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Category Archives: Gambling
A Not So Lucky Chance
In March 2006, I wrote about Renato Medina, the principal owner of Lucky Chance’s. Lucky Chance’s is a cardroom located in Colma, just south of San Francisco. Mr. Medina and his niece and nephew were accused of tax evasion and … Continue reading
Posted in Gambling, Tax Evasion
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Great News for Poker Tournaments!
As I reported earlier, the IRS has revisited Revenue Procedure 2007-57, which would have required withholding on all poker tournament payouts of more than $5,000. I had been told by someone at the IRS that the IRS was going to … Continue reading
Posted in Gambling
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Poker Tournaments: No Withholding Likely
The Las Vegas Sun reports today that the American Gaming Association and the IRS reached agreement that for poker tournaments if a casino/cardroom issues W-2Gs, then withholding at 25% will not be required on wins above $5,000. >From the IRS’s … Continue reading
Posted in Gambling
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Studying Abroad, Taxes, and Poker
A reader asks, “I’m currently studying in undergraduate university in the U.S., where I hold my only citizenship. I was thinking about studying abroad, probably in Australia. I was thinking about going from around Jan.1-December 31st of 2009, or from … Continue reading
Posted in Gambling
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When Gambling Isn’t A Business
A CPA likes to gamble, and shows his gambling activity as a second business (his other business activity is his accounting practice). The IRS challenges this, claiming that he’s really an amateur gambler. The Tax Court has to decide who … Continue reading
Posted in Gambling
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Conduit or Right of Claim?
The Tax Court decided an interesting case today. An individual receives gambling income, but has given the payee a Form 5754, stating that the income belongs to another individual. However, the other individual doesn’t claim the income. The IRS goes … Continue reading
Poker Tournaments Takes a Hit
Back in 2005, I speculated that the IRS would write a regulation requiring withholding from poker tournaments. The IRS will, on Tuesday, announce Revenue Procedure 2007-57, requiring withholding from any winner of a poker tournament who has received more than … Continue reading
Posted in Gambling
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“The Income Tax Only Applies to Government Entitiies, Foreigners & Foreign Corporations”
A friend of mine received an email that states, in part: “I do not agree with your synopsis though that gamblers of the 50 staets have any obligation whatsoever for the withholding of Federal income tax on lottery winnings. Why? … Continue reading
Posted in Gambling, Tax Evasion
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A Tax, A Compact, A Battle
Today in San Diego a federal judge will hear arguments in a case between the Rincon Indian tribe and the State of California. The battle is over whether or not California negotiated in good faith over a compact with the … Continue reading
Posted in California, Gambling
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Neteller Settles
Somehow it’s fitting on the day that the World Series of Poker champion is crowned that we find out that Neteller, the beleaguered Internet payment processor, has settled with the U.S. Department of Justice. According to the press release that … Continue reading