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Full Tilt Players Warned over Tax Implications of Claims

One of Full Tilt Poker’s attorney’s has said that he is worried that players who are owed large sums of money may not put in claims to the Department of Justice in case the government takes action in relation to the funds.

Full Tilt’s attorneys are worried that US players will hesitate to submit claims to the D of J for fear of tax implications.

The Washington DC lawyer, Jeff Ifrah, has been urging U.S. authorities to help American players who will be claiming money that is currently frozen on Full Tilt. Ifrah said that, “Players need some encouragement to submit their claims as some may be concerned about action from the IRS”.

According to Ifrah the government will be establishing a fund in order to pay back U.S. players but at present there are still a number of questions over how players should submit requests.

Further problems that are believed to be delaying the finalisation of the Full Tilt sale deal and player reimbursements to commence are some recent motions filed by Full Tilt board members and Chris Ferguson. They are claiming that $98 million which have been seized by the government on behalf of Kolyma and Vantage (companies run by Full Tilt) should go to them and should not have been seized.

At present it is thought that the Full Tilt board will eventually withdraw that claim but this has not yet happened. Another of Full Tilt’s lawyers, Barry Boss, thinks that it will happen sooner rather than later, “It is ultimately contemplated that the claim will be withdrawn but there are some additional events which need to occur first, primarily a deal between FTP and GBT.”

Either way, when the Department of Just does begin reimbursing players it will surely lead to a huge amount of tax implications for players and it is probably a good idea for everyone to seek some advice from a poker tax expert.

OCA News Editor