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Don’t Forget to Pay Your Taxes!

Written by:
Jagajeet Chiba
Published on:
Oct/14/2008

October 13 was a national holiday in the United States. Banks and schools were closed. The significance of October 13? Columbus Day.

Christopher Columbus, as we all know, discovered America.

With the new discovery came a new population, government and later - taxation. And suddenly, the most important day of this week is no longer Columbus Day.

While April 15 is widely regarded as the day of dread for most Americans who are faced with getting their taxes paid by the deadline, October 15 is increasingly becoming more ominous. That's because the Internal Revenue Service now allows for an extension of 6 months in which to pay one's taxes.

Gamblers are no exception to the rule.

Gamblers must pay taxes on all winnings whether it be Internet casinos, online poker or sports betting.

The IRS is stepping up its efforts to close the $290 billion tax gap by increasing audit activity.

Starting in October, an additional 31,000 taxpayers will receive "soft notice" audit letters from the IRS. Soft notices will likely be sent in situations where the IRS received an information document showing income that appears to be under reported on the tax return.

In 2007, 1 in 97 tax returns were examined by the IRS, up from 1 in every 202 in 2000.

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Jagajeet Chiba, Gambling911.com

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