Author Archives: Russ

The Good, Bad, and Ugly of 2025 Gambling Tax Law Changes

Posted on December 23, 2025 by Russ

With Christmas just two days away and Congress now on recess, we can look back at 2025 and accurately view the changes in tax law towards gambling.  There was some good, some bad, and one very ugly change. The Good: The … Continue reading →

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IRS Interprets One Big Beautiful Bill to Increase W-2G Threshold to $2,000

Posted on December 16, 2025 by Russ

As I reported back in July, §70433(d) of the Tax Code was changed by the One Big Beautiful Bill (OBBB): (d) APPLICATION TO BACKUP WITHHOLDING.—Section 3406(b)(6) is amended— (1) by striking ‘‘$600’’ in subparagraph (A) and inserting ‘‘the dollar amount … Continue reading →

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Shocking: State Taxes Matter to Hockey Players

Posted on December 9, 2025 by Russ

I grew up in Chicago, and have been a lifelong fan of the Chicago Blackhawks.  They’ve been, to put it kindly, lousy over the past few years (after winning three Stanley Cups from 2010-2015); however, there are now signs that … Continue reading →

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New Jersey: We Delayed Processing Your Extension Payment So We’re Going to Penalize You for Our Error

Posted on November 26, 2025 by Russ

Two clients of ours timely filed their federal and New Jersey extensions on April 15th, paying by electronic debit.  (One filed at 7am and the other at 12 noon, well before the midnight deadline.)  Both clients were waiting on K-1s, … Continue reading →

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Kalshi Preliminary Injunction in Nevada Dissolved; Kalshi Likely Soon Gone from State

Posted on November 25, 2025 by Russ

This morning, a judge here in Nevada dissolved Kalshi’s preliminary injunction against the Nevada Gaming Control Board.  That injunction (now gone) prohibited Nevada from stopping Kalshi’s sports betting–excuse me–sports contracts from being offered in the state.  While I expect Kalshi to … Continue reading →

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Are Prediction Markets Sports Betting Products Doomed in the Long-Term?

Posted on November 20, 2025 by Russ

Prediction markets are another new phenomenon. Kalshi, PolyMarket, and others offer predictions on things like, “Will the Epstein Files be released by the end of 2025?”  They also offer sports predictions which I believe are clearly sports betting by any … Continue reading →

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The Shutdown

Posted on October 1, 2025 by Russ

Once again there’s a government shutdown. What does it mean for taxes? First, deadlines and responsibilities don’t change just because there’s a government shutdown. You still owe tax, and if you’re on extension your taxes are still due (generally) on … Continue reading →

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Pittsburgh Sacked

Posted on September 26, 2025 by Russ

Jock taxes impact nonresident athletes (and others) who perform in out of state venues.  Let’s say you’re in the National Hockey League (NHL), playing for the Vegas Golden Knights.  You play a game in Pittsburgh.  You now owe tax to … Continue reading →

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About That List of Occupations Eligible for “No Tax on Tips…”

Posted on September 5, 2025 by Russ

You may have seen a list of occupations that are eligible for the One Big Beautiful Bill’s “No Tax on Tips” provision.  And perhaps your occupation is on that list, and you’re thinking, “Wonderful! My taxable income is going down!”  … Continue reading →

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IRS Closes Cincinnati Lockboxes; New Addresses In Effect Immediately

Posted on August 24, 2025 by Russ

Last week, the IRS released Publication 3891.  This publication lists out where to mail paper-filed returns and payments for the 2026 tax year.  Currently, Nevadans mail many IRS payments to addresses in Cincinnati, but not anymore.  Spidell reports that the … Continue reading →

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