figured this was worth a post.

I requested a check on the 15th of March and got it on the 22nd.

It came with what appears to be a 1099 with earnings statement from Delaware. Has anyone else received one of these payments?

got one today, no.

 

Originally Posted by LXIXME17

figured this was worth a post.

I requested a check on the 15th of March and got it on the 22nd.

It came with what appears to be a 1099 with earnings statement from Delaware. Has anyone else received one of these payments?

ya i got the exact same thing.

they do this because their processor acts as a payroll distributor i believe.

the check was good, hey w/e works imo...

 

Originally Posted by scarface_79

um, this is kind of a big deal

sfthis

It sounds like people are worried that this implies that the site (or the payment processor) is reporting your profit/earnings to the IRS. Calm down you tax cheats, I highly doubt it. The sites don't report to the IRS. As another poster mentioned, this is probably just a crafty tactic thought up by the payment processors to make the transactions appear to be payroll checks.

Honestly I'm surprised that this info is even tracked, but maybe they recently started tracking it for the sole purpose of making payment processors look more legit, or (heaven forbid) they may have started this service to players as a preemptive move towards regulating and legitimizing the industry. (As in, "Hey look congress, we can send the players these nifty 1099's, you can stop costing us hundreds of millions in siezures and lawsuits, and maybe even dig the gubment out of its massive economic debthole with the significant taxes that would result from regulating online poker!!!")

What info was on the "1099"? How far back did it go? Was it simply withdrawals-deposits, or more detailed session by session profits?

Doubt this is anything to stress about, just another trick invented by fly-by-night payment processors in an effort to sidestep big brother's watchful eye.

 

Originally Posted by MeJahAndOmaha

It sounds like people are worried that this implies that the site (or the payment processor) is reporting your profit/earnings to the IRS. Calm down you tax cheats, I highly doubt it. The sites don't report to the IRS. As another poster mentioned, this is probably just a crafty tactic thought up by the payment processors to make the transactions appear to be payroll checks.

Honestly I'm surprised that this info is even tracked, but maybe they recently started tracking it for the sole purpose of making payment processors look more legit, or (heaven forbid) they may have started this service to players as a preemptive move towards regulating and legitimizing the industry. (As in, "Hey look congress, we can send the players these nifty 1099's, you can stop costing us hundreds of millions in siezures and lawsuits, and maybe even dig the gubment out of its massive economic debthole with the significant taxes that would result from regulating online poker!!!")

What info was on the "1099"? How far back did it go? Was it simply withdrawals-deposits, or more detailed session by session profits?

Doubt this is anything to stress about, just another trick invented by fly-by-night payment processors in an effort to sidestep big brother's watchful eye.

lol, i pay my taxes even to our wasteful/joke govt. This just has potential big implications in a number of aspects some of which u mentioned in your post

Don't worry. I got one of these and I questioned FTP about it. It's nothing. It's not a true 1099.

 

Originally Posted by Jennifear

Don't worry. I got one of these and I questioned FTP about it. It's nothing. It's not a true 1099.

Ya sfobv, was gonna say this before seeing Jennifear response, obv these sites use shady processors as we have seen. Next time before you guys panic remember if they don't have your SSN good chance its fake.

Guaranteed that if poker becomes regulated that in order for a site to be eligible for a license that they'll have to cough up the deposit/withdrawal records of all of their players and these records will be cross referenced with your income taxes. So all of you tax cheats out there, youz gonna get fkd if poker becomes legit.

regardless of what is true or not, pretty simple solution: pay your taxes

 

Originally Posted by Gags30

regardless of what is true or not, pretty simple solution: pay your taxes

no thanks

and lol at everyone being ok with " dont worry guys , its only a fake 1099"

When you google 1099s it says:

1099-S: Proceeds from Real Estate Transactions

So makes sense that they would be fake, because obv it isn't a real estate transaction.

 

Originally Posted by FLUSHDUDE

Always cash out an odd ammount.......$2431.54 instead of $2500 straight . Looks way better when depositing it.

 

Originally Posted by tcope13

When you google 1099s it says:

1099-S: Proceeds from Real Estate Transactions

So makes sense that they would be fake, because obv it isn't a real estate transaction.

1099-S is for real estate, regular 1099 is for someone working for you that, usually, isn't your employee, such as an independent contractor. You send them a statement at the end of the year that tells them how much you paid them that year.

Not sure what to think about this. FT can assure us all they want, but when crunch time hits, doesn't matter what they say. If the processors report it, could cause trouble.

looool. always do the right thing and you wont have anything to worry about (paying your taxes, etc)