New Reporting Requirements Impact on Professional Gamblers
Beginning in 2024, entities that are formed or registered to do business in the U.S. must comply with the Corporate Transparency Act (CTA).
Illegal Gambling & Money Laundering
As September and October roll around, my focus turns to the upcoming tax filing deadlines. But, for gamblers, this time of year usually means one thing.
2023: Year of the Identity Protection Pin
The last few months have seen multiple threats to taxpayer’s personal data. First, Congress announced that H&R Block, TaxAct and TaxSlayer shared sensitive
FBARs Due October 16
We are almost a month away from the October 16th extension deadline. While this is mostly acknowledged as the extended
Security Breaches: What to Know About Your Sensitive Data
A congressional report released earlier this summer confirmed H&R Block, TaxAct and TaxSlayer shared sensitive taxpayer data with Meta and Google.
Spain’s New Stance on Poker Tax
Today marks the first day of the EPT Barcelona poker series. Although the tournament is poised to see record numbers
Pick’Em Contests
The legality of online pick’em sites (such as PrizePicks and Underdog) is back in the news this week.
Are a Poker Player’s Bad Debts a Tax Deduction?
As the WSOP comes to a close, two poker players ended up losing money in an unexpected fashion
Are a Poker Player’s Missing Lockbox Funds a Tax Deduction?
As the WSOP comes to a close, two poker players ended up losing money in an unexpected fashion. We will focus on the first of those players today.
Lottery Jackpots Continue to Climb Over $1 Billion
The Powerball jackpot will be over $1 billion when drawn later today. This is the 5th time in the last two years that a lottery jackpot has grown
IRS to Issue Final Guidance on NFTs
In March, the IRS released Notice 2023-27, which announced the intention of issuing guidance related to the taxability of non-fungible tokens (NFTs).
Vermont & North Carolina Legalize Sports Betting
As of the first week of June, North Carolina and Vermont became the 37th and 38th states to legalize sports betting.
What’s the Easiest Way to Pay Your Tax?
Although it’s been almost two months since the April 18th deadline, I know there are many people who have yet to pay the tax owed
IRS v. “Professional” Video Poker Players
The U.S. Tax Court recently released a ruling against a Nevada couple, claiming the substantiation they provided was insufficient to deem
2023 World Series of Poker
The 2023 WSOP kicks off today with the Casino Employees event. You may be heading to Vegas for the Mystery Millions event
IRS Processing Times Improve; Automated Notices Returning
Six months ago, the IRS was facing record-long processing times and it was nearly impossible to speak to an IRS representative on the phone.
IRS Warns Crypto Tax Enforcement Will Rise
The IRS released its 2022 Criminal Investigation Annual Report. In it, the Criminal Investigation division announced the implementation
Kentucky Legalizes Sports Betting; New Hampshire Ends iGaming Hopes for 2023
Earlier in the year I outlined the 2023 outlook for the legalization of sports betting. Kentucky proved to be the first state from the list to take action
WSOP Ends Single-Table Satellites; New Tax Reporting Guidelines for Mega Satellites
The 2023 World Series of Poker is only a month away. It came as a surprise to many that single-table satellites will no longer be offered
West Virginia Adopts New Tax Law: Good for Gamblers
West Virginia joined the ranks of favorable states for gamblers last week, as it adopted a new law that will allow residents to deduct gambling losses