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***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** ***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)***

07-31-2012 , 02:47 PM
Lets just wait for the news on payment guys... and stop assuming worst case or best case.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
07-31-2012 , 02:51 PM
fair enough but for this one I am on the end of the world ship that is sinking.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
07-31-2012 , 03:14 PM
From @RichMuny (PPA Player Relations):

Quote:
DoJ has all info (and all the $$$) needed to repay FTP players. I expect we'll fill out the form & get our funds quickly shipped our way.
First real thing i've really seen regarding payment and info that DOJ has.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
07-31-2012 , 10:15 PM
Quote:
Originally Posted by loco
For clarity of compensation purposes, US players and “rest of world” players shall be categorized based on their verified and approved locations on the Full Tilt site as of April 14, 2011.


This little clause sux big time for me. But otherwise, obviously awesome news.
This date was actually changed to June 29th. You run hot, sir.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 01:00 AM
Quote:
Originally Posted by Adam27X
This date was actually changed to June 29th. You run hot, sir.
Yeah Song told me about this. I was super pumped about the news. It looks like Song was the cutoff. Stars probably fought really hard to have his account included with them. Can only imagine how big that account was, don't know how Stars pulled it off.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 04:44 AM
I'm curious if now that I live abroad will I get my severely reduced abroad tax rate applied to my FTP money (I'm guessing I do) or do I have to pay what every other murrican does?
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 07:17 PM
Song's account represents 60% of US player balances which is why they pushed the date back.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 07:51 PM
Quote:
Originally Posted by NCSU07
I'm curious if now that I live abroad will I get my severely reduced abroad tax rate applied to my FTP money (I'm guessing I do) or do I have to pay what every other murrican does?
wtf do you mean with tax rate being applied to your FTP money? It astounds me how many professional or semi-professional poker players don't even understand the super basics of how taxes and poker work. You are not taxed on balances, cashouts, etc. You should have been paying taxes as you won the money. They almost definitely won't take money out for taxes just because your entire balance could have consisted of post-tax money if for example you lost money from January - April that year. Most likely they will share the numbers with the irs and use that info in deciding whether to audit you after you file your taxes for that year. Poker winnings tax is just the income tax, so I don't know the rules about Americans living in w/e country you're living, but if you pay a lower income tax you would pay a lower rate on any FTP winnings which has absolutely nothing to do with FTP deposits and cashouts.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 08:52 PM
I am incorporated and my cpa had me paying quarterlies on the estimated money that i would make (going by what i made the previous year). I paid taxes for 2 quarters in 2011, but since I never received my winnings my cpa filed it as a loss (if I remember right) and I got a refund on the quarterlies that I paid.

Does my cpa have a clue what he's doing?
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 09:01 PM
Quote:
Originally Posted by TucoRamirez
I am incorporated and my cpa had me paying quarterlies on the estimated money that i would make (going by what i made the previous year). I paid taxes for 2 quarters in 2011, but since I never received my winnings my cpa filed it as a loss (if I remember right) and I got a refund on the quarterlies that I paid.

Does my cpa have a clue what he's doing?
exactly what my CPA did, but I only paid one quarterly and still owed money at the end of the year... but same thing.

that's pretty standard fwiw... as long as you didn't tell him you paid all 4 quarterlies and you got refunded for that amount.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 09:18 PM
Quote:
Originally Posted by DamnRinger
as long as you didn't tell him you paid all 4 quarterlies and you got refunded for that amount.
Please explain like I'm 5. What's the problem with this?

Also, how did you still owe money? Live poker?

What's the deal with paying every quarter anyway? Why is that better than paying on the whole year? Something to do with corporate tax laws?
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 10:11 PM
You pay quarterly to avoid interest. Most people have tax withheld as its earned. As a poker player this is not the case. The interest is pretty minimal in the grand scheme of things but if poker is your sole source of income and you wait until the end of tr year to remit taxes, you may end up with a 4 figure penalty. It had nothing to do with corporate vs. individual.

If you don't pay quarterly, the penalty is basically like interest on a loan. There Are some more intricacies with estimates based on prior year wAges but nothing anyone should care about unless they are a tax accountant.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-01-2012 , 11:43 PM
Quote:
Originally Posted by TucoRamirez
I am incorporated and my cpa had me paying quarterlies on the estimated money that i would make (going by what i made the previous year). I paid taxes for 2 quarters in 2011, but since I never received my winnings my cpa filed it as a loss (if I remember right) and I got a refund on the quarterlies that I paid.

Does my cpa have a clue what he's doing?
I'm no CPA, and I didn't even bother to hit a Holiday Inn Express last night, but I think that if you claimed FTP monies as a "loss" then you may need to pay taxes on them as you withdraw them. That was the way my CPA explained it to me, or rather that was the way I interpreted what he said to me.

If your CPA has his crap together even a little bit then he should be able to tell you how to proceed.

Last edited by CLB; 08-01-2012 at 11:44 PM. Reason: Grammar fail.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 03:38 AM
Quote:
Originally Posted by zachvac
wtf do you mean with tax rate being applied to your FTP money? It astounds me how many professional or semi-professional poker players don't even understand the super basics of how taxes and poker work. You are not taxed on balances, cashouts, etc. You should have been paying taxes as you won the money. They almost definitely won't take money out for taxes just because your entire balance could have consisted of post-tax money if for example you lost money from January - April that year. Most likely they will share the numbers with the irs and use that info in deciding whether to audit you after you file your taxes for that year. Poker winnings tax is just the income tax, so I don't know the rules about Americans living in w/e country you're living, but if you pay a lower income tax you would pay a lower rate on any FTP winnings which has absolutely nothing to do with FTP deposits and cashouts.
Obv you had no idea what I was talking about and my language was a little bad. This year my tax rate will be far less than last year bc I am abroad and just recently exempt from social security. I "made" the money last year so my question was do I amend last years returns or add it to 2012. Apparently its the latter so ez game.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 04:29 AM
Does that money still count as income, since now you are technically victims of a crime claiming remission rather than professional poker players cashing out winnings?

What happened to Madoff victims for example did they pay tax on the money they got back?
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 10:20 AM
Quote:
What does this mean for US players’ taxes? That income that wasn’t constructively received in 2011 will likely be constructively received in 2012. That means you will need to report your Full Tilt income on your 2012 tax returns. You may need to adjust your fourth quarter 2012 estimated payment.
At least I'll be in a lower bracket.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 11:44 AM
Quote:
Originally Posted by sparky999
Does that money still count as income, since now you are technically victims of a crime claiming remission rather than professional poker players cashing out winnings?

What happened to Madoff victims for example did they pay tax on the money they got back?
Ugh. That's a good question and one that I hadn't considered at all. If I have to pay taxes on this $ a second time I will be pissed. But then I will remind myself that I wasn't really planning on seeing any of it and I'll be cool again!
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 11:59 AM
Quote:
Originally Posted by CLB
I think that if you claimed FTP monies as a "loss" then you may need to pay taxes on them as you withdraw them. That was the way my CPA explained it to me, or rather that was the way I interpreted what he said to me.

If your CPA has his crap together even a little bit then he should be able to tell you how to proceed.
This is my sentiment as well.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 12:01 PM
Quote:
Originally Posted by DamnRinger
not sure how I missed this post but A++++

"I'm so excited"
"I'm so excited"
"I'm so.... scared"
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 01:02 PM
apparently too many young people ITT who didn't grow up with jesse's caffeine pill addiction.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-02-2012 , 10:49 PM
Quote:
Originally Posted by TucoRamirez
Please explain like I'm 5.
note: reddit reg
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-07-2012 , 02:09 AM
@WendeenEolis
working on eye-opener article re prospects for American-based FTP players getting 100% of their account balances.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-07-2012 , 02:28 AM
I know it's probably the case for everyone, but I'm still considering this money gone until I have it. Especially when the DOJ is handling the payouts. People won't have the same address as they had registered to their FTP accts etc. etc.

It's probably going to be a giant hassle. I won't be surprised if there is some kind of fees or added taxes tied to receiving the money but we shall see.
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-07-2012 , 03:48 AM
Quote:
Originally Posted by sparky999
working on eye-opener article re prospects for American-based FTP players getting 100% of their account balances.
@WendeenEolis
"Cloudy forcast by LV "Wednesday Night Discussion Group" participant re: American player payout prospects unwarranted. More coming ."

today: needless/baseless fear mongering

tomorrow: expected real news (+/- 1-few days obv)



same story, never ends



all this fear mongering does is make it worse (in more ways than one) for the most harshly affected victims

even if i was just short of positive that any of these conspiracy theories were accurate (and had real, good reason to be) i would hope i'd have enough consideration for the most adversely affected to keep it to myself, at least until i was 110% sure, but even then, might still be pretty clearly -eV

at least for these quasi-reporters they have something to gain from spewing speculation, for anyone else, especially those who are under or not-at-all exposed to the FTP situation specifically......it's just really amazing
***Official 2014?? I got my f***in money FTP Thread bithces...(seriously, bitches)*** Quote
08-07-2012 , 10:16 AM
what does that tweet even mean... or what is she trying to imply..?

Last edited by ShipItYo; 08-07-2012 at 10:21 AM.
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