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Category Archives: Gambling
On Exchanging Cryptocurrency for Casino Chips (or Cash)
The high stakes poker world works a little differently than you might think. Most of the players frequenting these games know each other, and borrowing money from one another is common. Another common occurrence is the exchanging of cryptocurrency for … Continue reading
Posted in FINCEN, Gambling
Tagged Money.Laundering
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When Bad Recordkeeping Helps You (And Bad News for Some Canadian Professional Poker Players)
As we previously reported, the Canada Revenue Agency (CRA) thought that Jonathan Duhamel, the winner of the Main Event of the World Series of Poker (WSOP) in 2010 was a professional gambler, and that he conducted himself as a professional … Continue reading
Posted in Canada, Gambling, International
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The Real Winners of the 2022 World Series of Poker
Yesterday afternoon, the 2022 Main Event of the World Series of Poker concluded. First, congratulations to Caesars for putting on a mostly great series at the Paris and Bally’s casinos on the Strip. This was the first year the events … Continue reading
The 2021 Real Winners of the World Series of Poker
Last night, the Main Event of the World Series of Poker concluded. (While there are still a few events to be decided in the WSOP, this is the event that everyone thinks of as the big one.) Before I get … Continue reading
Why Did the WSOP Change the Rules on Lammers?
With the World Series of Poker (WSOP) winding down (the Main Event champion will be crowned Wednesday evening–and, yes, I will have my customary post on the real winners of the WSOP on Thursday), an issue arose late in the … Continue reading
The WSOP and Taxes (2021 Update)
The World Series of Poker will begin here in Las Vegas on September 30th. While attendance is likely to be less than in previous years (it’s still difficult to travel internationally to the United States), thousands of poker players will … Continue reading
Online Gambling and Cryptocurrency Addresses for 2021
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, International
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Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result
Bluffing in poker can work quite well. However, if your opponent will always call, bluffing cannot work. One poker player learned that the IRS always call your bluffs (especially when they have evidence). Guy Smith owns an interior construction business … Continue reading
Posted in Connecticut, Gambling, Tax Evasion
Comments Off on Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result