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Published: February 27, 2008 03:03 pm
LANE: Cash out at casino while you can still cash in
By Paul Lane/lanep@gnnewspaper.com
Greater Niagara Newspapers
Under the requirement, winners will have to give tournament sponsors their Social Security number for reporting purposes or else face having 28 percent of their winnings withheld for federal income tax. Sponsors who comply will not have to withhold money, but those sponsors that do not file a report will have to pay any tax that should have been withheld.
By law, the IRS said, all winnings need be reported on income tax returns regardless of amount and of if any forms have been submitted by sponsors. Visit irs.gov for more information.
•••
The World Poker Tour recently announced its lineup for its first season on the cable network GSN.
The sixth season begins at 9 p.m. March 24 with the Mirage Poker Showdown from Las Vegas. The North American Poker Classic, filmed this past fall for a second straight season from Niagara Fallsview Casino in Niagara Falls, Ontario, debuts April 21. New episodes will debut every Monday night through Aug. 25.
WPT tournaments switched to the former Game Show Network this year after five seasons on the Travel Channel.
Contact editor Paul Laneat 693-1000, ext. 116,or lanep@gnnewspaper.com.
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