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.
Two of this year's WSOP main event finalists get a free tax ride
Tuesday November 15, 2011 : TAXING TIMES FOR POKER WINNERS
Two of this year's WSOP main event finalists get a free tax ride
The publication Taxable Talk published an interesting and unusual take on this year's World Series of Poker main event finalists this week, examining the tax liability on their multi-million dollar winnings.
The tax experts who undertook the study concluded that the nationality of this year's heads up duo, a German and a Czech, means that this year the US taxman picked up less than in previous years due to tax treaties.
Nevertheless, the spread of nationalities around the table ensured that taxmen elsewhere earned a cut, and Taxable Talk published a chart to summarise the overall picture:
Amount won at Final Table $28,279,219
Tax to IRS $3,819,362
Tax to Czech Tax Administration $814,963
Tax to Office of Revenue Commissioners (Ireland) $695,018
Tax to State Tax Service (Ukraine) $171,656
Total Taxes $5,500,999 or 19.5 percent of the final table prize pool, compared with last year's more American-oriented affair where the tax bite was 42.99 percent.
This year, two of the November Nine were exempt from any taxation.
Winner Pius Heinz is a German, and as such benefits from the German-US Tax Treaty, meaning he did not have a US tax liability on his $8.7 million plus main prize, saving him 30 percent of the win. Then, because Germany very sensibly treats gambling as the use of monies that have already been taxed, Heinz does not have to pay a cent to the German tax authority.
Contrast this with the case of an earlier winner, Peter Eastgate of Denmark, who had to give an estimated 73 percent of his 2008 win of $9.1 million to the Danish tax office.
The main event runner-up this year was Czech Republic citizen Martin Stazko, who also escaped the IRS tax net due to a Czech-US tax treaty. Stasko won the useful $5.4 million plus second prize, and therefore faces only Czech taxes as a professional player earning income, and will likely pay only 15 percent of his windfall over in tax - still a hefty hit at $814,963, Tax Table Talk points out. If Stasko was an amateur player he could claim his winnings entirely tax-free.
Taxable Talk looked at other players around the table, too. Professional ace Ben Lamb finished in the third spot, earning just over 4 million. Being a US resident, he'll be parting with over $1.5 million to the IRS in federal tax, although as a resident of Nevada he escapes state tax.
Matt Gianetti, who finished fourth, is in a similar position; as a Las Vegas resident he has no tax liability, but the IRS will claim an estimated $1 million or more from his fourth placing pay day of just over $3 million.
Phil Collins is also a Las Vegas professional and finished fifth to claim a prize of $2.2 million plus, from which the IRS will extract $852,480.
The remaining final tablers were all non-US players, and Taxable Talk reports on their individual tax liabilities, starting with Irishman Eoghan O'Dea who is exempt from US taxation through the Irish - US Tax Treaty, but as a professional player will have to cough up $695,018 of his $1,720,831 sixth spot win to the Irish government - at 40.4 percent the highest tax rate of any of his opponents.
Seventh-placed Belize resident Bob Bounahra earned $1,314,097, but due to the absence of a tax agreement between his country and the United States he has to fork out 30 percent ($394,229) of that to the US taxman. He can only hope that he will not also be faced with a 15 percent demand from his own government too.
Ukrainian poker pro Anton Makiievskyi, who finished eighth, collected a check for $1,010,015 and is again fortunate that a treaty with the US has been signed by his government. That means no US tax liability, although as a professional he will be required to pay over something like $171,656 to the State Tax Service of the Ukraine.
Finally, ninth-placed Sam Holden hails from the United Kingdom, and benefits from the UK-US Tax Treaty, losing nothing to the IRS. Like Pius Heinz, he is also in the happy position of not having to pay tax to his home government, because Britain does not tax gambling winnings.
The Taxable Talk assessment is an interesting and relevant piece that can be read in full here: http://www.taxabletalk.com/2011/11/09/the-real-winners-of-the-2011-world-series-of-poker/
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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.