Money Leaderboard

PoolFool

PoolFool

Judge me by my size do u?
Silver Member
Is it just me or does anyone else find this information a bit invasive? As nice as it is to know what players are earning, since it is posted for the public, I can't help but question what happens if the IRS got a hold of that information.

Now I don't know if the players have claimed the taxes on all their winnings, but I'm pretty sure they don't want that kind of information just floating out there. Call me paranoid or anal, but I'm sure eventually one of the players is going to run into problems with Uncle Sam.
 
Not many American pool player would owe anything to the IRS, as after they take off entry fees, travel, food and other pool related stuff, maybe just SVB would owe anything. Also, any other sport or game that has money tournaments, the players earnings are easy to find. Johnnyt
 
i remember, back when SVB was always at the top of this list, it was considered the true and only legit ranking of pool awesomeness; and the WPA rankings was baloney. LOL
until this thread, seems like no one mentions it anymore.
 
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PoolFool said:
As nice as it is to know what players are earning, since it is posted for the public, I can't help but question what happens if the IRS got a hold of that information.
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All that could happen is that the IRS could make sure they paid their fair share of taxes. I don't see any problem with people having to pay their fair share of the taxes, do you? Your clear insinuation is that having money lists is making it more difficult for players to cheat on their taxes, and you don't want it to be difficult for people to cheat. Never forget that all the honest people are having to pay more than their fair share of the taxes to make up for all of those that are cheating and not paying their full share. Now that I do have a problem with. Pay your share so I don't have to pay extra to make up for your cheating.
 
Well thats not really the point..,

Poolplaya9 said:
All that could happen is that the IRS could make sure they paid their fair share of taxes. I don't see any problem with people having to pay their fair share of the taxes, do you? Your clear insinuation is that having money lists is making it more difficult for players to cheat on their taxes, and you don't want it to be difficult for people to cheat. Never forget that all the honest people are having to pay more than their fair share of the taxes to make up for all of those that are cheating and not paying their full share. Now that I do have a problem with. Pay your share so I don't have to pay extra to make up for your cheating.
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There are companys, hundreds of them, that don't pay taxes and nothing has, can or well be done about it, so if a player makes six hundred bucks in a tournament and doesn't pay taxes on it, I hope the IRS will spend MY TAX DOLLARS looking for bigger fish to fry...,
 
arps said:
i remember, back when SVB was always at the top of this list, it was considered the true and only legit ranking of pool awesomeness; and the WPA rankings was baloney. LOL
until this thread, seems like no one mentions it anymore.
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LOL this is a fact.
 
It's public information: you enter a tournament where the payout is posted in advance; you win...you get the payout (okay, maybe not at the US Open 9-ball :grin:).

Same goes for golf, tennis, blah, blah, blah.
 
King T said:
There are companys, hundreds of them, that don't pay taxes and nothing has, can or well be done about it, so if a player makes six hundred bucks in a tournament and doesn't pay taxes on it, I hope the IRS will spend MY TAX DOLLARS looking for bigger fish to fry...,
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^^^^^^This!!
 
PoolFool said:
Is it just me or does anyone else find this information a bit invasive? As nice as it is to know what players are earning, since it is posted for the public, I can't help but question what happens if the IRS got a hold of that information.

Now I don't know if the players have claimed the taxes on all their winnings, but I'm pretty sure they don't want that kind of information just floating out there. Call me paranoid or anal, but I'm sure eventually one of the players is going to run into problems with Uncle Sam.
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The money leaders are from official tournament winnings, which are should be done with tax forms at the event if it's done properly.

What they get for their 10,000 entry two man tournaments that gets settled in 100s from a guys pocket is a different story. But one that has been told for decades so I'm sure the players and the IRS have sorted things out by now how to hide and how to find.

I'm OK to publically state that I have not reported the $10 I have cleared when I win my local weekly tournament every so often after paying my entry fee, my son's entry fee, getting a few drinks at the place and maybe getting a bacon burger for my son on way home.
 
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I don't know how some of the professional pool players do their business, but I can explain how many of the golf professionals do it. Think of each player as an independent contractor, some even will create an LLC so that all monies, both expenses and winnings are written off to the LLC, the player technically gets a salary from the LLC. I know of a number of Golfers who have a quite elaborate business plan where they even pay bonuses to themselves. The LLC or even a business plan, solves a number of issues when dealing with taxes. The fed taxes are not that difficult to deal with, but, technically your suppose to file taxes in each state where the winnings were won. That can get extremely complex, thus the reason most of the tour player golf pro's use management services to figure it all out. Also, the fed will allow you file a negative return only 3 consecutive years before they will audit (almost automatically) Its not had to run negative when everything you spend money on counts as an expense. Somehow, Obama care has to get figured into it now too, which would be an even bigger pain in the ass. Not sure how many players would take the time to really set themselves up to be somewhat insulated from the laws. In the case of the Golf pro that makes way too much money, its simple, you then create a foundation, which has a non-profit arm, money can then be moved from the LLC to the foundation tax free.
 
It's public information: you enter a tournament where the payout is posted in advance; you win...you get the payout (okay, maybe not at the US Open 9-ball :grin:).

Same goes for golf, tennis, blah, blah, blah.
 
It happened to Minnesota Fats years ago, he was bragging about making millions on his TV show, and the IRS showed up and said, Ok, where did you pay us, any of that.
 
PoolFool said:
Is it just me or does anyone else find this information a bit invasive? As nice as it is to know what players are earning, since it is posted for the public, I can't help but question what happens if the IRS got a hold of that information.

Now I don't know if the players have claimed the taxes on all their winnings, but I'm pretty sure they don't want that kind of information just floating out there. Call me paranoid or anal, but I'm sure eventually one of the players is going to run into problems with Uncle Sam.
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We should know what people are payed out in tournaments, it's a way to keep the tournaments honest. That's all the money leader board is... just money from tournaments.

If you're talking about disclosing what the money the players make from side bets, endorsements, appearances, exhibitions etc...Then yes,I agree, it's nobody's business what amount they get from that.
 
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