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Good tax news for Professional Gamblers
I have been doing this for years for my clients knowing that this could be justified......... Apparently Sowers, your CPA wasnt doing this :-)
Posted in: Poker Community 		CPAEvil
Apr 12th, 2012
Tax Day Question
If you have wins and losses, you need to file, even if its zero.
Posted in: Poker Community 		CPAEvil
Apr 11th, 2012
Yet another Tax question I'm curious about..
There are some ways that you could get around it. If you weren't "acting as a pro", meaning not keeping records like a pro would,etc., you can probably get around it.
Posted in: Poker Community 		CPAEvil
Mar 19th, 2012
Taxes for money cashed out pre-BF
What i have been telling my clients is to try to go by any deposits made on the site and any wires back to them from Jan to Apr 15th.
Posted in: Poker Community 		CPAEvil
Feb 29th, 2012
Tax deductions
The mileage is fair as it is meant to include things like depreciation, repairs, gas, etc. Enjoy the large deduction!!!
Posted in: Poker Community 		CPAEvil
Feb 1st, 2012
Back Taxes
That depends if you file as a hobby or pro. If hobby, you need to separate out your wins and losses when doing your tax return. No, I mean retirement plan, such as a SEP. You can always do regular savings.
Posted in: Poker Community 		CPAEvil
Jun 20th, 2011
Back Taxes
Guys, I am hearing all of this and I have to try to respond to the basics on this. Basically, if you have income, you are supposed to report it. Whether or not you get caught is a gamble. There are many ways they can catch you. You may never report or pay taxes on anything and they may NEVER catch you but.........if they do, you are looking at fraud which they would enjoy doing to a poker player. Its like anything in life, you sometimes try to do the right thing and you get screwed anyway. The most important thing is to have someone advise and do your return that knows what they are ...
Posted in: Poker Community 		CPAEvil
Jun 13th, 2011
Back Taxes
Give me a call and we can go over everything you have concerns about because MYBLUEDOG is right, there are too many issues to type out! Feel free to contact me at annm@ and see my website and . Also, FYI, I will be in Vegas to meet if you happen to be there, on June 15-19 and June 29-July 4
Posted in: Poker Community 		CPAEvil
Jun 13th, 2011
tax question on live mtt's
The percentage you pay is based on how high your income is after all expenses, exemptions, etc. Of course, as said before, it also depends on which state you live in. You can also email me privately and I can help with any specifics. annm@ - Author of "How to Turn Your Poker Playing Into a Business"
Posted in: Poker Community 		CPAEvil
May 9th, 2011
Back Taxes?
I personally think that they may look at the monies going out to people that are large sums. Now, there is nothing wrong with having a large amount online. The problem is that whatever year you won it, whether you took it offline or not, you should have paid taxes on it. The scary part is that you had the ability to take it offline and chose not to. I have had people ask me about what to do because they did not claim or pay taxes on the money and are afraid they had better do it in 2011. The worst thing is people complaining about that! Seriously, this is part of the reason that we are in ...
Posted in: Poker Community 		CPAEvil
May 2nd, 2011
Pokernewsdaily- Professional Gamblers Can Now Fully Deduct Business Expenses
Before,if you had losses in poker for the year, the thought was you couldnt take the expenses because gamblers cannot take losses. Different accountants felt that had better not use the expenses and took the conservative route.
Posted in: Poker Discussion 		CPAEvil
Mar 18th, 2011
Sat Breeder's Cup co-op pool interest thread
Ok, here is how it works, guys. There is a Form 5754 that they are supposed to use to split the W2G winnings but they are too lazy to do it. So, what you have to do is split it yourself. What this means is that whoever gets the W2G obviously gets the money. What that person needs to do is BEFORE they pay out to everyone, have a Form 5754 and/or Form W9 filled out by everyone. At the end of the year, due by Jan 31st 2011, the person with the W2G gives a Form 1099 to everyone and calls it "Other Income" (Box 7). That way, it splits the burden. My firm does these for pro poker players all the ...
Posted in: Off Topic 		CPAEvil
Nov 3rd, 2010
Quick question about poker and taxes...
Admin Edit: also see our PocketFives Tax Q&A --- Feel free to contact me for specific answers to your situation. Also, check out . My direct email is annm@.
Posted in: Poker Discussion 		CPAEvil
Oct 26th, 2010
Re:U.S. Tax question concerning extension
Ok, the best thing to do is if you have your return done, mail it in by the 15th. If you have ANY amount, pay it. Either way, they will send you a bill for the difference in about 6 weeks and you can pay it then. If you still dont have the money, you can get an installment agreement. The purpose of an extension is to get your stuff together. Taxes are due on April 15th. They will charge you penalty and interest on what you owe from April 15th until they receive the balance. If you need help, feel free to contact me at annm@ I also did a tax Q&A here on Pocket Fives and podcasts.
Posted in: Poker Discussion 		CPAEvil
Apr 13th, 2010
Re:IRS EXTENDS DEADLINE FOR DISCLOSING OFFSHORE ACCOUNTS
Guys, its been extended to Oct 15th. I just did an article for P5's and hopefully it will post soon. Can they catch you'' Maybe because we know for a fact they have neteller records that probably showed the sites where money went in/out. We also know that they are piercing the offshore veil, like getting account info from Switzerland where it used to be impossible. For a penalty of $100K, I would do it but, hey, that's just me......!
Posted in: Poker Discussion 		CPAEvil
Sep 21st, 2009
IRS extends deadline for disclosing offshore accounts
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@ IRS Extends Deadline for Disclosing Offshore Accounts Tax Q&A (updated)
Posted in: Poker Discussion 		CPAEvil
Sep 21st, 2009
Re:Are we supposed to claim rakeback in our taxes?
I don't have my clients claim rakeback, we just do wins/losses. There is an argument for both sides but I like my side!! Anyway, it would be so difficult to keep up with this. Its hard enough to keep up with wins/losses!!!! Hope this helps .....Ann-Margaret Johnston, CPA
Posted in: Poker Discussion 		CPAEvil
Sep 21st, 2009
UB does it again
I signed up for a satellite on UB - suddenly the tournament info is unavailble and no one can sign up for any tourneys!! So, they cancel my tourney since I was the only one signed up!! I like the site overall but this happens to them too many times!!! Are others having this problem'
Posted in: Poker Discussion 		CPAEvil
Oct 25th, 2008
Re:UB DOWN ????
me too - i am one of the few that like ub and its getting hard to stay with them with this crap - im in a cash game and a tourney and been frozen for 30 min
Posted in: Poker Discussion 		CPAEvil
Jul 4th, 2008
Re(2): Questions about the new tax law?
Thanks Nipp, that really makes me feel good. As a fellow poker player that has cashed in a brick and mortar, this pisses me off too. Guys, I have a call into the person that produced this new rule and should hear from them tomorrow. I am going to especially get clarification of the non-US residents.
Posted in: Poker Discussion 		CPAEvil
Sep 4th, 2007