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Category Archives: Gambling
Casinos and ITINs: IRS Confirms Cease and Desist Letters Sent to “Several Large Casinos” (Update #2)
My stakeholder liaison at the IRS got back to me this morning and told me that the IRS has indeed sent letters to “several large casinos” ordering them to cease and desist issuing Individual Taxpayer Identification Numbers (ITINs). She was … Continue reading
Posted in Gambling, International
Tagged ITIN
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Online Gambling Addresses for 2017
This list has been superceded by the 2018 list. 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 your aggregate balance exceeds $10,000 at … Continue reading
Posted in Gambling, International
1 Comment
Casinos and ITINs: Update #1
On Monday I wrote about Las Vegas casinos receiving letters ordering them not to issue ITINs (Individual Taxpayer Identification Numbers). When I wrote the post, I knew of one major Las Vegas casino that had received this letter; I assumed … Continue reading
Posted in Gambling, International
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Casinos Can No Longer Issue ITINs
Suppose you’re a resident of the United Kingdom and you come to Las Vegas to play in the World Series of Poker (WSOP) or just try your luck at a slot machine here. You have good luck and manage to … Continue reading
Consulting, Gambling; There’s No Difference, Right?
The Tax Court looked at an individual (call him “Mr. A.”) who looked like a professional poker player, appeared to have an income from poker, but was described on his tax return as a “consultant.” His tax return showed less … Continue reading
Gambling With an Edge Podcast
I am the guest on this week’s Gambling With an Edge Podcast. We discuss year-end tax planning, Caesars’ bankruptcy, tax deadline changes for 2016 returns, and how the final table players of the main event of the World Series of … Continue reading
Posted in Gambling, Taxable Talk
Tagged Gambling.With.An.Edge
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No Gambling Log, No Problem, Right?
Two married poker players worked as house players (commonly called “proposition players” or “props”) in California. They were paid wages for their work, but they had gambling winnings that they didn’t include on their tax return. They state they lost … Continue reading
The 2016 Real Winners of the World Series of Poker
Nine individuals came to Las Vegas over the last three days 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? This year’s winner’s … Continue reading
Posted in Gambling
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As The Caesars Turns, Episode 2
Caesars Entertainment Operating Company (CEOC) today announced that they reached a restructuring agreement with its major creditors. The deal will likely allow CEOC to emerge from bankruptcy early in 2017. The settlement must be finalized and will require approval of … Continue reading
As the Caesars Turns
There have been more developments in the Caesars bankruptcy. First, Caesars Entertainment said it is offering an additional $1.6 billion for junior creditors of Caesars Entertainment Operating Company (CEOC) in the contentious bankruptcy. The stock market reacted favorably to the … Continue reading