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Interesting Poker Income Tax Case in USA
INTERESTING ONLINE POKER TAX RULING IN THE UNITED STATES
Online players are not required to report their accounts to FinCEN as foreign bank accounts...but they must do so in respect of e-processor accounts.
The legal publication JDSupra.com reported Friday on an interesting July 21 ruling by the Ninth Circuit Court in the United States, which determined that a taxpayer who held online poker accounts with PokerStars and PartyPoker is not required to report those accounts as "foreign bank and financial accounts" to FinCEN, although he or she must report an account with online e-processors such as FirePay.
The case was United States v. Hom, No. 14-16214 D.C. No. 3:13-cv-03721-WHA (9th Cir. 2016), and it overturned a decision of the United States District Court for the Northern District of California, in part, which had held that all such accounts were reportable.
The key issue was whether either PokerStars, PartyPoker or FirePay was a financial institution, JDSupra reports, with the court concluding that whilst Pokerstars and PartyPoker did not fall within such a definition, FirePay did.
The processor had acted as an intermediary between Hom’s Wells Fargo account and the online poker sites. Hom could carry a balance in his FirePay account, and he could transfer his FirePay funds to either his Wells Fargo account or his online poker accounts, the publication reports.
"It also appears that FirePay charged fees to transfer funds. As such, FirePay acted as “a licensed sender of money or any other person who engages as a business in the transmission of funds” under 31 U.S.C. § 5312(a)(2)(R) and therefore qualifies as a “financial institution,” the report notes.
Hom’s FirePay account is also “in a foreign country” because FirePay is located in and regulated by the United Kingdom.
The court found that by contrast Hom’s PokerStars and PartyPoker accounts do not fall within the definition of a “bank, securities, or other financial account.”
The online poker providers primarily facilitate online gambling, and Hom could carry a balance on his PokerStars account, and indeed he needed a certain balance in order to participate in a poker game.
But the funds were used to play poker and there is no evidence that PokerStars or Party Poker served any other financial purpose for Hom.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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