December Deadline for “Digital Asset Safe Harbor” Approaching
The 2025 tax year will see a number of implementation changes for owners of digital assets. First, certain brokerages and exchanges will be
Beneficial Ownership Reporting Temporarily Suspended
Earlier this week, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the requirements
Summer Tax Series Part 4: Find a Tax Professional
The summer offers both taxpayers and tax professionals an opportunity to revisit their tax situation. In the last part of the ongoing series
W-2G Threshold Revisited (Again)
The push to increase the W-2G threshold for slot machines has seemingly become an annual occurrence. The legislation introduced last year
Summer Tax Series Part 3: Connect With Your Tax Professional
If you are working with a tax professional, the summer is a good time to connect for mid-year tax planning. Most tax professionals experience
IRS Issues Final Cryptocurrency Regulations
After reviewing public comment, the IRS issued final regulations regarding the reporting requirements for brokers
Summer Tax Series Part 2: Review Recordkeeping Practices
Whether you are filing as a professional or recreational gambler, you must keep record of your play.
Summer Tax Series Part 1: Assess Your Current Situation
When it comes to your tax situation, it’s important to establish a baseline. The summer is the perfect time to evaluate potential current
Tax Law Expiration Effect on Gamblers
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to the tax code that reduced individual and corporate tax rates
Tax Treatment of “Skill Game” Terminals
If you live in Pennsylvania, you are probably familiar with the growing trend of “skill games”. These slot machine-esque offerings
Casino Hack Lasting Impacts
If you believe your personal information may have been breached during the MGM or Caesars cybersecurity attack, it is important to assess
Uncashed Casino Chips
Card Player published an article about the Playboy Casino in New Jersey. As of last year, players can no longer cash chips bearing the Playboy casino name.
2024 Filing Season Update
The IRS will begin accepting individual tax returns on January 29th. If you are looking to file your return as early as possible, there are a few things to remember:
Upcoming Tax Deadlines
Now that the end of the year has passed it’s important to focus on the upcoming tax deadlines.
Year-End Tax Tips for Gamblers
As the end of the year approaches, it is important to revisit your 2023 gambling activity and determine if there are any additional tax strategies available to reduce your tax liability.
Tax for Recreational Sports Bettors
I was invited by Gina Fiore from Unabated to discuss the tax implications of filing as a recreational sports bettor.
IRS Clarifies 1099-K Threshold for 2023 & 2024
The IRS announced that the proposed $600 threshold for 1099-Ks will not be implemented in 2023.
Are GoFundMe Donations Deductible?
The IRS allows an income tax deduction for charitable contributions to qualified organizations. You must itemize to take advantage of the deduction
Update on 1099-K Reporting
At the end of 2022, the IRS announced it was delaying the implementation of the new 1099-K reporting requirement.
Kraken to Release Crypto Transactions to IRS
Kraken announced, in order to comply with a court order, the exchange will provide information directly to the IRS surrounding certain users and transactions.