[MarioBareseSP]

Since there's so much emphasis on the big offshore Sportsbooks.

[jjgold]

Of course and lots


Most also linked to boiler rooms in costa rica

[mathdotcom]

http://forum.sbrforum.com/players-ta...sues-cops.html

[MarioBareseSP]

Making threats is certainly not the way to go, If not for threats he'd probably still be making some solid money.

[MarioBareseSP]

What about Tax form 11-C. That supposed to be the opportunity for Bookmakers to claim their money.

[BGS 9.5]

Originally Posted by MarioBareseSP

What about Tax form 11-C. That supposed to be the opportunity for Bookmakers to claim their money.

I understand the theory behind 11-C, and it also prevents nontax criminal prosecution by filing the form. Seems a small price to pay to be in compliance to me.

[MarioBareseSP]

That's an Interesting one. So it's what...Semi Legal you mean to say?

[BGS 9.5]

As an agent or bookie, you are required to file the form and pay $50 if you in a legal state, $500 if operating in a state where bookmaking is illegal. The IRS cannot crimmianlly prosecute you if you file the form and pay the $500, nor pass the information on to your state, as long as you report the "gambling activity" on your tax return.

[MarioBareseSP]

What about other types of law enforcement? Can they prosecute?

[BGS 9.5]

Originally Posted by MarioBareseSP

What about other types of law enforcement? Can they prosecute?

My understanding is no, as long as you are otherwsie in compliance with the IRS.

[jjgold]

Easy to arrest local books because they threaten guys and then the player squeals

[BGS 9.5]

Originally Posted by BGS 9.5

My understanding is no, as long as you are otherwsie in compliance with the IRS.

Ahh, I think I misread your last post Mario. Outside of the IRS reals (I am a CPA), I can't really speak on the random arrest of bookmakers for illegal activities at the state level. My guess is sure they can, but probably don't.

[flyingillini]

It's easy to arrest if they let the whole world know their business on a public forum.

[BGS 9.5]

And let us not be fooled, if they were inclined to make such arrests, the forums would not be the worst place to start....

[flyingillini]

If you are paying people by using paypal and collecting the same way they will get you... If you brag about it on a public forum and don't deny your activity you are asking for trouble.

[BGS 9.5]

Moral of this story: Don't get caught

[BGS 9.5]

In all seriousness, I have done some tax returns in the past for some pretty serious gamblers, but not any agents. If I were to do so, I would have in my engagement letter that they need to file Form 11-C.

[MarioBareseSP]

Totally number dislexic. I wouldn't be able to do it if I tried, Just thought it would be an interesting question to ask. As for this whole 11-C form business, It seams as though there may be glimmers of a legalization coming in the near future. Howl long has this form even been out, and why don't any of the bookies even think about filing it.

[Flying Dutchman]

Originally Posted by MarioBareseSP

Totally number dislexic.

This has a English name: Dyscalculia

http://en.wikipedia.org/wiki/Dyscalculia

[MarioBareseSP]

Besides......everyone knows the forum for that is Craigslist.

[BGS 9.5]

Originally Posted by MarioBareseSP

Totally number dislexic. I wouldn't be able to do it if I tried, Just thought it would be an interesting question to ask. As for this whole 11-C form business, It seams as though there may be glimmers of a legalization coming in the near future. Howl long has this form even been out, and why don't any of the bookies even think about filing it.

For 1 of several reasons:

1. Scared of getting on the Fed's radar
2. Scared of getting on their own State's radar
3. They have no clue it exists

[MarioBareseSP]

That's pretty crazy. I would jump at that opportunity.