Remission of FTP funds and the PPA

[SayGN]

Does the fact that the DoJ allowed PS to repay US player balances in full shortly after BF lend additional credibility to the belief that the DoJ intends to pay US players back based on their account balances?

[antneye]

Originally Posted by SayGN

Does the fact that the DoJ allowed PS to repay US player balances in full shortly after BF lend additional credibility to the belief that the DoJ intends to pay US players back based on their account balances?

I'm no lawyer, but yes imo.

[Skallagrim]

Originally Posted by antneye

I'm no lawyer, but yes imo.

You don't need to be a lawyer to wonder why they would do one but not the other and not come up with a good answer. I agree it is a positive sign of some significance.

Skallagrim

[Zenzor]

Originally Posted by 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

what would be considered significant money?

[Skallagrim]

Originally Posted by Zenzor

what would be considered significant money?

It doesn't matter what you or I consider "significant." It matters what the DOJ or IRS considers significant.

Remember that whatever the amount of your FTP balance (or history of transactions even), that number does not directly correlate to a tax figure.

Essentially my point is that neither the IRS nor the DOJ are ever going to take a second look at a balance or history that at best could result in a few hundred dollars being owed - it costs them more in scarce manpower to discover and process such an amount.

Plug in your own number guesses from there.

Skallagrim

[cardking303]

So Skall we will most likely not hear any news on this situation until mid next week you think? Hate being in the dark again about our FT money again.

[Skallagrim]

Originally Posted by cardking303

So Skall we will most likely not hear any news on this situation until mid next week you think? Hate being in the dark again about our FT money again.

The division covering repayment (the AFMLS) has just begun to work on the case, so it will take some time. But the impression we have gotten from our first contacts is that they want to get this done quickly. Your guess on the number of days it will take is probably a decent one IMO, but of course it is still just a guess.

But it is certainly easier to be waiting on how and when US players will get paid rather than if US players will get paid.

Skallagrim

[Grasshopp3r]

Do you honestly think that the DoJ and the AFMLS can staff or administer a refunding process? I don't see how they can process the number of payments.

On the other hand, PokerStars has the systems and personnel in place to do the transfers and verify the player id/account info.

[Phatty]

Originally Posted by Grasshopp3r

Do you honestly think that the DoJ and the AFMLS can staff or administer a refunding process? I don't see how they can process the number of payments.

On the other hand, PokerStars has the systems and personnel in place to do the transfers and verify the player id/account info.

I'd guess the government in general does more financial transactions per day/week/month/year than PokerStars.

[Skallagrim]

Originally Posted by Grasshopp3r

Do you honestly think that the DoJ and the AFMLS can staff or administer a refunding process? I don't see how they can process the number of payments.

On the other hand, PokerStars has the systems and personnel in place to do the transfers and verify the player id/account info.

The DOJ does not have to operate in isolation here, other parts of the government can be utilized too.

The US government sends out more checks each week than probably the 5 top US corporations combined. Each month, tens of millions of Social Security checks are sent out and the vast majority go to the right person and contain the right amount.

Of course the government is not as efficient as most corporations, and this remission process is a little out of the ordinary, but they certainly have the capability to handle the payouts.

Skallagrim

[anteatereater]

i am an american that moved to canada to play on full tilt. 2 weeks after getting my account activated and beginning to play again, june 29th hit.

i am now back in the u.s.

so as i understand it, i will be considered an ROW player, but i no longer have any presence in canada.

do you think pokerstars will be allowed to send my money to me here in the u.s.?

thx

[Skallagrim]

Originally Posted by anteatereater

i am an american that moved to canada to play on full tilt. 2 weeks after getting my account activated and beginning to play again, june 29th hit.

i am now back in the u.s.

so as i understand it, i will be considered an ROW player, but i no longer have any presence in canada.

do you think pokerstars will be allowed to send my money to me here in the u.s.?

thx

I am 99.9% certain PokerStars will find a way to get you your money ( PokerStars). You should contact PokerStars directly after a few days and ask them.

If there is a glitch somewhere let me know. I have always assumed there will be some folks whose specific circumstances will require specific attention. If you become one of those folks the PPA will do what it can to help.

Skallagrim

[anteatereater]

Originally Posted by Skallagrim

I am 99.9% certain PokerStars will find a way to get you your money ( PokerStars). You should contact PokerStars directly after a few days and ask them.

If there is a glitch somewhere let me know. I have always assumed there will be some folks whose specific circumstances will require specific attention. If you become one of those folks the PPA will do what it can to help.

Skallagrim

thanks!

i will definitely report back.

[nyczwillz]

Thanks again for the answers.

Is there currently any forms we can fill out yet for US players? I don't believe I've heard anything but listening to the 2+2 podcast they stated there was a form or application on justice.gov to fill out.

[Skallagrim]

Originally Posted by nyczwillz

Thanks again for the answers.

Is there currently any forms we can fill out yet for US players? I don't believe I've heard anything but listening to the 2+2 podcast they stated there was a form or application on justice.gov to fill out.

There are generic forms available on the internet. The one at justice.gov is the most common one.

But there is no need to go filing out that form right now. With the large number of individuals involved in the FTP remission case, it is anticipated that the AFMLS section of the DOJ will establish a form specific for this case. At the very least they will specify what FTP related information they want on the form.

When that information becomes available (hopefully soon) the form and/or instructions will be posted in numerous places. One place it will definitely be is the PPA web page linked above. The PPA will also provide instructions to help you fill it out. Keep checking that page (or here) or put your email address into the system and you will get a notice as soon as that page is updated with the information.

Skallagrim