No Sales Tax on DFS in New Jersey
Earlier this month, the New Jersey Division of Taxation issued a ruling that entry fees paid to enter into daily fantasy sports contests are not subject to the State’s sales tax. This is good news for...
View ArticleFederal Judge: Offshore Online Gambling Accounts Are Reportable Foreign...
A federal district court judge in California has ruled that FirePay, PartyPoker, and PokerStars online gambling accounts are subject to the foreign financial account reporting rules. Ok, so who cares?...
View ArticleIRS: Mined Bitcoins are Taxable
Let’s applaud the Internal Revenue Service for issuing fresh guidance on the agency’s application of the tax law to virtual currencies. I was nodding along until reaching the discussion of “mining”...
View ArticleFull Tilt Money Soon, with a Tax Bill?
According to the Poker Player’s Alliance, the Department of Justice has approved the release of $82 million in funds to approximately 30,000 U.S. players who submitted a petition for remission for...
View ArticleWithholding Massachusetts Gambling Winnings: Searching for a Better Solution
Over the weekend the Boston Globe ran a story about an interpretation of Massachusetts law requiring the state’s casinos to withhold and report a patron’s gambling winnings of $600 or more. The law...
View ArticleGambling Loss Deduction Removed from Kansas Tax Code Beginning in 2014
Kansas is home to three land-based casinos as well as five Indian-owned casinos. Hosting eight profitable casinos in a state of less than 2.9 million people, the State should not want to discourage its...
View ArticleOnline Poker Tournaments Now Taxable in Nevada
Back in February, the Las Vegas Review-Journal reported that the Nevada Gaming Control Board introduced a bill to tax online poker tournaments. Last month, Governor Brian Sandoval signed Senate Bill 9...
View ArticleOhio Tax Man Giveth, then Taketh from Gamblers
On June 30, 2013, Ohio Governor John Kasich signed into law Amended Substitute House Bill Number 59. The 3,747 page bill sets forth the Buckeye State’s 2014-15 fiscal year budget. But that’s not all....
View ArticleNonresident Gamblers Take a Step Closer to Equality
Compared to U.S. resident gamblers, nonresident gamblers have had it far worse: Gambling losses are not deductible at all unless connected to a trade or business. Also, games like poker and slots are...
View ArticleGAO: Bitcoin Presents Tax Compliance Risks
Last month, the U.S. Government Accountability Office (GAO) issued a report to the U.S. Senate Committee on Finance titled Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax...
View ArticleComments on NJ iGaming Regs Part II: Account Transfers and Staking
We continue our discussion of New Jersey’s Division of Gaming Enforcement draft regulations for internet gaming with player-to-player transfers and staking considerations. New Jersey’s draft iGaming...
View ArticleComments on NJ iGaming Regs Part I: International Players
On June 3, 2013, draft regulations for internet gaming by the NJ Division of Gaming Enforcement (DGE) were published in the New Jersey Register for a sixty-day public comment period. Check out a great...
View ArticleInternet Poker Under Consideration in New York?
Newsday is reporting New York State Senate co-leaders Jeff Klein and Dean Skelos have included language in their proposed state budget that signals their support for “authorizing and regulating...
View ArticleNew Jersey Online Gambling: Tax Roundup
Yesterday afternoon, New Jersey Governor Chris Christie signed into law Assembly Substitute for Assembly Bill No. 2578, which authorizes internet gambling in New Jersey. The Garden State is keeping...
View ArticleThe Billion Dollar Issue in the NJ Sports Betting Case is Commandeering
The last time I wrote about sports betting and New Jersey was last May, and I said the following: Late last week, New Jersey Governor Chris Christie announced his State will proceed to take the steps...
View ArticleGovernor Christie Conditionally Vetoes iGaming Bill: What About Poker?
Yesterday, New Jersey Governor Chris Christie acted on the internet gambling bill sitting on his desk during the final moments of his forty-five day time-frame. He could have (i) taken no action, thus...
View ArticleIntrastate iGaming: Interstate Compacts and Revenue Sharing
One of the most not only fascinating but also critical issues for state-by-state iGaming legalization is whether states will let their virtual fences down and enter into iGaming compacts with other...
View ArticleIntrastate iGaming: State Gaming Taxation Models
It’s no secret the chief aim for most—if not all—states to legalize Internet gambling is to generate tax revenues. This “Intrastate iGaming” series now turns to how states may seek to attain that goal....
View ArticleIntrastate iGaming: Federal Wagering Tax
So far, we’ve discussed how federal withholding and reporting obligations and the Bank Secrecy Act may be implicated with intrastate internet gaming activity in the U.S. This time we examine the...
View ArticleIntrastate iGaming: Bank Secrecy Act and Player-to-Player Transfers
Last week we discussed some federal withholding and reporting considerations for intrastate iGaming. The Internal Revenue Code is not the only federal law implicated in this emerging area, of course....
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