Remission of FTP funds and the PPA

[Skallagrim]

First lets all let out a big "OK, finally" in response to the end of the FTP debacle.

If that is not enough celebration for you, please continue to post in the Legislation threads or the NVG threads. And I do not mean that sarcastically; the poker community has been through an awful 14 months since BF and the settlement today is finally some good news for all of us. Celebrating in whatever way is clearly called for, and all the "yahoo" "hoorays" and s are the least to do.

Amidst all the celebration, however, some serious questions remain to be answered, especially questions concerning just when and how US players will be able to get their money.

The PPA hopes to be able to answer those questions, although most cannot be answered at this time. But answering those questions in the other big threads would probably be a misuse of time as every answer will likely be followed with dozens of posts about something else until the answer is inevitably lost and inevitably asked again.

So I created this thread instead.

Please feel free to post all your questions regarding remission and the return of your funds in this thread and I will attempt to answer them as best I am able. Some questions will not have answers at this time as the whole process is still unfolding and much of it has yet to be specifically determined.

More importantly, I want everyone to be aware that the PPA is working hard to help make this process as easy as possible. Soon there will be a dedicated page at the PPA web site which will be devoted to nothing but helping players get through the remission process and secure the return of their funds. As soon as that page is up I will provide the link in this thread and that link will be the central place to go to get the information you will need.

Until then, ask what you will, I will answer what I can, and above all, REMAIN CALM. The DOJ would not go through all the trouble of creating this process if it intended to screw you. If that was its intent it would have just kept the money and skipped the remission process. Still, government does often have a way of making things more difficult than they otherwise might need to be. Be assured the PPA will work to both help keep the process easy and to assist everyone in going through the process.

Skallagrim

[Skallagrim]

The PPA page is already up: http://theppa.org/repayment/

You can still ask questions here if you like ...

But check that page for the latest updates.

Skallagrim

[jcarabel03]

Thanks for this thread. Could you maybe touch upon the tax situation for US players?

[Skallagrim]

Finally a question and it is in an area where there are a lot of people with far more expertise than me ...

There is a thread just for tax issues over at the Legislation forum: http://forumserver.twoplustwo.com/57...hread-1228877/

All I can tell you about taxes is 1) you got to pay em 2) it is unusual but not illegal for a different government agency to give send information to the IRS because of concern over tax issues 3) the IRS is not going to care about reporting mistakes of very small timers and net losers, and 4) since the information regarding your FTP account will be available to the IRS even if not directly sent to them, players who made significant money and did not report that income should consult a tax professional and explore their various options for dealing with the situation.

Skallagrim

[knircky]

I love the PPA!

[nyczwillz]

Thanks for the information.

What about players that were waiting verification? My account was frozen for verification and I supplied all the details needed and then Black Friday happened.

So the question is:

Q: What happens to those accounts that are pending ID verification under FTP?

[oneonth3run]

PPA's assistance is much appreciated. My only question at the moment, and I'm guessing there isn't much of an answer yet, but can you give any guess as to a timeframe this may happen within? Is there any relative precedent we can look to? It's a little frustrating to think our own government could essentially force this process to take longer for it's own citizens than for Int'l players, but perhaps there is no way around that.

[Skallagrim]

Originally Posted by nyczwillz

Thanks for the information.

What about players that were waiting verification? My account was frozen for verification and I supplied all the details needed and then Black Friday happened.

So the question is:

Q: What happens to those accounts that are pending ID verification under FTP?

I cant imagine this making any difference to your eligibility for remission.

Depending on the specific circumstances it MIGHT make it more difficult for you to prove that "X" account is yours so you should get the money.

One of the things known is that FTP will give the DOJ COMPLETE account information. So its not like you will have to prove that an account exists. But of course there will have to be some proof that you are person associated with a specific account. What level of proof will be needed is still an open question. Information like that is precisely what will be posted on the PPA site as soon as it is available/decided.

Skallagrim

[Skallagrim]

Originally Posted by oneonth3run

PPA's assistance is much appreciated. My only question at the moment, and I'm guessing there isn't much of an answer yet, but can you give any guess as to a timeframe this may happen within? Is there any relative precedent we can look to? It's a little frustrating to think our own government could essentially force this process to take longer for it's own citizens than for Int'l players, but perhaps there is no way around that.

Thanks for the appreciation. You can show it best by continuing to be involved and supportive!

There will have to be a process and it will have to go through a bureaucracy. But there is no reason in this case that the process has to be lengthy or over complicated.

I can't say for certain, of course, but my own guess is that the time limits the DOJ has set for PS and ROW players are time limits they will want to meet also. They will look a little less than perfect if they do not.

That said, it would also not be surprising if our government took a little longer.

But I am optimistic that the 2 time frames will not be that far apart.

Skallagrim

[jcarabel03]

And if you appreciate the PPA and their work that much why not donate to show your support and continue the ongoing fight for the right to poker!

[ohsnapzbrah]

Do I have to claim taxes if my account had $500 in it? I was always under the assumption that a US citizen need not report it if it was under $600.

[PokerXanadu]

Originally Posted by ohsnapzbrah

Do I have to claim taxes if my account had $500 in it? I was always under the assumption that a US citizen need not report it if it was under $600.

The proper place for tax-related questions in regards to FTP is here.

[antneye]

There should be some process by which those folks who do not want to claim their accounts, for whatever reason, can sign a document and turn those proceeds over to the PPA.

Thanks for all of the great support Skall, TE and the rest of the PPA. I will be subscribing to this thread and eagerly awaiting your guidance.

[leowolf]

Will foreign players like me (I play out of Germany) get their FTP funds back as well?

[Skallagrim]

Originally Posted by leowolf

Will foreign players like me (I play out of Germany) get their FTP funds back as well?

Yes.

Stars will be in charge of it and will be reopening FTP to accomplish it. As part of the settlement they specifically and without exception agreed to pay all non-US players the account balances that were on FTP when it shut down.

Not only that, they promised to pay you within 90 days.

And not only that, they have stated that they will do something to compensate you (at least in part) for your FTP points.

PokerStars

Skallagrim