Review of CPA

[KaneKungFu123]

http://www.traderstatus.com/professionalgamblerstatus.com.htm

I emailed this donk and asked him a few questions, one of which was:

What are the advantages of incorporating as a professional gambler?

He responds:

"What do YOU think the advantages are...?"

I guess he wants me to think about it myself like my 4th grade teacher. Thats really great....Very helpful.

edit: I cant believe this donkey. Does he realize that I am contacting him because he is supposed to be an expert. I want him to give me the correct answer, the same way I want a plumber to fix my toliet not help me learn to evaluate why the [censored] wont flush.

[MrMon]

Run far, far away.

[Smoothcall]

Yes i know exactly what your talking about. I hate people like that. We are paying them for a service they are supposed to kiss are butt. Not that they have to over do it. But i am the customer. Don't try to tslk to me like i'm your child. Just answer the quesitons dopey or i'll take my business elsewhere. I think they like there power position they they know and they know you don't so they play a little game first. But eventually they will tell. Hope you find a good one.

[Luv2DriveTT]

[ QUOTE ]
http://www.traderstatus.com/professionalgamblerstatus.com.htm

I emailed this donk and asked him a few questions, one of which was:

What are the advantages of incorporating as a professional gambler?

He responds:

"What do YOU think the advantages are...?"

[/ QUOTE ]

I just checked out his website. How could you ask such a silly question when he already answered it for you in his essays? No offense, but the way the OP was written I am surprised he didn't totally ignore your email. Unless you have already contracted his services, I think his response was valid,

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[Barry]

This guy sounds like the old joke about consultants.

You pay then a lot of money just so they can look at your watch and tell you the time.

[tpir90036]

Am I the only one who noticed the "rank of hands" link on the left hand side? Ha ha ha.

[KaneKungFu123]

[ QUOTE ]
[ QUOTE ]
http://www.traderstatus.com/professionalgamblerstatus.com.htm

I emailed this donk and asked him a few questions, one of which was:

What are the advantages of incorporating as a professional gambler?

He responds:

"What do YOU think the advantages are...?"

[/ QUOTE ]

I just checked out his website. How could you ask such a silly question when he already answered it for you in his essays? No offense, but the way the OP was written I am surprised he didn't totally ignore your email. Unless you have already contracted his services, I think his response was valid,

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[/ QUOTE ]

Huh?

"There are actually many benefits to filing under the umbrella of a Professional Gambling Entity, but the main one discussed here is to help thwart the #1 tool the IRS has to deny your Professional Gambler Status - that you did not do your gambling full-time and to the exclusion of all other income producing activities (or even all other social activities for that matter).

The theory here is to have a separately filing taxpayer, an entity, properly formed for the sole purpose of gambling. The only activity of the entity is that of a professional gambler, and there are no other activities that can be pointed to to suggest that the entity had interests other than that of being a for-profit gambling operation.

The entity is a "pure play" as a gambling operation and if the level of play achieved during the year is significant, regular, and continuous in the eyes of the law, then Professional Gambler Status is more readily assured."

OK. He used 250 words to say "By incorporating the IRS cant say you arent a Pro Gambler"

"Another benefit is that some of the net gambling profits that pass through certain entities can be sheltered from the 15.3% self-employment tax."

Really indepth essay. Clearly, all questons about incorporating have been resolved.

[Klepton]

[ QUOTE ]
Am I the only one who noticed the "rank of hands" link on the left hand side? Ha ha ha.

[/ QUOTE ]

lol, how informative.

[Subfallen]

Haha, that guy is one dumb slut.

[Luv2DriveTT]

[ QUOTE ]
Really indepth essay. Clearly, all questons about incorporating have been resolved.

[/ QUOTE ]

Thats because he is a CPA, not a judge in a court of law. The answers you seek are not definitive, there is a lot of gray area that has yet to be defined, challenged, or re-challenged.

On a related note, did you check our Walter L Lewis? Also check out the latest article printed in Conjelco's Intelligent Gambler (I can't find it online, perhaps Chuck will reproduce it for us here? Its an excellent article about tax regulations)

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