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
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.
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
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:
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.
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.
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
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
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.