Category Archives: Gambling

IRS Gives More Time for FBAR for Some

Posted on June 30, 2009 by Russ

The reporting of Foreign Bank and Financial Accounts—the FBAR reporting on Form TD F 90-22.1—is impacting more individuals than in the past. More people have foreign financial accounts, and online gambling accounts are now considered foreign financial accounts. As Joe … Continue reading →

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Foreign Financial Account Reporting Due

Posted on June 24, 2009 by Russ

If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →

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New Hampshire Gambling Tax Moving Forward

Posted on June 21, 2009 by Russ

It appears likely, but not certain, that New Hampshire will soon have a 10% tax on gambling winnings. The state legislature tentatively approved a new budget that contains the tax. It still must be approved by each house of the … Continue reading →

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Aloha Gamblers!

Posted on June 8, 2009 by Russ

Hawaii is a beautiful place. It’s hard for me to think of a more beautiful or relaxing place for a vacation. Residents of the Aloha State aren’t likely to be gamblers. Hawaii prohibits all forms of gambling. Of course, if … Continue reading →

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New Hampshire Gambling Tax Not Yet Law

Posted on April 20, 2009 by Russ

Last week I wrote about New Hampshire’s proposed tax increases. Those taxes passed the lower house of New Hampshire’s state legislature. However, they still must pass the state senate in New Hampshire. If you live in New Hampshire you may … Continue reading →

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New Hampshire Adds Gambling Tax

Posted on April 16, 2009 by Russ

Live Free or Die may be the motto of New Hampshire, but the formerly conservative state that believed in very low taxes elected a Democratic majority in the state legislature last year. Shock of shocks, tax increases are coming. And … Continue reading →

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Three More Questions from the Mailbag

Posted on March 22, 2009 by Russ

Three more questions from the mailbag this week. We’ll take a look at pensions, extensions, and putting money aside for 2009 taxes. First, a Californian asks: If I retire with a government pension (Calpers) from California, will I have to … Continue reading →

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Weekend Mailbag

Posted on March 15, 2009 by Russ

Three questions of interest this weekend. The first deals with moving to Nevada, the second with the requirement to report foreign financial accounts, and the third deals with deducting clothing. First, a reader asks: I want to move to Nevada. … Continue reading →

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Online Gambling Addresses

Posted on March 10, 2009 by Russ

The IRS and Department of the Treasury recently stated that online gambling sites are foreign bank accounts that must be reported. There’s a problem, though. Most of these entities don’t broadcast their addresses. Some individuals sent email inquiries to one … Continue reading →

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The Stop Tax Haven Abuse Act and Online Gambling

Posted on March 4, 2009 by Russ

Senator Carl Levin (D-MI) and others introduced the Stop Tax Haven Abuse Act on Monday. The Act targets financial transactions into (or out of) jurisdictions that are considered to be tax havens. Senator Levin has posted a summary of the … Continue reading →

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