Wednesday, September 05, 2007
Poker Tournaments Must Withhold Taxes
According to Tax Foundation, the IRS has added a new regulation, 26 C.F.R. § 31.3402(q), requiring that sponsors of poker tournaments withhold for taxes 25% of a players' winnings above $5,000. The sponsors must then provide this information to the IRS so that they can properly determine the taxpayer’s income tax liability. The regulation is set to take effect on March 4th 2008. However online and offshore poker games are not subject to the regulation.
Blog Archive
-
▼
2007
(191)
-
▼
September
(13)
- Hawaii’s Jobless Rate Up Last Month
- Treasury Chooses AT&T for $250 Million Contract
- My Open Letter Pleading the IRS to Update Their Ex...
- New IRS Employer ID Application Process
- IRS Unveils Foreclosures Section of IRS.gov
- New Video: 650 HP Corvette ZR1
- Congress Blaming IRS for Foreclosure Problems
- Now Open: RDTC Tax Help Blog
- Tax Penalties of Foreclosures
- IRS Publishes Reminder About School Tax Deductions
- New September/October Tax Watch Now Available
- Court Ruling: Antarctica Is Not A Foreign Country
- Poker Tournaments Must Withhold Taxes
-
▼
September
(13)