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…
Related Poker News:
- Nevada Passes Online Poker Regulations
- House Hearing Examines Burdensome UIGEA Regulations
- Talks On Internet Poker Regulations Produce Little Controversy
- A Look at the Nevada Gaming Commission’s Online Poker Regulations
- Gaming regulators unveil rules to oversee Internet poker
- Tavern video poker games face new regulations
- New Nevada regulations allow for poker website licenses if Congress approves Internet gambling
- Poker Regulations Up This Week
- Betfair Challenges Proposed Guidelines For German Online Poker, Gaming Operations
- Praise for US Suspension of UIGEA
- UK releases new license regulations
- The Nightly Turbo: Regulations in Costa Rica, Hellmuth Hosts a Charity Tournament, and More
Poker jargon:
- FIFTH STREET - In stud poker, the fifth card to be dealt to each player. Sometimes used to refer to the last card dealt in Hold'em, although the more common term for this is RIVER (q.v.).
- REPRESENT - Implying, by one's betting style, that one has a particular hand.
- POCKET PAIR - Generic Hold'em term for 2 hole cards of the same rank.
- KICKER - In hands containing pairs and trips, the highest card not matched. In draw games, sometimes a card kept for deception purposes.
- FORCED BET - In some stud games a player may be required to make a bet to start the action on the first card. This is similar conceptually to blinds and antes, but in this case is dependent on the cards shown rather than player position. Usually the weakest hand is forced to bet.
- MIDDLE POSITION - Betting positions approximately halfway around the table from the first player to act.
RSS feed
