US authorities have announced that professional poker players will be required to declare winnings that have been received from gambling. The new rules will come into effect in 2019.The changes include not only reductions in certain tax rates, but also an increase in the individual alternative minimum tax. Also, all players who play poker at a professional level will report their winnings using a special application called Profit or Loss from a Business. Some players will be provided with a special form that will allow them to receive certain benefits on winnings. For example, benefits will be provided if the net winnings are $600 or more. But gambling establishments will have to keep 24% if the amount of net winnings exceeds five thousand dollars. As a reminder, the biggest prize pool in the history of online poker tournaments will be up for grabs at MILLIONS Online. The event, which will take place at partypoker from November 25 to December 5, 2018, is guaranteed to be $20 million. The prize fund will be higher if the tournament collects more than 4000 entries.
