<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by -=Scorpion=-:
When a book like Blue Marlin disappears and your balance of $14500 is gone, you can claim that as a loss. Is this correct?????????<HR></BLOCKQUOTE>
Technically, maybe not, but I personally would. If you were filing as a pro gambler, you could write it off as a business loss. If you are filing as some other occupation, I would add it in with my gambling losses. If for some reason I was audited and the IRS wanted to dispute that particular entry, I would deal with that later and pay the tax and penalty if it went against me.
It could always be entered in the betting log as a series of 3 bets on losing propositions, just to bolster the bettor's position.
Just my opinion. I am not recommending that you do this.
When a book like Blue Marlin disappears and your balance of $14500 is gone, you can claim that as a loss. Is this correct?????????<HR></BLOCKQUOTE>
Technically, maybe not, but I personally would. If you were filing as a pro gambler, you could write it off as a business loss. If you are filing as some other occupation, I would add it in with my gambling losses. If for some reason I was audited and the IRS wanted to dispute that particular entry, I would deal with that later and pay the tax and penalty if it went against me.
It could always be entered in the betting log as a series of 3 bets on losing propositions, just to bolster the bettor's position.
Just my opinion. I am not recommending that you do this.
Darryl,
Which law am I breaking, specifically? There are none in my state, I've checked. There are none at the federal level. The Wire Act hasn't been tested in that regard as far as I know, except in the Cohen case and that was not about a player, it was about taking bets.
My opinion stands; pay your tax if you're going to move big bucks around. Take your chances if you feel like it. I don't move big money around anyway, so it's not an issue for me, but if I did gamble big bucks, that's how I'd do it, because I don't need to sit around and gamble with my freedom alongside gambling with my dough.
Which law am I breaking, specifically? There are none in my state, I've checked. There are none at the federal level. The Wire Act hasn't been tested in that regard as far as I know, except in the Cohen case and that was not about a player, it was about taking bets.
My opinion stands; pay your tax if you're going to move big bucks around. Take your chances if you feel like it. I don't move big money around anyway, so it's not an issue for me, but if I did gamble big bucks, that's how I'd do it, because I don't need to sit around and gamble with my freedom alongside gambling with my dough.
posted by Darryl Parsons:
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
I'm no lawyer or accountant ... but I don't think the IRS has an income category for illegal income.
<HR></BLOCKQUOTE>
Amazingly enough, they do.
The IRS does not care what you do, as long as you send a cheque.
In the case Sullivan vs. the United States (274 U.S. 259 [1927]) the defendant based his (imho brilliant) defence on the fact that he had earned his money illegally (he was a bootlegger during Prohibition days) and that because of that fact, even if he wanted to file a return, he could not do so without violating his right against self-incrimination under the Fifth Amendment. This case stewed on for ages, as the conundrum naturally gave pause to the judge. It ended up in the Supreme Court, who ruled that while Sullivan was in fact protected against disclosing the nature of the work to the IRS he was still required to file.
Other cases have held up this same notion -- of particular interest is Garner vs. United States (424 U.S. 648 [1976]) because it is actually related to gambling earnings. In part of the record the judge puts forward the example that if a person selling heroin does not declare his taxes, he is guilty of both drug dealing and income tax evasion, and that he could simply declare his income as "income from sales" and not provide additional information.
The IRS of course likes tons of information, any on which it can get its hands, but despite the way the U.S. has gone down the tubes in the last couple of decades the law is still on the side of the informed citizen. In United States vs. Rendahl (746 F.2d 553, 555 [9th Cir. 1984]) and Hoffman vs. United States (341 U.S. 479, 486 [1951]) and several other cases that provide precedent, if the requested information would "support a conviction under a federal criminal statute" or "furnish a link in the chain of evidence needed to prosecute the claimant for a federal crime" then you can properly assert Fifth Amendment privilege in witholding information.
So, in the end, all that matters is that you pay and pay and pay and pay. The government can't afford to be picky about with whom it does business; it's got bills to pay. Shitloads of bills.
Phaedrus
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
I'm no lawyer or accountant ... but I don't think the IRS has an income category for illegal income.
<HR></BLOCKQUOTE>
Amazingly enough, they do.
The IRS does not care what you do, as long as you send a cheque.
In the case Sullivan vs. the United States (274 U.S. 259 [1927]) the defendant based his (imho brilliant) defence on the fact that he had earned his money illegally (he was a bootlegger during Prohibition days) and that because of that fact, even if he wanted to file a return, he could not do so without violating his right against self-incrimination under the Fifth Amendment. This case stewed on for ages, as the conundrum naturally gave pause to the judge. It ended up in the Supreme Court, who ruled that while Sullivan was in fact protected against disclosing the nature of the work to the IRS he was still required to file.
Other cases have held up this same notion -- of particular interest is Garner vs. United States (424 U.S. 648 [1976]) because it is actually related to gambling earnings. In part of the record the judge puts forward the example that if a person selling heroin does not declare his taxes, he is guilty of both drug dealing and income tax evasion, and that he could simply declare his income as "income from sales" and not provide additional information.
The IRS of course likes tons of information, any on which it can get its hands, but despite the way the U.S. has gone down the tubes in the last couple of decades the law is still on the side of the informed citizen. In United States vs. Rendahl (746 F.2d 553, 555 [9th Cir. 1984]) and Hoffman vs. United States (341 U.S. 479, 486 [1951]) and several other cases that provide precedent, if the requested information would "support a conviction under a federal criminal statute" or "furnish a link in the chain of evidence needed to prosecute the claimant for a federal crime" then you can properly assert Fifth Amendment privilege in witholding information.
So, in the end, all that matters is that you pay and pay and pay and pay. The government can't afford to be picky about with whom it does business; it's got bills to pay. Shitloads of bills.
Phaedrus
Phaedrus,
I have a scenario for you along with a question.
Suppose one walks into a bank with a check in the amount of $4,350.00 and cashes the check.
Where exactly does the filing of the CTR begin? Is it with the bank teller, is it done electronically, or is it determined at some later stage (back office) of processing the check?
I have a scenario for you along with a question.
Suppose one walks into a bank with a check in the amount of $4,350.00 and cashes the check.
Where exactly does the filing of the CTR begin? Is it with the bank teller, is it done electronically, or is it determined at some later stage (back office) of processing the check?
Boxing Freak
A CTR would not be required for a transaction of $ 4,350.00 . As I said previously, my original statement was very broad for the sake of brevity, because the number and specifics of regulations surrounding money movement is extremely broad. It was incorrect for me to blanket everything under the category of "CTR" when in fact several different reports and regulations come into play, but I did not realise this was going to become a matter of calling me out on details. Further, if you are confused by my use of the phrase "automatically triggered" try to understand that I did not mean to imply that there is some Amazing Big Brother Machine™ that goes bwoopbwoopbwoopbwoopbwoop every time $ 10,000.00 is spent.
When a CTR is required filing is done on the spot, because the customer has to provide information to complete the report. As such it is generally handled by the teller, and filed twice monthly with FinCEN by a compliance office or manager. If an SAR is filed this is done after the fact, normally by a compliance officer based on feedback from the teller who handled the transaction. Reports that fall under the guidelines for required record retention are not really 'reports' so much as backups of existing data which are stored seperately and for a longer period -- not sure who is responsible for that.
The scenario of a $ 4,350.00 cheque might (I do not know for sure) trigger report retention requirements as is the case with other instruments in excess of $ 3,000.00 . It would apply if you requested a bank wire over $ 3,000.00 so it is not inconceivable that it would apply to a cheque over that amount, but I do not know whether or not it actually is.
Phaedrus
A CTR would not be required for a transaction of $ 4,350.00 . As I said previously, my original statement was very broad for the sake of brevity, because the number and specifics of regulations surrounding money movement is extremely broad. It was incorrect for me to blanket everything under the category of "CTR" when in fact several different reports and regulations come into play, but I did not realise this was going to become a matter of calling me out on details. Further, if you are confused by my use of the phrase "automatically triggered" try to understand that I did not mean to imply that there is some Amazing Big Brother Machine™ that goes bwoopbwoopbwoopbwoopbwoop every time $ 10,000.00 is spent.
When a CTR is required filing is done on the spot, because the customer has to provide information to complete the report. As such it is generally handled by the teller, and filed twice monthly with FinCEN by a compliance office or manager. If an SAR is filed this is done after the fact, normally by a compliance officer based on feedback from the teller who handled the transaction. Reports that fall under the guidelines for required record retention are not really 'reports' so much as backups of existing data which are stored seperately and for a longer period -- not sure who is responsible for that.
The scenario of a $ 4,350.00 cheque might (I do not know for sure) trigger report retention requirements as is the case with other instruments in excess of $ 3,000.00 . It would apply if you requested a bank wire over $ 3,000.00 so it is not inconceivable that it would apply to a cheque over that amount, but I do not know whether or not it actually is.
Phaedrus
this is a good topic
http://www.majorwager.com/fusetalk/messageview.cfm?catid=22&threadid=77985&FTVAR_MSGDBTABLE=
[This message was edited by -=Scorpion=- on January 08, 2004 at 10:14 PM.]
http://www.majorwager.com/fusetalk/messageview.cfm?catid=22&threadid=77985&FTVAR_MSGDBTABLE=
[This message was edited by -=Scorpion=- on January 08, 2004 at 10:14 PM.]
Gotta love these forums...one can learn a hell of a lot: It's probably not the world's best resource on the subject but it says some interesting stuff:
http://www.unc.edu/courses/pre2000fall/law357c/cyberprojects/spring98/cybergambling/law.html
So in a nutshell, internet gambling is a misdemeanor in some states and no violation at all in others at the moment. Of course, the proposed law would change all that.
So to Skyweasel, I stand corrected if you live in one of the gambling friendly states. I was sure it was illegal from all the stuff I read around here in the past. I guess we keep learning every day.
I still think not reporting it is a major overlay and the EV-maximizing move but this is only an opinion and just like the opinions on sporting events they can differ and ya gotta respect 'em all even if ya don't agree.
I'm sure as hell not going to try to convince anyone to evade taxes or I might even be a party to the crime myself. Your government is fortunate to have such honest and co-operative citizens.
http://www.unc.edu/courses/pre2000fall/law357c/cyberprojects/spring98/cybergambling/law.html
So in a nutshell, internet gambling is a misdemeanor in some states and no violation at all in others at the moment. Of course, the proposed law would change all that.
So to Skyweasel, I stand corrected if you live in one of the gambling friendly states. I was sure it was illegal from all the stuff I read around here in the past. I guess we keep learning every day.
I still think not reporting it is a major overlay and the EV-maximizing move but this is only an opinion and just like the opinions on sporting events they can differ and ya gotta respect 'em all even if ya don't agree.
I'm sure as hell not going to try to convince anyone to evade taxes or I might even be a party to the crime myself. Your government is fortunate to have such honest and co-operative citizens.
http://www.majorwager.com/fusetalk/messageview.cfm?catid=22&threadid=76976&FTVAR_MSGDBTABLE=
World Runner
Captain
Posts: 3775
Joined: Mar 2002
11/26/2003 12:50 PM
If you are smurfing or structuring you can still get caught....Here's some stuff i've copied/ pasted from some training manuals that EVERY SINGLE EMPLOYEE of ours have taken.
Some of it is useless corporate garbage...well most of it is...but maybe SOMEONE will find it interesting. I see people's accounts flagged for structuring EVERY SINGLE DAY... Now I don't know what happens to it after that because I'm not really part of that process...i'm guess that the auditer just dismisses most everything. But if you're cashing $10,000+ worth of instruments in a period of a week from off-shore...it's probably been flagged...depending on the bank
A suspicious transaction is defined as a transaction conducted or attempted by,
at, or through a bank in the form of currency or other monetary form in which a
financial institution has reason to believe or suspect, or knows for a fact, that 1)
the transaction(s) involves funds from illegal activities or is intended or conducted
in order to hide or disguise funds/assets derived from illegal activities, 2) the
transaction is designed to evade any reporting requirements (i.e., the individual is
structuring the transaction(s), or 3) the transaction has no business or apparent
lawful purpose or is not the sort in which the customer would normally be
expected to engage. Transactions suspicious in nature, regardless of the
amount, should be reported to the appropriate person or department for further
review and reporting as applicable. This may include the CTR control officer
and/or Wells Fargo Investigations.
Financial institutions must provide specific information to federal agencies if
money laundering or unusual activity is suspected. This information includes the
individual's name, social security number, account number, and nature of the
suspicious activity.
Money laundering involves disguising profits from drug dealing and other illegal
activities such as tax evasion, bribery, extortion, embezzlement, mail or wire
fraud, insider trading, illegal gambling, prostitution, theft, and other crime.
Criminals conceal the source of their "dirty money" by trying to make it look
legitimate -- by "washing" it through financial institutions. Money laundering is
NOT limited to just currency transactions. Increasingly, it is being accomplished
by methods other than strictly using cash. Concern exists regarding the potential
to launder money via electronic banking as use of technology grows in popularity.
Laundering via loan proceeds and investment activities has also increased.
Financial institutions must report every currency transaction over $10,000 to
the IRS. Multiple cash transactions that, in aggregate, total more than $10,000
conducted by or for the same person on the same business day must be reported as
one transaction. A currency transaction is defined as the physical exchange of
currency at a teller line, through the ATM, or night deposit.
Financial institutions must report every currency transaction over $10,000 to
the IRS. Multiple cash transactions that, in aggregate, total more than $10,000
conducted by or for the same person on the same business day must be reported as
one transaction. A currency transaction is defined as the physical exchange of
currency at a teller line, through the ATM, or night deposit.
The financial institutions, and officers, directors, and all team members must
report any suspicious transaction relevant to a possible violation of federal
law or regulation.
The Suspicious Activity Report (SAR) form is to be used to report known or
suspected crimes, such as money laundering or structuring, to FinCEN.
Financial institution employees are prohibited from informing any individual(s)
involved in a suspicious transaction that the transaction has been or will be reported
to FinCEN.
IMPORTANT
Structuring is the most common method used by money launderers to evade BSA
reporting requirements. Structuring a transaction involves breaking large amounts
of currency into increments of $10,000 or less so that a CTR is not filed. Team
members must be careful not to help structure a transaction. More detail on
structuring is provided later in this training document.
Tellers and team members opening accounts or conducting transactions, should
be aware of the following:
•Customer is reluctant to provide proper identification
•Customer opens several accounts under one or more names and subsequently
deposits currency in amounts of $10,000 or less to each of the accounts
•Customer is reluctant to proceed with a transaction after being informed that a CTR
will be filed, or withholds information needed to complete the form
• Clients who claim to be in an extreme hurry to process transactions for which the
timing is described as “critical.”
•Customer frequently deposits or withdraws large amounts of currency for no
apparent business reason, or for a business that generally does not deal with large
amounts of cash
•Customer frequently purchases monetary instruments for currency in amounts of
$10,000 or less
•Customer exchanges large amounts of currency from small to large denomination bills
• Customer deposits currency that has a peculiar or unpleasant odor indicating storage in
unusual locations, including a safe deposit box.
•Several customers enter the bank simultaneously and each conducts a transaction
in amounts of $10,000 or less with different tellers or bankers
• Customer requests wire transactions that do not seem reasonable.
•Customer frequently visits the safe deposit box area, possibly indicating the
safekeeping of large amounts of currency or illegal substances. A large cash
transaction may be conducted prior to or after visiting the safe deposit box.
•Customer discusses intent to avoid BSA reporting requirements or makes threats to
a team member to deter the filing of a CTR
•Customer requests to be included on the financial institution's exemption list to be
exempt from reporting of large cash transactions
•Customer frequently deposits funds (e.g. currency, incoming wire transfers,
monetary instruments) and almost immediately wire transfers the funds to another
city or country, and that activity is inconsistent with the customer's stated business
•Customer receives wire transfers and immediately purchases monetary instruments
for payment to another party
• Customer deposits foods stamps in unusually high amount or amounts inconsistent
with their business
• Customer makes a deposit containing a large amount of domestic and/or foreign
traveler’s checks. The instruments may contain illegible payees and endorsers’
signatures and the checks may be sequentially numbered
Wire transfer or team members involved in wires, should be aware of the following:
•Customer increases wire transfer activity, or makes international wire transfers,
which is inconsistent with previous wire activity.
• Clients who claim to be in an extreme hurry to execute documents or process
transactions for which the timing is described as “critical.”
•Customer frequently deposits funds (e.g. currency, incoming wire transfers, ACH
transfers, monetary instruments) and almost immediately transfers the funds to
another city or country, and that activity is inconsistent with the customer's stated
business or previous activity.
•Customer uses wire transfers to move large amounts of currency to drug-haven
countries, to countries with few or no bank secrecy laws, or to an off-shore bank.
•Non-accountholder requests to send or receive wire transfers involving currency
near the $10,000 limit, or involving numerous monetary instruments. (Note:
Typically transfers over $3,000 in cash are not accepted, unless given proper
approval by an officer.)
•Non-accountholder receives incoming wire transfers with instructions to the financial
institution to "Pay Upon Proper Identification" or to convert the funds to cashier's
checks and mail to a non-account holder.
• Large wire or ACH transfers (possibly more than one per day) received into an
account for a customer who structures cash withdrawals as soon as the funds are
received.
EXAMPLES OF POTENTIAL STRUCTURING
#1 - A customer makes multiple currency deposits in amounts less than $10,000, but
totaling more than $10,000 over several consecutive or near consecutive days, via tellers,
ATM or night depository at the same bank, different branches of the same bank, or at
different banks.
#2 - A customer deposits $8,000 in currency on Monday, Tuesday, Wednesday, and
Thursday. On Friday, the customer requests $30,000 be wire transferred out of the
country.
World Runner
Captain
Posts: 3775
Joined: Mar 2002
11/26/2003 12:50 PM
If you are smurfing or structuring you can still get caught....Here's some stuff i've copied/ pasted from some training manuals that EVERY SINGLE EMPLOYEE of ours have taken.
Some of it is useless corporate garbage...well most of it is...but maybe SOMEONE will find it interesting. I see people's accounts flagged for structuring EVERY SINGLE DAY... Now I don't know what happens to it after that because I'm not really part of that process...i'm guess that the auditer just dismisses most everything. But if you're cashing $10,000+ worth of instruments in a period of a week from off-shore...it's probably been flagged...depending on the bank
A suspicious transaction is defined as a transaction conducted or attempted by,
at, or through a bank in the form of currency or other monetary form in which a
financial institution has reason to believe or suspect, or knows for a fact, that 1)
the transaction(s) involves funds from illegal activities or is intended or conducted
in order to hide or disguise funds/assets derived from illegal activities, 2) the
transaction is designed to evade any reporting requirements (i.e., the individual is
structuring the transaction(s), or 3) the transaction has no business or apparent
lawful purpose or is not the sort in which the customer would normally be
expected to engage. Transactions suspicious in nature, regardless of the
amount, should be reported to the appropriate person or department for further
review and reporting as applicable. This may include the CTR control officer
and/or Wells Fargo Investigations.
Financial institutions must provide specific information to federal agencies if
money laundering or unusual activity is suspected. This information includes the
individual's name, social security number, account number, and nature of the
suspicious activity.
Money laundering involves disguising profits from drug dealing and other illegal
activities such as tax evasion, bribery, extortion, embezzlement, mail or wire
fraud, insider trading, illegal gambling, prostitution, theft, and other crime.
Criminals conceal the source of their "dirty money" by trying to make it look
legitimate -- by "washing" it through financial institutions. Money laundering is
NOT limited to just currency transactions. Increasingly, it is being accomplished
by methods other than strictly using cash. Concern exists regarding the potential
to launder money via electronic banking as use of technology grows in popularity.
Laundering via loan proceeds and investment activities has also increased.
Financial institutions must report every currency transaction over $10,000 to
the IRS. Multiple cash transactions that, in aggregate, total more than $10,000
conducted by or for the same person on the same business day must be reported as
one transaction. A currency transaction is defined as the physical exchange of
currency at a teller line, through the ATM, or night deposit.
Financial institutions must report every currency transaction over $10,000 to
the IRS. Multiple cash transactions that, in aggregate, total more than $10,000
conducted by or for the same person on the same business day must be reported as
one transaction. A currency transaction is defined as the physical exchange of
currency at a teller line, through the ATM, or night deposit.
The financial institutions, and officers, directors, and all team members must
report any suspicious transaction relevant to a possible violation of federal
law or regulation.
The Suspicious Activity Report (SAR) form is to be used to report known or
suspected crimes, such as money laundering or structuring, to FinCEN.
Financial institution employees are prohibited from informing any individual(s)
involved in a suspicious transaction that the transaction has been or will be reported
to FinCEN.
IMPORTANT
Structuring is the most common method used by money launderers to evade BSA
reporting requirements. Structuring a transaction involves breaking large amounts
of currency into increments of $10,000 or less so that a CTR is not filed. Team
members must be careful not to help structure a transaction. More detail on
structuring is provided later in this training document.
Tellers and team members opening accounts or conducting transactions, should
be aware of the following:
•Customer is reluctant to provide proper identification
•Customer opens several accounts under one or more names and subsequently
deposits currency in amounts of $10,000 or less to each of the accounts
•Customer is reluctant to proceed with a transaction after being informed that a CTR
will be filed, or withholds information needed to complete the form
• Clients who claim to be in an extreme hurry to process transactions for which the
timing is described as “critical.”
•Customer frequently deposits or withdraws large amounts of currency for no
apparent business reason, or for a business that generally does not deal with large
amounts of cash
•Customer frequently purchases monetary instruments for currency in amounts of
$10,000 or less
•Customer exchanges large amounts of currency from small to large denomination bills
• Customer deposits currency that has a peculiar or unpleasant odor indicating storage in
unusual locations, including a safe deposit box.
•Several customers enter the bank simultaneously and each conducts a transaction
in amounts of $10,000 or less with different tellers or bankers
• Customer requests wire transactions that do not seem reasonable.
•Customer frequently visits the safe deposit box area, possibly indicating the
safekeeping of large amounts of currency or illegal substances. A large cash
transaction may be conducted prior to or after visiting the safe deposit box.
•Customer discusses intent to avoid BSA reporting requirements or makes threats to
a team member to deter the filing of a CTR
•Customer requests to be included on the financial institution's exemption list to be
exempt from reporting of large cash transactions
•Customer frequently deposits funds (e.g. currency, incoming wire transfers,
monetary instruments) and almost immediately wire transfers the funds to another
city or country, and that activity is inconsistent with the customer's stated business
•Customer receives wire transfers and immediately purchases monetary instruments
for payment to another party
• Customer deposits foods stamps in unusually high amount or amounts inconsistent
with their business
• Customer makes a deposit containing a large amount of domestic and/or foreign
traveler’s checks. The instruments may contain illegible payees and endorsers’
signatures and the checks may be sequentially numbered
Wire transfer or team members involved in wires, should be aware of the following:
•Customer increases wire transfer activity, or makes international wire transfers,
which is inconsistent with previous wire activity.
• Clients who claim to be in an extreme hurry to execute documents or process
transactions for which the timing is described as “critical.”
•Customer frequently deposits funds (e.g. currency, incoming wire transfers, ACH
transfers, monetary instruments) and almost immediately transfers the funds to
another city or country, and that activity is inconsistent with the customer's stated
business or previous activity.
•Customer uses wire transfers to move large amounts of currency to drug-haven
countries, to countries with few or no bank secrecy laws, or to an off-shore bank.
•Non-accountholder requests to send or receive wire transfers involving currency
near the $10,000 limit, or involving numerous monetary instruments. (Note:
Typically transfers over $3,000 in cash are not accepted, unless given proper
approval by an officer.)
•Non-accountholder receives incoming wire transfers with instructions to the financial
institution to "Pay Upon Proper Identification" or to convert the funds to cashier's
checks and mail to a non-account holder.
• Large wire or ACH transfers (possibly more than one per day) received into an
account for a customer who structures cash withdrawals as soon as the funds are
received.
EXAMPLES OF POTENTIAL STRUCTURING
#1 - A customer makes multiple currency deposits in amounts less than $10,000, but
totaling more than $10,000 over several consecutive or near consecutive days, via tellers,
ATM or night depository at the same bank, different branches of the same bank, or at
different banks.
#2 - A customer deposits $8,000 in currency on Monday, Tuesday, Wednesday, and
Thursday. On Friday, the customer requests $30,000 be wire transferred out of the
country.
http://www.govtech.net/magazine/gt/1998/nov/eleccomm/eleccomm.phtml
If you read the above article from 98 nothing has really changed with them banning net gaming all together in about 6 yrs...Kyl was trying then to do this and it failed..he is still trying 6 yrs later
If you read the above article from 98 nothing has really changed with them banning net gaming all together in about 6 yrs...Kyl was trying then to do this and it failed..he is still trying 6 yrs later
Phaedrus is there a way to xfer from neteller to egold?
Also, I am pretty sure that currency means cash or cashiers check. Wires, and normal deposits above 10k are exempt.
The bank can, at its own discretion file a SAR for any amount currency and is required if they suspect smurfing.
To think a CTR is filled out for every wire or deposit of over 10k including checks is insane; it would bring the banking system to a halt.
The western union thing you mentioned is an internal corporate policy with a threshold of 3k. Other institutions may have a lower threshold than the 3k also but the legal requirement is 10k currency.
Also, I am pretty sure that currency means cash or cashiers check. Wires, and normal deposits above 10k are exempt.
The bank can, at its own discretion file a SAR for any amount currency and is required if they suspect smurfing.
To think a CTR is filled out for every wire or deposit of over 10k including checks is insane; it would bring the banking system to a halt.
The western union thing you mentioned is an internal corporate policy with a threshold of 3k. Other institutions may have a lower threshold than the 3k also but the legal requirement is 10k currency.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Darryl Parsons:
sammy,
I am baffled myself at the "just pay the tax" recommendations in an offshore forum of a players advocate website of all places. I would have thought 98% of the readers here are in favor of tax-free hassle-free fair gambling.<HR></BLOCKQUOTE>
I'm one of those that pays the taxes. I know that there are many problems with our nation, just like other nations, but I'm still proud to be an American, and happy to pay taxes on all of my income, which is the law. The legality of offshore betting remains a mystery. Though it may be illegal, I doubt that anyone will ever come after the bettors themselves. If they did, it would probably be a small fine, and would only come after some warnings, IMO. About the only thing that could get an American in serious trouble would be tax evasion. I consider my betting a business, and pay taxes on my profits accordingly.
sammy,
I am baffled myself at the "just pay the tax" recommendations in an offshore forum of a players advocate website of all places. I would have thought 98% of the readers here are in favor of tax-free hassle-free fair gambling.<HR></BLOCKQUOTE>
I'm one of those that pays the taxes. I know that there are many problems with our nation, just like other nations, but I'm still proud to be an American, and happy to pay taxes on all of my income, which is the law. The legality of offshore betting remains a mystery. Though it may be illegal, I doubt that anyone will ever come after the bettors themselves. If they did, it would probably be a small fine, and would only come after some warnings, IMO. About the only thing that could get an American in serious trouble would be tax evasion. I consider my betting a business, and pay taxes on my profits accordingly.
