|
|
|
IRS Wants Poker Tournament Winnings
Tax |
2007/10/24 07:43
|
| 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. |
|
|
|
|
|
|
Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
Law Firm Directory
|
|
Legal News RSS Feed
