Poker news tagged with 'tax'

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Man Faces Five Years in Prison for Failing to Declare Taxes on $1M Poker Winnings

Tags: Connecticut, Guy Smith, Seminole Hard Rock Poker Open, tax
Posted on 30 December 2020 by "T".

A small business owner and poker player in Connecticut has pleaded guilty to one count of tax evasion. The man faces a maximum jail time of up to five years.

Guy Smith, age 62, of Shelton, Connecticut has waived his right to be indicted earlier this December. He pled guilty instead to tax evasion on his business income and winnings from poker. According to the United States Attorney's Office for the District of Connecticut, Smith owns Centerline Interiors LLC, a commercial interior construction business, but his main income came from playing in poker tournaments within the country.

Read more » Man Faces Five Years in Prison for Failing to Declare Taxes on $1M Poker Winnings


Israeli Poker Pro Rafi Amit ordered to Pay Tax in Israel

Tags: Israel, Rafi Amit, tax
Posted on 14 July 2016 by "T".

Rafi "refaelamit" Amit, who has generated millions of dollars' worth of winnings in online and live tournaments, has been ordered to pay income tax for his year 2007 earnings. The Income Tax Authority claim that Amit was an Israeli resident for the year in question. Even though he did not meet the minimum required days to qualify as a resident in the country, he still needs to pay income tax.

Read more » Israeli Poker Pro Rafi Amit ordered to Pay Tax in Israel


Is Jerry Yang Broke?

Tags: 2007 wsop main event, broke, irs, Jerry Yang, tax, wsop champion
Posted on 13 March 2013 by "T".

Jerry Yang won his ticket to the 2007 World Series of Poker Main Event Main Event through a $225 satellite and bested a field of 6,358 entries for an increadible $8.25 million first prize. Now, almost 6 years later, it seems like the money is gone since his gold bracelet (and other jewellery belonging to him) is listed on U.S. Department of the Treasury's Auction site. 

Read more » Is Jerry Yang Broke?


2011 WSOP: The taxman can't touch Pius Heinz's $8.7 million

Tags: 2011 november nine, 2011 wsop main event, pius heinz, tax
Posted on 15 November 2011 by "T".

When Pius Heinz won the 2011 World Series of Poker main event last week he collected amazing $8.7 million and became the first German main event winner in WSOP history. So, how much will be taxed by his native country Germany? The answer is none, nothing, nada. According to CNBS sports analyst Darren Rovell, who tweeted a story by Fox that breaks down the tax situation for each 2011 November Nine player.

Read more » 2011 WSOP: The taxman can't touch Pius Heinz's $8.7 million


Denmark upholds Lower Court ruling to tax online poker winnings

Tags: Denmark, Peter Eastgate, Tax
Posted on 15 September 2009 by "K".

Denmark is well-known for having one of the most heavy-handed taxation codes of any country in the EU. Peter Eastgate who took down $9.1 million when he won the WSOP last November, was taxed at a 45% rate for the first $4 million he earned and at 75% for the remainder of the money, leaving the youngest WSOP champion ever with an estimated $2.5 million in prize money.

The Danish Supreme Court ruled that a 35 year old unemployed man who had been making a living as an online poker player, would have to be taxed as a "professional gambler", similar to the tax rate of Peter Eastgate. Over the past year, he allegedly earned around €26,000 from playing at several online poker sites.

The Supreme Court did, however, refuse to enforce the DKK 5000 fine (€670) issued by a lower court, his resulting tax bill ends up at €11,700.

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