I’ll be presenting a one-hour continuing education talk on Taxes and Online Gambling at the monthly meeting of the Orange County Chapter of the California Society of Enrolled Agents next Tuesday, June 15th. If you’re near the Phoenix Club (1340 S Sanderson Ave, Anaheim) come out and enjoy an introduction to this issue. I’ll also be inducted as the President of OCEA on Tuesday. Here’s the synopsis of my presentation:
Your client innocently mentions, “My son at college won $100,000 last year playing online poker. What do we do for his tax return?” It seems like a simple question; after all, we know the income is taxable. Yet what’s simple at first glance is anything but straightforward. Dealing with online gambling brings you into issues regarding the legality of online gambling, recordkeeping, constructive receipt, the Kiddie Tax, the Jock Tax, foreign bank account reporting, and many others.
Russell Fox, EA, MBA, brings a unique perspective in looking at these and other related issues. Russ was a professional poker player and is the author of three books on poker. His practice specializes in professional and successful amateur gamblers. He’ll discuss how to handle the client who dabbles in online gambling.
Before forming his own tax and consulting practice in 1999, Russ worked in private industry for 17 years. He held various finance and operation management positions in a diverse spectrum of companies, ranging from California’s largest grower of citrus to the dot-com that invented the pop-up advertisement. Russ is the incoming President of OCEA. He has a B.S. from the University of California, Berkeley, and an M.B.A. from the University of Southern California.
Tags: OCEA