No Deposit Bonus : SlotsLv casino currently is offering everyone a $22 no deposit bonus. New Players Only. Fully Cashable. USA and Canadian Players are welcome. Please see our SlotsLv review page for the no deposit bonus info. SlotsLv Review
Best USA Casino Bonus
Big Casino Bonus : All USA Players Welcome: Bovada Casino the #1 USA Online Casino offering all new signups a $3000 table game and slots bonus + weekly cash back. All new accounts qualify thru our link. No codes needed. For full bonus information please see our Bovada Bonus review.
IRS goes after former BetonSports founder for an additional $36 million
Sunday March 16,2014 : MORE PAIN FOR CONVICTED ONLINE GAMBLING OPERATOR
IRS goes after former BetonSports founder for an additional $36 million.
By the time US enforcement and tax authorities have finished with him BetonSports online gambling site founder Gary Kaplan (55) will have "contributed" $79 million to government coffers, made up of $43 million ceded to government as part of his plea deal, and a further $36 million squeezed from him through an IRS civil action.
These heavy penalties were discussed in a Forbes article over the weekend penned by Tony Nitti, an independent expert tax and legal writer after studying a recent Tax Court decision in Kaplan v. Commissioner, T.C. Memo 2014-43.
Nitti calculates that Kaplan's pre-penalties tax bill of $24 million in the affair translates into approximately $75 to $160 million of taxable income, depending on the character.
Nitti sets the scene for his assessment by recapping the events following the federal bust of Costa Rica-based BetonSports
"Understand, sports betting is illegal in the U.S.because it is an evil, duplicitous act. (Unless of course, you’re in Vegas, in which case, feel free to parlay the Cowboys and 49ers to your heart’s content! No hypocrisy there.)," the author comments in general.
After pursuing Kaplan for some time, the federal authorities finally arrested him in the Dominican Republican and brought him back to the United States to face charges of illegal bookmaking, racketeering, mail fraud, and using wire communication to transmit bets, felonies which carry penalties of 75 to 100 years imprisonment and the possible criminal forfeiture of $180 million.
Two years later, Kaplan entered into a plea agreement with the government which resulted in a deal through which he would serve 41 to 51 months in prison and forfeit nearly $44 million to the federal government.
Importantly, the plea specifically provided that no further criminal charges could be brought against the taxpayer...but there was a caveat that the agreement did not limit the rights of the United States of America to take any civil, civil tax, or administrative action against the taxpayer.
This was to prove an expensive clause for Kaplan, but he had every opportunity to avoid its consequences, including specific guidance from the federal judge approving his criminal conviction, who asked Kaplan whether he fully understood the implications of the caveat, which exposed him to civil tax actions by the IRS.
Kaplan apparently said he understood the caveat and wished to go ahead with his plea deal.
The consequences became apparent shortly thereafter, when the IRS looked at Kaplan's tax affairs, especially a 2004 transfer of his shares in BetonSports to several trusts in the Channel Isle of Jersey.
Following the company’s PLO, Kaplan's trusts sold approximately 42 million shares of BetOnSports for $97 million at a time when he had no basis in the company’s shares. He allegedly failed to report any of the gain – or file a tax return - in either 2004 or 2005.
The IRS concluded that the Jersey trusts were grantor trusts for U.S. tax purposes and should therefore have been reported, assessing capital gains taxes owing on the trust funds at $24 million.
But the pain didn't end there; the taxman added a further $12 million in associated penalties, bringing the total owed to $36 million.
There was no happy ending for Kaplan; Nitti writes:
"Faced with a $36 million tax bill, the taxpayer argued that the IRS was precluded from bringing a civil tax action against him under the plea agreement. The Tax Court, armed with the sworn testimony from the plea hearing, had all the proof it needed that this was not the case.
"As a result, on top of the $43 million the taxpayer was forced to cede to the government as part of his plea deal, he was also held responsible for an additional $36 million in tax and penalties, proving once again that crime does in fact pay. For the IRS."
NHL Odds: Lightning go for Season Sweep Over Red Wings -
The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.
MPN Charity Poker Tournament at ICE 2017 -
During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.
US$30M DUBAI WORLD CUP -
Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines
NHL Odds: Forsberg Faces Elliott in Nashville -
The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.
NBA Odds: Hawks, Wiz in Southeast Showdown -
The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.
NBA Odds: Clippers Try to Slow Down Bucks in LA -
Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.
NHL Odds: Canadiens Welcome Islanders Tonight -
The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.
Please Note : Gambing might not be legal in your area. We bring you www.recentpoker.com as an information and gambling news site only. We hope that you find all the information and gambling news found in www.recentpoker.com to your liking. Please tell your friends about us and visit us again soon.