You could say that Uncle Sam has his hands in a few pockets—deep pockets. The WSOP, World Series of Poker, is no exception. Joseph McKeehen earned $7.6 million after having won the WSOP event. It was the hugest sum of money to date by any single member of the November Nine, the IRS was there to get it share of the bounty. Since 2008, the name refers to the final nine contestants in the WSOP.
The IRS’s take was a whopping 34%, or $8.4 million dollars out of the $24.8 million that was awarded at the final table.
You have to give these contestants credit for playing poker at the highest levels imaginable. One can only imagine how fierce the competition must be at each level starting from the bottom. But when it all pans out, the IRS is going to get its share. You can count on it.
That’s why it’s always healthy to have a solid relationship with a tax attorney or consultant. There are too many people who get caught up in the money and forget that there is an obligation to pay taxes. It’s always better to do the right thing. This way, it eliminates the need to look over your shoulder.
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Law Offices of Darrin T. Mish, P.A.: Tax Attorney