If you have a poker account, this would be you. If you had over $10k AT ANY TIME during 2008 (add them all together), then you need to file the Form 90-22.1 listing the sites, your screen name and the max amount you had on there.

If you need help, let me know. annm@johnstoncpas.com

IRS Extends Deadline for Disclosing Offshore Accounts

Tax Q&A (updated)

Done..

Thanks again Ann.

She is the best guys, if you dont have an accountant yet she is definitely the best one out there for poker players.

 

Originally Posted by Denty

is there any way in the world for the irs to catch you if you lie about this specific information?

Yes....on the surface the answer looks like no. But the way they would get you is if they decided to audit your records. The first red flag during this audit (depending on if it was full-blown audit or just a check up audit) is if you don't have this form. They will then ask for records of your play which you are supposed to produce. If anywhere in these records your required to produce there is a score over 10k or a situation where there could be more than 10k in your accounts you would automatically be subject to the 100k fine that not filing this form carries.

So basically if you get audited and have had 10k combined in your accounts at any time they will see this and you will be in bad shape.

DISCLAIMER: I am not an accountant, this is just how I understand the form. Email Ann and get advice from someone certified, she is a great help.

What would happen if you had over 10K in your account and you cashed out and the check or method bounced and you couldn't get your funds to pay. How would you be able to pay taxes on $$ you can not collect? just a hypothetical ? that came to mind.

why am i not aware of this or have never even heard of this form?? ive filed/payed taxes on my winnings probably alot longer than most of the ppl that post here and ive never heard of this form..is it new?? i have W-2s from like 2005 and have never filed a form "00-22.1"...the accountant i use def. doesnt specialize in professional gamblers but he def. knows what hes doing when it comes to accounting.

mark

doesn't sending this in just send up red flags INCREASING the liklihood of being audited?

and what about those of us who still dont consider our poker accounts "bank accounts"?

also, if you filed as a hobby player in 2008...are you still required to send it in?

well, i don't know much about the irs or taxes or anything like that, i dont' know if you need this form or whatever. i'm being told you do, but no one really knows anything for sure, and seems to be filing it as a precautionary measure.

fwiw tho, cpaevil is a cpa that is just trying to get more customers. posting this info in this manner is clearly just spamming the boards, and this thread should be locked/deleted

 

Originally Posted by Gags30

fwiw tho, cpaevil is a cpa that is just trying to get more customers. posting this info in this manner is clearly just spamming the boards, and this thread should be locked/deleted

I highly doubt that's why she's posting this. This info is something everyone who's had over $10k in their account needs to listen to. I went to a CPA a month or two back because I had just found out about this form, and I hadn't filled out yet. Although it's something no one knows for sure, poker accounts are more than likely going to be considered as an offshore bank account and if you've ever had 10k in your poker account and haven't submitted this form, you could be in trouble.

I found out about this during the amnesty period, filled it out and refiled my tax return because I didn't know how to properly file until I talked with a CPA. It may or may not throw up more red flags for an audit, but that's not the point. You need to report your taxes correctly, and if they don't you can get penalized pretty badly for it.

 

Originally Posted by Gags30

well, i don't know much about the irs or taxes or anything like that, i dont' know if you need this form or whatever. i'm being told you do, but no one really knows anything for sure, and seems to be filing it as a precautionary measure.

fwiw tho, cpaevil is a cpa that is just trying to get more customers. posting this info in this manner is clearly just spamming the boards, and this thread should be locked/deleted

now that u mention it...i think the big thread on 2+2 was also written by a cpa(diff 1 tho)

edit* taken from irs.gov .....this doesnt really sound like a poker account would be included but who knows

<table border="0" cellpadding="0" cellspacing="0" width="98%"><tbody><tr><td><h2>Report of Foreign Bank and Financial Accounts (FBAR)</h2></td></tr><tr><td></td></tr><tr><td><table border="0" width=""><tbody><tr><td>Do You Have a Foreign Financial Account?

If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if

1. The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

A United States person is not prohibited from owning foreign accounts. The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
</td></tr></tbody></table></td></tr></tbody></table>this is the only thing that bothers me

Reporting and Filing Information

A person who holds a foreign account may have a reporting obligation even though the account produces no taxable income. Checking the appropriate block on Form 1040 Schedule B, and filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, satisfies the account holder’s reporting obligation.

i dont think the sites would tell them anything. they are not required to. plus none of them have our socials so how is the irs gonna know? thy would have a hard time matching bankrolls to names without them.

 

Originally Posted by Poach99

So looking at the form, we dont know any of the information in Part II or even have access to get such information.

How does that work?

What information are you missing?

the ignorance in this thread is amazing...
with the logic that half of you are using that by filing this form increases likelihood of audit, by the same token wouldnt actually filing taxes on anything increase the likelihood of audit, so why file anything ever right?

filing taxes honestly and accurately as possible is the best way to avoid an audit, and guess what if you file honestly and accurately and do get audited, you have nothing to worry about!

1. There has always been a "$10,000.00 in an offshore bank account" box that can be checked (so to speak) while doing your taxes.

2.Online poker accounts are considered offshore bank accounts.

3. If you check that box, you will probably get audited.

4. I don't know enough info to have a four point list, but I feel pretty confident in the first three.