and when used in a Hold'em context, often refers to "Texas Hold'em For Advanced Players".
- BRODERICK CRAWFORD - In Hold'em, hole cards of 10-4. From the 1950s TV series "Highway Patrol", starring Broderick Crawford.
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