Quote:
Originally Posted by Russ Fox
If insideman doesn't want to believe me, that's fine--I don't care. The rule is out there, and not complying with it will be his problem. Interestingly enough, the current issue of California Enrolled Agent Magazine highlights foreign accounts and notes that this is a big issue in current field audits. I urge those who meet the filing requirements to file the form. It's just not worth the risk of prison time and a large fine. Finding out that an individual didn't file the form (when he or she should have) is an easy way for an IRS revenue agent to add $10,000/$100,000 to the result of each audit. If you want to believe that IRS revenue agents aren't judged by their results you're entitled to that opinion, too.
-- Russ Fox
Russ,
I talked to my accountant and we are planning to report the accounts as offshore accounts. He asked me to get the following info.
I sent this to Pokerstars, and got the following response. How do I fill in the blanks?
----------my email to pokerstars
For tax purposes I need the following information on my account with
you.
1. Name of Financial Institution in which account is held.
2. Account number or other designation
3. mailing address of financial institution in which account is held.
---------pokerstars response
PokerStars is owned and operated by a legal entity located in the Isle
Of Man (a crown dependency of the United Kingdom) and we pride ourselves
on abiding by all relevant laws and regulations.
As laws vary around the world, it is the responsibility of the players to
adhere to their own regional laws. Therefore, we are unable to provide our
players with this kind of documentation for a specific country.
Our terms of service make it clear that our services are not for use
in jurisdictions where it is illegal to do so. As you can appreciate
we have players from a vast number of countries around the world and
it would be impossible for us to remain updated as to the legal
situation in every jurisdiction, therefore we encourage our members to
evaluate the local laws which apply to them before they start to use
our services in relation to the "real money" games.
If we can be of further assistance, please let us know.
Regards,
DimitriC
PokerStars Payment Services