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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.
ACR $15 Million OSS Cub3d -
Americas CardRoom immensely popular OSS Cub3d returns February 25th and it's bigger than ever. U.S. Online Poker players will have a chance to compete for $15 Million in guaranteed prize pools.
AIGF and Betradar formalised their relationship -
At this yearís ICE Total Gaming, the All India Gaming Federation (AIGF) and Betradar formalised their relationship, committing to understand, explore opportunities and network across India around sports betting and gaming.
EHF and Sportradar Extend Partnership -
The EHF is responsible for a wide range of activities including the promotion and development of the sport, education programmes, player transfers and the organisation of high-profile sports competitions and events including the EHF EURO and the EHF Champions League.
Swisslos and Betradar in Deal -
Swisslos offers lotteries, sport bets and instant tickets in the entire territory of German-speaking Switzerland, in Ticino and in the Principality of Liechtenstein. It structures its range of games in an attractive and responsible manner. Swisslos transfers it entire net profit to the mandating cantons and the Principality of Liechtenstein to support public causes.
Americas Cardroom offering mouth-watering value -
It's not every day that an industry-leading poker site offers its customers an opportunity to put the house's money directly into their own pockets, but that's exactly whatís happening at Americas Cardroom.
Coolbet Joins Mpn -
Coolbet, owned by the Estonian company StayCool OU, is a sportsbook driven brand with its own developed platform and sports software. In addition to sports, it offers casino and live casino gaming, and as of this week, poker.
RMG AND SIS EXTEND PARTNERSHIP -
RMG manages the rights of many of the leading British racecourses, while SIS holds the horseracing rights to all Irish racecourses, plus Chelmsford City Racecourse in the UK.
Novomatic and Betradar in Deal -
With ICE just a few days away, NOVOMATIC has announced a partnership with leading sports betting solutions provider Sportradar to develop an innovative line of sports betting products and services.
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