Category Archives: Gambling

Do Canadian Professional Poker Players Owe Income Tax?

Posted on November 5, 2020 by Russ

In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading →

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IRS: DFS Is Wagering (Gambling)

Posted on October 19, 2020 by Russ

In February 2014, I wrote a post titled, “Taxes and Daily Fantasy Sports: The Duck Test.” I concluded: So daily fantasy sports have at least some element of luck. Then from a tax standpoint they sure look to be a … Continue reading →

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Just File the FBAR

Posted on October 8, 2020 by Russ

One week from today is the tax filing deadline. It’s also the effective deadline for filing the Report of Foreign Bank and Financial Accounts, FINCEN Form 114; that’s the form that’s better known as the FBAR. The FBAR is part … Continue reading →

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More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)

Posted on August 20, 2020 by Russ

There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has … Continue reading →

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Burying Your Head in the Sand

Posted on August 17, 2020 by Russ

One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not … Continue reading →

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IRS: DFS Sites Liable for Excise Tax on Wagering

Posted on August 13, 2020 by Russ

Back in 2015, I asked and answered the question on whether the DFS sites were liable for the excise tax on wagering. I came to the conclusion they were. In late July, the IRS came to the same conclusion: DFS … Continue reading →

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Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans

Posted on April 24, 2020 by Russ

The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading →

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Can a Professional Gambler Apply for a PPP or EIDL Loan?

Posted on April 7, 2020 by Russ

The CARE Act added Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) for businesses to recover from the COVID-19 pandemic. A question many of our clients have asked is, “I’m a professional gambler. Can I apply for one … Continue reading →

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Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2020

Posted on February 27, 2020 by Russ

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 →

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New York DFS & Gambling: It’s the Constitution

Posted on February 12, 2020 by Russ

There’s a quick way of doing many things that, in the long-run, doesn’t work so well; there’s a slower way of doing those same things that will always work. That’s true in tax, and it’s true for a legislature that’s … Continue reading →

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