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#1
12-29-2005, 06:10 PM
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Re: Tax question
[ QUOTE ]
The IRS has precisely zero authority to subpoena non-US businesses [/ QUOTE ] I just called Neteller and they informed me that they would cooperate with the IRS in any way possible in case of an investigation. Please call 1-86-NETELLER IRS can also subpoena your Neteller records from YOU. Don't be an a$$. 
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#2
12-29-2005, 07:15 PM
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Re: Tax question
Yes you guys are all saying that neteller can will give out any records of your. But lets assume that I never make a withdrawl and all the money is still in my stars account...do i have to pay taxes on what i have made but have yet to withdraw?
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#3
12-30-2005, 11:23 AM
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Re: Tax question
Technically, you must pay taxes an any income earned during the year.
If you leave the money in your 'Stars account and don't report it, there will be a near zero probability that the IRS will catch you. You will however, still be breaking the law.
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#4
12-30-2005, 11:42 AM
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Re: Tax question
IRS can also subpoena your Neteller records from YOU
Of course they can. That is not in dispute. Neteller and they informed me that they would cooperate with the IRS Fine, but that doesn't alter the fact that if they choose to say no, the IRS has no jurisdiction over them. Don't be an a$$. This is the second time you have said that. Maybe you're offended by my contempt for the absurdity of tax regulations regarding gambling income in the US. If so, tough sh*t. Now here's a question for you. Assume an individual with, say $50,000 of income from his job (100% W2 income, no investments, no 1099's etc) withdraws, say $1,000 from NETeller after cashing that out from a poker site. Now I agree 100% that he should report that income. However, if said individual chooses not to report it, explain a scenario in which the IRS would subpoena his NETeller recors. Mind you, an individual with less than $100K of income *and* only W2 income has only a marginally greater probability of being audited than he has of being hit by a meteor. Furthermore, the bank will not expend the effort to report such a small incoming transfer to the IRS. Finally, if in a lter year, the IRS does discover the unreported income, what do they do? The recalculate the tax owed and send the taxpayer a bill (interest and penalties assessed of course), and if the taxpayer pays the bill, that's the end of it. Now if it's clear there exists a pattern of evasion for a significant sum of money, then the IRS will take legal action that may result in criminal charges. However, the primary responsibility of the IRS is to GET THE MONEY. If they accomplish that and there's no evidence that the problem will persist, they don't waste limited resources on small fish.
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#5
12-30-2005, 12:36 PM
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Re: Tax question
[ QUOTE ]
IRS can also subpoena your Neteller records from YOU Of course they can. That is not in dispute. Neteller and they informed me that they would cooperate with the IRS Fine, but that doesn't alter the fact that if they choose to say no, the IRS has no jurisdiction over them. [/ QUOTE ] I understand you take pride in your perfect record. You "have repeatedly on this site informed posters correctly about the tax laws of the US." But come on give it a rest.
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#6
12-30-2005, 01:23 PM
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Re: Tax question
What's your point? Is it your contention that the IRS has jurisdiction in Canada?
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#7
12-30-2005, 01:57 PM
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Re: Tax question
No, I think the point is if Neteller "chooses" to not cooperate with the IRS, then they will have chosen to not to do any business with US Citizens in the future, and will find themselves unable to access US controlled banking networks.
I think Neteller will choose to screw any individual customer pretty quickly before it writes off 90% of it's future business. But you are correct, they do have the choice.
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