Tag Archives: tax

Paying Taxes On Online Poker Winnings

March 29, 2020   Game skill   No comments

Poker winners do attract the tax officials’ eye on them, even though online poker is legal in U.S and many other countries, the government has a share in the winners’ earnings. The IRS or Internal Revenue Service in U.S. is directly responsible for tax law enforcement and collection of taxes from the public.

All U.S citizens are liable or taxable, if they win any online poker game. It is advisable for new poker players to seek the advice of a reputable tax professional before joining the bandwagon of online poker gamers.

Many players believe that online poker websites with foreign addresses do not come under America’s stringent tax rules, but it is not so. American government enforces Federal tax on the global gambling world and its income. So, winning parties have to pay the taxes on the income gained by them through playing online poker games.

Keeping a Track of Online Winnings for Tax Related Issues

It is best for any gambler to maintain a log book with excerpts on their individual gambling activities. Players can find helpful insights on the internet about the exact requirements and Gambling Law U.S.

Some of the salient features are as follows:

o Keeping an accurate record of all online gambling winnings and losses. o Correct date and time entered about the wagers o Full and correct name and address of the gambling location o Names of the playing partners at the venue o The exact amount lost or won by you as a player.

Maintaining Regular Ledger Updates

These records of the losses and wins entered on a daily basis will be sufficient for the IRS while checking your tax liabilities. Thus, as a dutiful law abiding player, you should keep daily records and enter them quickly after the end of every gambling session. Thus, you will never forget the details nor give wrong information to the IRS.

Taking Expert Advice of Tax Professionals

Any reliable and experienced tax professional will be able to guide you as a gambler about the intrinsic rules and regulations involving payment of taxes on online poker room earnings. All gamblers need to be serious about paying their taxes and not take them lightly. For authentic info gamers can also try Russell Fox’s blog on online gambling tax requirements.

Simple Ways to Meet Tax Requirements

Online poker players can always maintain a written log using pocket diary or notepad. It is important to note down the date, time, card room name, other players’ names and the end result. Using a computerized system can also suffice. One must also keep legitimate proof of the receipts, payments and other papers as proof for tax return files.

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How Will the 2010 UK Elections Affect Internet Bingo?

September 17, 2019   Game skill   No comments

The 2010 elections in the UK brought about a partial victory for the Conservative Party and Prime Minister Gordon Brown tendered his resignation ending 13 years of Labour rule and paving the way for David Cameron to become Prime Minister. The Conservatives are still twenty seats short of the 326 seats needed for a majority. The gaming industry including the internet bingo industry is waiting for the ‘mini manifesto’ promised to the gaming industry. Will the new Conservative government be better for online bingo? No one seems to know for sure.

Traditionally Conservatives have viewed gaming as an industry that needs to be controlled by limiting supply and marketing efforts and tight regulation and taxation. The Labour government has not been good for the bingo industry as a whole. The smoking ban and high levels of taxation crippled the land based bingo industry resulting in thousands of job losses. Earlier in 2010 the Labour government lowered the bingo tax a paltry 2% but the industry remains the most highly taxed in the gambling sector. Conservatives have remained silent about their intentions towards the bingo industry. At a Bingo Association meeting a shadow minister from the Tories said that the bingo tax is unfair and that the issue will be addressed when the ‘time is right.’

Some in the internet bingo industry fear that the new government could see the lucrative internet bingo market as a further source of tax revenue and could possibly raise taxes on internet bingo companies operating in the UK. Further taxation could easily drive internet bingo providers offshore resulting in a drop in tax revenue from the industry. Some commentators believe that the Labour party views the bingo sector as “a target for taxation” while the Liberal Democrats recognize the importance of bingo as a social activity.

Writing for the bingo oriented website Bingo Supermarket, author Jayne Wilson called for the online and land based bingo industries to join forces and stated, “[We] would urge online bingo operators to form an alliance in the form of an online Bingo Association in order to tackle and raise awareness of potential issues that will come around once the Government find its feet and start looking for a way to bring in revenues to service the country’s debts.” Experience has shown that by and large the government views the bingo and gaming industry as a handy source for tax revenue. While a hung Parliament may be bad for the country as a whole it could turn out well for the internet bingo industry.

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