Interested in easier deposits/withdrawals?????

[Jeff]

http://bettorsworld.com/bstuff/hartley2.html

[Cusip]

Just curious if any BW member has the "IBC" account.. It seems the fees are steep on the secured card, and they only release a small % to be used on the card.

Anybody do the alleged corporation thing? Sounds like a solid plan, but I've never heard of theses guys.. Thanks

[AussieVamp2]

and if the US does this with credit cards, a nice spot for some non-US card company to get some accounts

[ShiftySheik]

I don't play with vegasbook. An IBC has to be structured properly to avoid US income tax. The good thing about an IBC is the privacy you get.

[Segundo]

Don't be too quick to believe the part of the article about avoiding taxes. As long as you are a US citizen you are responsible for declaring your income no matter where you live or where your bank is. Thus, the money in Dominica IS taxable. Also, make sure you are breaking NO law when making the bets, it will be considered a violation of 1084 if you bet by phone, John Doe USA, then they will be able to confiscate anything you have of value in this country. Also, you could be considered for a violation of sec. 371 of the US Code which says that you may be defrauding the US Govt by moving your money offshore in the first place. There are so many laws to deal with BUT this does sound like the less difficult way of doing things offshore, I'm going to talk to my accountant AND lawyer about it soon, I suggest you all do the same instead of supposing what the safest way of doing things is.

[ShiftySheik]

Segundo, You are absolutely right about US income tax. I spoke to one tax attorney who recommended setting up an offshore "Purpose Trust" to own the IBC. There would be no taxes except for money that is moved into the US. My CPA had a different opinion on this. It's expensive to set up and maintain but it sounded good for a sports bettor that moves a lot of money around.

[Hartley]

Actually, I was never suggesting that people not pay income taxes. The article was simply looking at new technologies and ideas which could help alleviate concerns over payments. Whether people declare income taxes or not is a personal choice but if they decide not to, they also must face the consequences as a U.S. citizen.

As for Canadian citizens it's not so clear cut. In Canada winfalls are tax free but professional gamblers still must pay tax.

[Mad Dog]

Hartley,

As far as Canadian citizens paying income tax on gambling, the key word is professional. If you make your living gambling then you must declare it as income. If however, you have a job/business that you make your living from, then your gambling becomes a hobby and all winnings are non-taxable.

I have never heard of a case though where the Canadian government went after a professional gambler for tax evasion, have you?

[Hartley]

No I've never heard of it either although when it comes to tax fraud, lately it seems that is a more serious crime in Canada then first degree murder.

[The Guesser]

The Infinia/ATM thing sounds great to me. Are there any Definite plans for this, and any Books that might sign up for it?