Quote:
Originally Posted by ajphilly
Below is from Hegarty's DRF piece. If I'm interpreting this correctly (which I may not be), it seems like ABC players might be ok as long as they are using an ADW? Or would the IRS still take a cut and you'd have to get it back at tax time?
Under the rules, the new reporting and withholding requirements would apply only to a single ticket if the bet was placed at a physical wagering site, such as a racetrack or OTB. However, customers of account-wagering companies would be able to count all such wagers into a single pool, regardless of the number of tickets, because of the existence of a verifiable record of those wagers.
|
AJ.
That's the initial read, yes. NTRA going over document wording now to see if there needs to be some fine tuning.
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad
A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine
Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans
The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984.
|
12-30-2016, 10:46 AM
Threaded Mode