Russ,
Please correct me if I am wrong, but currently the only law on the books pertaining to the definition of what constitutes a financial institution is the law defining the types of
domestic entities which are considered to be financial institutions (31 CFR 103.11).
Wouldn't the government have to put in place a similar law dealing with
foreign institutions?
The clarification you were given, in regard to online gaming sites being considered financial institutions, was provided to you upon your request - but that is different than an actual law existing to that effect? No?
On your site, you made a post a few years ago, containing the following statement:
Quote:
The IRS hasn't pressed the point, but if they want to, they could classify all online casinos as financial institutions.
I would assume this classification would have to be made letter of the law, as opposed to something provided upon request to individuals such as yourself that happen to be closely in touch with the issue.
If you could, please address the points above.
Thank you for your time and contribution to this discussion.
D.