GAO: 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 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 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 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 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 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 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 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 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 ArticleNo 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 Article
