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Category Archives: Gambling
The Real Winners of the 2025 World Series of Poker: Zero Is the Best Number
This year’s main event of the World Series of Poker (WSOP) attracted 9,735 entrants each of whom paid $10,000 attempting to become the World Champion. This wasn’t a record (last year’s field had 10,112), but it was still the third … Continue reading
Did the W-2G Threshold for Slots Get Increased in the One Big Beautiful Bill?
I’ve seen reports online that the threshold for issuance of W-2Gs was increased in the One Big Beautiful Bill (OBBB) to $2,000 from $600. Is that true? First, the threshold for issuance of many 1099s was increased by the OBBB to $2,000 … Continue reading
Posted in Gambling, Legislation
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Senate Version of Big, Beautiful Bill Is Bigly Ugly Towards Gambling
The extension to the Tax Cuts and Jobs Act (TCJA) is now in the Senate as the “Big, Beautiful Bill.” The Senate version will likely receive a final vote today (and pass); however, it is quite different in certain areas … Continue reading
WSOP and Taxes: 2025 Update
The 2025 World Series of Poker (WSOP) begins later today 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 … Continue reading
Posted in Gambling
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If You’re Asking for Bail, Don’t Hide Your Cryptocurrency Accounts
The saga of poker playing Supreme Court litigator (and, for the attorneys who read this, SCOTUSblog founder) Tom Goldstein continues. Mr. Goldstein was arrested late yesterday, and will be spending his time (at least for a while) at ClubFed while … Continue reading
Posted in Gambling, Tax Fraud
Tagged Tom.Goldstein
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Supreme Court Litigator, High-Stakes Poker Player, and Tax Felon?
This morning, a friend texted me, “Russ, you MUST read this!” with a link to this story about Supreme Court litigator Tom Goldstein. Mr. Goldstein was indicted on numerous tax-related charged regarding how he handled his high-stakes poker playing. Mr. … Continue reading
Posted in Gambling, Tax Evasion, Tax Fraud
Tagged Tom.Goldstein
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The Real Winners of the 2024 World Series of Poker
I was not one of the 10,112 entrants (a record field) in the 2024 Main Event of the World Series of Poker. Yesterday saw the winner being crowned. He received a cool $10 Million, but how much of the winnings … Continue reading
US-Russia Tax Treaty Mostly Suspended Beginning August 16th
The IRS announced today that based on a request from Russia last August that most of the US-Russia Tax Treaty will be suspended beginning August 16, 2024. One impact: Russians who have gambling income in the US that’s subject to … Continue reading
Posted in Gambling, International
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Online Gambling and Cryptocurrency Addresses for 2024
This list has been replaced by the 2025 List. If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
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