<TABLE cellSpacing=0 cellPadding=0 width=940 border=0><TBODY><TR vAlign=top><TD align=left><TABLE id=topTools cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>IRS to poker winners: Pay up!</TD></TR></TBODY></TABLE><!--startclickprintexclude--><TABLE height=25 cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=datestamp>Posted<SCRIPT type=text/javascript>document.write(niceDate('10/19/2007 11:15 AM'));</SCRIPT> 3h 58m ago | Comments65 | Recommend11</TD><TD align=right><!-- EdSysObj ID="SSI-B" FRAGMENTID="13417811" rberthol -->E-mail | Save | Print |<SCRIPT type=text/javascript><!--var tempshowReprintSSI = "";if(window.showReprintSSI){tempshowReprintSSI = showReprintSSI;} if ((navigator.os.indexOf("Mac")==1) && (navigator.type==2)) { // macIE if((document.forms.hiddenValForm.hiddenMacPrintValue.value == "0") || (document.forms.hiddenValForm.hiddenMacPrintValue.value=="2")) { if(document.forms.hiddenValForm.hiddenMacPrintValue.value == "2"){ document.forms.hiddenValForm.hiddenMacPrintValue.value = "0"; } else{ document.forms.hiddenValForm.hiddenMacPrintValue.value = "1"; } if(tempshowReprintSSI == 'showReprintSSI'){ writeReprintLink(); } writeSubscribeToLink(); } else { document.forms.hiddenValForm.hiddenMacPrintValue.value = "2"; } } else {// non macIE - write top and bottom if(tempshowReprintSSI == 'showReprintSSI'){ writeReprintLink(); } writeSubscribeToLink(); } function writeReprintLink(){ document.write('Reprints & Permissions | '); } function writeSubscribeToLink(){ var url = document.location.toString(); var urlArray = url.split("/") var nurl = ""; for (i = 3; i < urlArray.length - 1; i++) { if(i<urlArray.length-2){ nurl += urlArray + "|"; } else { nurl += urlArray; } } document.write('
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WASHINGTON (AP) — They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take.
Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday.
Sponsors who meet the reporting requirement won't need to withhold federal income tax at the end of a tournament, it said.
If a sponsor does not report winnings, it is responsible for withholding the taxes and sending the money to the IRS, normally 25% of the amount subject to reporting.
The IRS said poker tournament winners must provide their taxpayer identification number, usually a Social Security number, to the sponsor. If the winner fails to do so, the sponsor must withhold federal income at a rate of 28%.
FIND MORE STORIES IN: Internal Revenue Service | Casinos | Social Security number | Tax Collectors
Casinos and sponsors of tournaments completed before March 4 next year will not be required to report winnings to the IRS or withhold tax.
By law, the winners already must report poker earnings on their federal income tax returns
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WASHINGTON (AP) — They're not bluffing: Tax collectors will start requiring poker tournaments to report the winners' take.
Casinos and other sponsors of poker tournaments will be required to report winnings of more than $5,000 to the Internal Revenue Service beginning March 4, 2008, the tax agency said Friday.
Sponsors who meet the reporting requirement won't need to withhold federal income tax at the end of a tournament, it said.
If a sponsor does not report winnings, it is responsible for withholding the taxes and sending the money to the IRS, normally 25% of the amount subject to reporting.
The IRS said poker tournament winners must provide their taxpayer identification number, usually a Social Security number, to the sponsor. If the winner fails to do so, the sponsor must withhold federal income at a rate of 28%.
FIND MORE STORIES IN: Internal Revenue Service | Casinos | Social Security number | Tax Collectors
Casinos and sponsors of tournaments completed before March 4 next year will not be required to report winnings to the IRS or withhold tax.
By law, the winners already must report poker earnings on their federal income tax returns
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