Author Archives: Russ

Form 8300, Cryptocurrency, and Gambling

Posted on August 9, 2023 by Russ

A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR).  FINCEN … Continue reading →

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Unshocking News from the IRS: Staking Income Is Taxable

Posted on August 1, 2023 by Russ

In what shouldn’t be a surprise to anyone, the IRS announced yesterday in Revenue Ruling 2023-14 that staking income, when received, is taxable income based on the fair market value when constructively received.  This should be a surprise to no … Continue reading →

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The Real Winners of the 2023 World Series of Poker

Posted on July 18, 2023 by Russ

Yesterday afternoon, the 2023 Main Event of the World Series of Poker concluded. A record 10,043 entrants ponied up the $10,000 buy-in to the event leading to a prize pool of $93,399,900 (the $7,030,100 difference is the funds kept by … Continue reading →

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Vermont Flood Victims Get an Extra Month to File their Returns

Posted on July 13, 2023 by Russ

Many areas of Vermont have seen severe flooding over the past couple of weeks.  The area has been declared a federal disaster area.  The IRS announced today that impacted individuals have an extra month to file returns on extension (until … Continue reading →

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The Supreme Court Takes Up a Wealth Tax; You May Need to File a Protective Claim for Refund

Posted on June 26, 2023 by Russ

At the end of 2017, Congress passed the Tax Cuts and Jobs Act (TCJA).  This complex measure added some deductions (such as the Deduction for Qualified Business Income), added restrictions on other deductions (such as the $10,000 limit on taxes … Continue reading →

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The Flu Strikes

Posted on June 15, 2023 by Russ

On Monday, I went home around 1pm.  I felt awful.  When I got home I discovered why: I had a fever of 100.  It peaked at 103, but I’m still in triple digit land.  Worse, I appear to be a … Continue reading →

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When the IRS Computer Sends Out Lots of Bad Notices…

Posted on June 7, 2023 by Russ

Almost everyone in California has an extension for filing and paying their taxes until October 16th (a result of the flooding in the state in January).  The IRS certainly know about this: they issued multiple announcements on the extensions.  Thus, … Continue reading →

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WSOP and Taxes: 2023 Update

Posted on May 31, 2023 by Russ

The 2023 World Series of Poker (WSOP) began yesterday here in Las Vegas at the Paris and Horseshoe hotels (the hotels are linked). There are also several other tournament series that have either begun or will soon begin at the … Continue reading →

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Colorado: Let’s Implement a 1207800% Marginal Tax Rate!

Posted on May 25, 2023 by Russ

Consider two taxpayers who enjoy gambling; both are single and residents of Colorado.  Both are amateur gamblers who earn $100,000 of wage income and rent.  Joe Unlucky broke dead even in his gambling, winning $299,000 (using the session method) and … Continue reading →

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Why Were California Returns Extended Again from May to October? (A Theory)

Posted on May 8, 2023 by Russ

Back in January, severe winter storms impacted California.  Much of the state was declared a federal disaster area; these declarations are always county-by-county.  As of today, only two counties in California (both in the northeastern corner of the state) are … Continue reading →

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