Category Archives: Gambling

1099 Time (2015 Version)

Posted on January 3, 2015 by Russ

As we start 2015, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

London Calling: The Real Winners of the 2014 World Series of Poker

Posted on November 12, 2014 by Russ

Nine individuals came to Las Vegas on Monday and Tuesday to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? You will notice a … Continue reading →

Posted in Gambling | 1 Comment

New Jersey Tries Hail Mary on Sports Betting; Will IRS Intercept?

Posted on September 9, 2014 by Russ

Yesterday, Governor Chris Christie of New Jersey announced that New Jersey would not prosecute any casino or race track that offered sports betting. This is in spite of a federal court ruling that New Jersey’s sports betting law was unconstitutional. … Continue reading →

Posted in Gambling, New Jersey | 1 Comment

The Hom Decision and the Past (2008 – 2012)

Posted on August 17, 2014 by Russ

Back in June, a federal district court ruled in United States v. Hom that foreign online gambling accounts are reportable for FBAR purposes. An obvious question is what does this mean for prior years. First, these are just my thoughts. … Continue reading →

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Is a “Dealer Add-On” a Tip or a House Fee?

Posted on August 10, 2014 by Russ

Poker dealers are paid a low hourly wage; they make most of their money from gratuities (tips) from players. Those tips are, of course, taxable. In a poker tournament, dealers also receive tips. Some come from the prize pool while … Continue reading →

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Quite a Gamble to Workout There

Posted on August 10, 2014 by Russ

Runnemede, New Jersey is a small suburb of Philadelphia. Located in Camden County, the borough would be happy to let you know about its summer recreation program. The borough got some other publicity at what was once a Curves health … Continue reading →

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Online Gambling Addresses (Updated for 2014)

Posted on June 22, 2014 by Russ

Note: This list has been superseded by the 2015 list. You can find it here. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if … Continue reading →

Posted in Gambling | Tagged | 1 Comment

Just File the FBAR

Posted on June 18, 2014 by Russ

Several of our clients have asked, “The decision on poker accounts being ‘banks’ is nonsensical. Do I really have to file an FBAR for those accounts?” I am in general agreement with the individuals questioning the ruling. Banks and financial … Continue reading →

Posted in FINCEN, Gambling | Tagged | 5 Comments

More on the Hom Decision

Posted on June 9, 2014 by Russ

Jack Townsend of the Federal Tax Crimes Blog has a post on United States v. Hom today. In his post, he notes that Mr. Hom represented himself. Indeed, the court is still looking for a pro bono counsel to represent … Continue reading →

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Back to the Past: Poker Sites and FBARs. Poker Sites Are Again Reportable Foreign Financial Accounts

Posted on June 5, 2014 by Russ

Back in the past, I asked the FBAR group at the IRS whether or not poker sites needed to be reported. In January 2009, they told me they did have to be reported. In prior years, the FBAR group said … Continue reading →

Posted in Gambling, IRS | Tagged | 2 Comments