The Form 90-22.1 that tells the Government about our online poker accounts is no longer necessary to fill out. Now, with the new rules, we are finally off the hook with this.If you recall, I have been warning poker players for several years to complete this form. The Government made it very clear that this was required. The reason I insisted that this form be filed is that the penalties were up to $10,000 per account for a “non-willful” violation and $100,000 per account for a “willful” violation. We were told that if we had $10,000 or more in a poker account, at any time during the year, we had to report all of our accounts, even if there was $10 in them.
I NEVER agreed with this rule but because the penalties were so stiff, I knew we had to do this or else – a case of better safe than sorry.
Even though the new rules make it where online poker accounts do not have to be reported, you still have to fill out the Form if you have a Neteller, Quicktender, epassporte or any other account like that with over $10,000 in it during the year.
This is an incredible victory for poker players. Not only do you not have to pay someone like me to do the form, you don’t have to send your “less than mature” screen name to the Government! I am sure there were a lot of snickers at the US Treasury when they read some of the screen names of the accounts!
As always, feel free to contact me about this if you have any questions.
Ann-Margaret Johnston, CPA
annm@johnstoncpas.com
www.pokerdeductions.com and www.johnstoncpas.com
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