Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly

IRS Wants Poker Tournament Winnings

  Tax  -   POSTED: 2007/10/24 14:43

The Internal Revenue Service reiterated its demand for casinos and other poker tournament sponsors to begin reporting winnings of more than $5,000 after March 4, 2008. The IRS and the Treasury Department originally issued guidance on Sept. 4 about the requirement, but the IRS is seeking to publicize it further. For tournaments completed during 2007 and before March 4, 2008, the sponsors are not required to report the winnings to the IRS or withhold tax. Beginning March 4, however, all tournament sponsors need to report winnings of over $5,000, usually on a Form W-2G.

Tournament sponsors who comply with the reporting requirement don't need to withhold taxes on the winnings. If the sponsor does not report the winnings, though, the IRS will enforce the reporting requirement and require the sponsor to pay any tax that should have been withheld from the winner. The withholding amount is normally 25 percent.

Tournament winners must provide their taxpayer identification number or Social Security number to the tournament sponsor. If they don't, the sponsor must withhold 28 percent of the winnings. Taxpayers must also report their winnings on their own to the IRS, as they have been required to do in prior years.


Legal News | Breaking News | Terms & Conditions | Privacy | Law Firm Web Design, Attorney Website Design by Law Promo

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case.
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Chicago Business Lawyer
Cook County Contract Law
www.rothlawgroup.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
www.mishalilaw.com
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
China trademark registration lawyer
www.ctplo.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Logos
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory