Regulation GG/Internet Gambling Notification WTF?

[gouch]

:shrug: Just looked at my bank statement and in bold print it has this printed on it pursuant to the "Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG."

Little background, I belong to a credit union, use my visa to make deposits, and western union to make withdrawls.

Should I be concerned? :shrug:

Thanks for any advice!

 

[Nole]

"Chicks for free"?


All these years I thought it was "Checks for free".

Thought Dire Straits was making a banking plug.


Hell I'm gettin' old.


:sadwave:

 

[Jaxx]

:shrug: Just looked at my bank statement and in bold print it has this printed on it pursuant to the "Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG."

Little background, I belong to a credit union, use my visa to make deposits, and western union to make withdrawls.

Should I be concerned? :shrug:

Thanks for any advice!

Yea I would be concerned. I know I would be if this was on my bank statement. I would call the bank and ask WTF.

 

[kegray1]

Don't quote me on this but I think the banks are just required to notify you of that if the bank knows a transaction involves gambling.

My wife works in the compliance office at a bank and she said they will not do anything to you and the bank is just covering their ass, but you should not fund it using the bank.

I think you are fine as long as you lay off. Contacting the bank might just raise a flag. She said you should just leave it alone for a while and see if they contact you which they will not.


Hope that helps some.

Why don't you just use western union for deposits as well?
Solves the problem.

 

[kegray1]

She also said once the bank is aware of it that your card will probably be declined from funding to that company.

Have you tried it since? Doubt it still works.

 

[kickserv]

Either move to :canada1

Or just use WU for withdrawls and deposits...problem solved.

If you are in the USA and are using a credit card for offshore sportsbooks you are asking for trouble.

 

[hedgehog]

use western union for deposits and withdrawals

 

[The Joker]

Either move to :canada1

Or just use WU for withdrawls and deposits...problem solved.

If you are in the USA and are using a credit card for offshore sportsbooks you are asking for trouble.

Canada has one on the U.S. - Dang it!

 

[pickpro]

talked to one of my buddies who works at a bank.. Sorry to bear the vicious news but you are basically screwed here.. he recommends immediately selling all your assests including home, cars, jewerly, collectebles, clothes and even the food in the fridge, turn everything into cash and give it to a trusted friends or burry it...They will be at your house within 72hrs to take everything, down to the wood your house is built from, u will have nothing left, . They will assume everything u have was financed through illegal gambling. u will serve 20-50 yrs for ur activities and maybe longer if they find u encouraged others to gamble. it doesnt look good for you but the good news u still have 72 hrs to gamble and there is alot of action during that time. if i were u i would flee the country and head for greener pastures in mexico..i would take the jets tonight

 

[gouch]

talked to one of my buddies who works at a bank.. Sorry to bear the vicious news but you are basically screwed here.. he recommends immediately selling all your assests including home, cars, jewerly, collectebles, clothes and even the food in the fridge, turn everything into cash and give it to a trusted friends or burry it...They will be at your house within 72hrs to take everything, down to the wood your house is built from, u will have nothing left, . They will assume everything u have was financed through illegal gambling. u will serve 20-50 yrs for ur activities and maybe longer if they find u encouraged others to gamble. it doesnt look good for you but the good news u still have 72 hrs to gamble and there is alot of action during that time. if i were u i would flee the country and head for greener pastures in mexico..i would take the jets tonight

I'm on it !:mj07:

 

[gardenweasel]

i believe that anything over $500(or is it $600?) will earn you a 1099(or w-2 g) to fill out come tax time and you`ll pay income tax on that amount....

i think that`s what i read...but you never know at what point out tax hungry government decides to go balls to the wall to get their piece of the pie from international internet gambling earnings..

you have that on record at your bank....i wouldn`t want that red flag on record at my bank...

but that said,i doubt you`ll be forced to do anything more than pay the tax man....at least for now...

i`ll have to read up on this...it`s been a while...

 

[gardenweasel]

here it is....2012...a sneaky bit of work smuggled into the god-awful new healthcare bill...

""Well here I am once again to make your life more miserable and decidedly more Big Brother controlled.
The 2010 Patient Protection and Affordable Care Act? (Health Care Act, P.L. 111-148) contains a sneak provision (IRC ?6041(h)) that is guaranteed to directly impact you.
Whether you sell on eBay for some extra income, mow the neighborhood lawns to pay for something extra or even bread on your table, or just sold your old Harley that was rusting in the garage, anything that generates $600 of financial transaction with one and the same other private or public entity requires a Form 1099 filing per January 1, 2012.

That?s right: This law requires any person engaged in a trade or business to file an IRS Form 1099, reporting all payments totaling $600 or more in a calendar year to any single person, other than a tax-exempt corporation (non-profit)."

surprise !!

 

[MadJack]

here it is....2012...a sneaky bit of work smuggled into the god-awful new healthcare bill...

""Well here I am once again to make your life more miserable and decidedly more Big Brother controlled.
The 2010 Patient Protection and Affordable Care Act? (Health Care Act, P.L. 111-148) contains a sneak provision (IRC ?6041(h)) that is guaranteed to directly impact you.
Whether you sell on eBay for some extra income, mow the neighborhood lawns to pay for something extra or even bread on your table, or just sold your old Harley that was rusting in the garage, anything that generates $600 of financial transaction with one and the same other private or public entity requires a Form 1099 filing per January 1, 2012.

That?s right: This law requires any person engaged in a trade or business to file an IRS Form 1099, reporting all payments totaling $600 or more in a calendar year to any single person, other than a tax-exempt corporation (non-profit)."

surprise !!

That's been the law ever since I have been in business, starting back in the 70's.

 

[gardenweasel]

That's been the law ever since I have been in business, starting back in the 70's.

if you`re right and this has been going on since 1970,i`d be curious to know how many folks on the board (who use banks to accept payouts) have been forced by their banks(through the irs) to pay taxes on their winnings....

cause it looks like this will have some teeth...

""A payer?s failure to file a timely and accurate information return with the IRS can result in monetary fines; criminal sanctions may be applicable where such failure is willful. Payers may also be penalized for failing to provide a timely and accurate copy of an information return to their payees.""...

the banks will be up against it...they`ll be forced to report...:shrug:

i hope i`m wrong...

 

[MadJack]

if you`re right and this has been going on since 1970,i`d be curious to know how many folks on the board who use banks to accept payouts have been forced by their banks(through the irs) to pay taxes on their winnings....

Huh? Banks are not required to send out 1099's for to people who withdrawal their own money.

Now if you wash windows at the bank and earn in excess of $600 in a calendar year, they are required to send you a 1099.

 

[gardenweasel]

:shrug: Just looked at my bank statement and in bold print it has this printed on it pursuant to the "Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG."

Little background, I belong to a credit union, use my visa to make deposits, and western union to make withdrawls.

Should I be concerned? :shrug:

Thanks for any advice!

jack...did you see this?...they`re flagging accounts that receive payments from (apparently) known internet gambling operations....they`re apparently flagging deposits......i`m sure some folks get withdrawals via their bank accounts....i know i don`t...

why would they bother if they aren`t going to forward this info to the irs?.....

i`m not talking about criminal issues at this point...just the taxman getting his piece of the pie...

 

[gardenweasel]

maybe i`m not putting 2 and 2 together...maybe i`m misinterpreting what i`m reading...

you have more experience than i do with this stuff....:0008

 

[MadJack]

jack...did you see this?...they`re flagging accounts that receive payments from (apparently) known internet gambling operations....i`m sure some folks get withdrawals via their bank accounts....i know i don`t...

why would they bother if they aren`t going to forward this info to the irs?.....

i`m not talking about criminal issues at this point...just the taxman getting his piece of the pie...

The taxman is not invloved in this. The banks are not sending out 1099's. Banks are required to stop transactions that are coming and going to gambling enterprises, that's it. OP just lost one of his methods of transfering money to his offshore bookie.

 

[gardenweasel]

The taxman is not invloved in this. The banks are not sending out 1099's. Banks are required to stop transactions that are coming and going to gambling enterprises, that's it. OP just lost one of his methods of transfering money to his offshore bookie.

this is the part that worried me...

""It takes effect on Jan. 1, 2012 ? and it applies to all U.S. business and private transactions. Based on 2009 IRS data, about 40 million businesses and other entities will be subject to this 1099 debacle, at greatly increased cost and trouble. Imagine the reporting nightmare for thousands of large companies and absolutely crush small businesses.""

banks are businesses...therefore i`d guess that they`ll be reporting all transactions over $600 into customer accts to the irs under penalty of law?....if i`m right,keep it under $600...

no?...maybe i`m wrong...even if i`m misreading the situation,this is gonna cost small businesses a fortune in paperwork and bureaucratic minutiae...

o.k....you da boss...:shrug: ...i stand corrected...

 

[gardenweasel]

after doing a little more googling,i think you`re right,bud.....

here`s a good article...it basically outlines what congress is trying to do.....

and it`s possibly a good thing for you(if they legalize and tax it)....it`ll cost gamblers a little....otherwise,i`d think it would be good for business...

http://www.bloomberg.com/news/2010-...pot-for-u-s-congress-strapped-by-deficit.html