Quote:
Originally Posted by LotGrinder
Wait...so none of you guys currently cheat or have cheated on your taxes in the past?
as a former professional poker player and somebody studying for the CPA exams, please let me correct the logic that's been laid out.
The IRS isn't just some tax collector that sees you file for 2 years of 0 income, (or not file at all, LOL good luck with that) and forgets about it. They are a legitimate business that is trained to find every sort of mistake we, as taxpayers make. Of course, they aren't really worried about the "small fish" in the market, so the not paying tax on your 20k earnings or whatever isn't a huge deal. Of course, I don't condone this and you should pay on what you earn regardless of the income because its the law.
That being said, it will create this "oh I don't have to pay taxes because I've never been caught" mentality, and then what do you do? You can't actually buy any assets or anything because you never claimed income.
If you want to make it as a "live 1/2 professional" (which is really just ****ing absurd as it gets", I suggest doing things on the up and up because the IRS is a very cruel mistress if you try to **** them.