Favorable FBAR Ruling For Gamblers
Earlier this year, I touched upon the Bittner case, which addressed the maximum penalty for non-willfully filing FBARs. Is it $10,000 per year?
Illegal Gambling Operation Tax Fraud
An Ohio resident was sentenced to two years in prison for her role in defrauding the government. Over the course of five years, she filed false tax returns
Will the $1,200 Threshold for Slot Machines Ever Increase?
The $1,200 IRS threshold for reportable slot machine jackpots has been in place for nearly 45 years. Over this time, it has never been increased
New York Gambling Expansion & Tax Concerns
The New York online sports betting market launched in January 2021 and quickly became the largest revenue-generating state in the country.
2023 Filing Season Updates
As the 2023 filing season gets into full swing, let’s discuss a few updates from the IRS:
Gambling Tax: 2023 Tips to File Your Winnings and Losses
To help players with their 2022 tax returns, I wrote an article for Cardplayer Lifestyle outlining some tips and considerations before filing your return.
IRS Expands Installment Agreement Options
If you are unable to pay the balance of tax owed when filing your tax return, the IRS provides a number of payment options.
2023 Sports Betting Expansion Outlook
Numerous states launched regulated sports betting in 2022, including states not favorable to gamblers (yes, we are talking about Ohio). The sports betting industry
Tax Forms to Expect from Online Gambling
If you gambled online, you may have been fortunate enough to win enough to trigger a reporting requirement. While some online gaming operators
Updated IRS Guidance on Donated and Worthless Crypto
If you are thinking about making a charitable contribution, or trying to determine the impact of worthless digital assets, the IRS released a new memo
Canadian Gambler Sentenced After Falsifying U.S. Gambling Losses
William Woo, a Toronto resident, frequented the U.S. from 2006-2010. During his time visiting, he actively gambled at casinos near the border. Whenever he
2022 IRS Audit Rate and 2023 IRS Outlook
Last week we covered the current state of the IRS and the improved tax return backlog. We now have additional insights into those tax returns filed in 2022.
2023 Filing Season to Begin Jan. 23
The IRS announced it will begin accepting electronically filed returns (for individuals) on January 23. This will mark the beginning
Current State of the IRS
How long will it take for the IRS to process my tax return? This is something I hear almost daily. While the answer is, almost always, it depends,
Cryptocurrency Reporting Delayed
The IRS, still dealing with a tax return backlog, announced it would delay the reporting requirements for digital asset brokers. While this doesn’t change
Ohio Launches Sports Betting; Taxes Loom
On New Year's Day, Ohio finally launched online sports betting. Multiple operators throughout the state began accepting legal sports bets, which drew betters from
Updated Mileage Rates and Other 2023 Considerations
The IRS released the standard mileage rates for the 2023 tax year:
2023 Retirement Account Changes: SECURE 2.0
On Thursday, President Biden signed into law the SECURE 2.0 Act of 2022. Overall, this plan contains a ton of advantages for retirement savings, including
IRS Delays Updated 1099-K Reporting
The IRS (rightly) decided to delay the new 1099-K reporting requirements for Third Party Settlement Organizations (such as Paypal, Venmo and CashApp).
2022 Tax Expectations
The 2022 filing season has yet to begin, but I have already tempered the expectations of a number of clients during the year-end planning process.