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Author Archives: Russ
Utah Indicts Kalshi (and Its Executives)
Yesterday, Utah indicted Kalshi (legally, KalshiEX, LLC) and its two co-founders, Tarek Mansour and Launa Lopes Lara of 13 felonies and one misdemeanor relating to offering gambling in Utah. This is not the first state that criminally indicted Kalshi; that … Continue reading
There’s Molasses Rolling Uphill, and There’s Kentucky, Colorado, North Carolina, and Maryland
Today is Wednesday, October 21st. Six days ago was the tax deadline. And we’re still waiting on electronically filed returns to be accepted. Normally I’d say, “Bring me the usual suspects!” That’s New Jersey and New York; those states tend … Continue reading
Your Children **Will** Have Trump Accounts
We’ve asked all of our clients who have children if they want to enroll them in “Trump” Accounts. These are the new savings accounts for children, with children born between 2025 and 2028 receiving a $1,000 starter contribution (if requested … Continue reading
IRS Draft Form 1040 Asks Citizenship Question
The IRS periodically releases draft tax forms, and yesterday a new draft of Form 1040 was released. In “Other Information” the IRS asks the following question: At the time you file your return, are you, and your spouse if filing … Continue reading
Appeals Court Axes Foreign Tax Credit for Net Investment Income Tax (NIIT)
Yesterday, the Court of Appeals for the Federal Circuit reversed the Court of Federal Claims; the Court of Federal Claims had held that the Net Investment Income Tax (NIIT) could be offset by a foreign tax credit. The court ruled … Continue reading
Posted in International, IRS
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The 9th Circuit Weighs In, and Prediction Markets Definitely Appear Headed to the Supreme Court
When I wrote two weeks ago that, “The prediction market debate…is likely to be settled sooner rather than later,” I had forgotten that Kalshi had appealed their loss to Nevada at the District Court level to the Ninth Circuit Court … Continue reading
Posted in Gambling, Nevada
Tagged Prediction.Markets
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The Prediction Market Debate (CFTC vs States) Is Likely to be Settled Sooner Rather than Later
On one side, there’s Kalshi, Polymarket, and all other companies offering prediction market sports wagers–err, sports predictions–allied with the Commodities Futures Trading Commission (CFTC). On the other side, there are state regulators (and even a local regulator) who say that … Continue reading
The Real Winners of the World Series of Poker 2026
Thousands of poker players (9,208 to be exact) came to Las Vegas over the Fourth of July weekend to enter the main event of the World Series of Poker (WSOP) all looking for the $10 million first prize. But that … Continue reading
Goldstein Gets Six Years at ClubFed
The saga of former Supreme Court litigator Tom Goldstein concluded on Friday in Greenbelt, Maryland. Mr. Goldstein was sentenced to six years at ClubFed and must make restitution of $3,103,427. His bond was revoked at sentencing, and he was taken … Continue reading
Posted in Gambling, Tax Fraud
Tagged Tom.Goldstein
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