Why You Shouldn’t Gamble With Uncle Sam

“Sometimes the IRS changes its mind… with catastrophic results for taxpayers.  Until 2008, FinCEN advised that online poker accounts didn’t need to be reported on the FBAR. In 2009, it shifted gears and declared these accounts to be reportable. Then, in 2011, FinCEN reversed itself again. This written guidance didn’t help John Hom, who gambled online and set up accounts at two online poker companies. He used a third online company to facilitate the transfer of funds to the poker accounts. The IRS assessed civil penalties of more than $45,000. Hom appealed the penalty to a federal district court. But on June 4, 2014, a judge ruled that all three accounts were reportable on the FBAR.”

http://www.nestmann.com/why-you-shouldnt-gamble-with-uncle-sam

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