Category Archives: Gambling

Caesars Gets Another Month

Posted on August 31, 2016 by Russ

Caesars Entertainment Operating Company (CEOC) appealed Judge Goldgar’s decision to US District Court (decisions in a bankruptcy court get appealed to the District Court). Judge Robert Gettleman gave Caesars until October 5th; Judge Gettleman will hold a hearing in Chicago … Continue reading →

Posted in Gambling | Tagged | Comments Off on Caesars Gets Another Month

Fail, Caesar: The Bankruptcy May Grow

Posted on August 28, 2016 by Russ

On Friday, Bankruptcy Judge Benjamin Goldgar ruled that an injunction against $11 billion in lawsuits over how Caesars split itself into various units will be allowed to expire on Monday, August 29th. Given that the first of several court rulings … Continue reading →

Posted in Gambling | Tagged | Comments Off on Fail, Caesar: The Bankruptcy May Grow

The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Posted on July 27, 2016 by Russ

The Ninth Circuit’s unpublished opinion in United States v. Hom is now up. It’s sort of a misnomer to use the word “published” for an unpublished opinion. Unpublished here means it cannot be cited as a precedent; the court doesn’t … Continue reading →

Posted in Gambling | Tagged | Comments Off on The 2016 Hom Decision: Do Online Gambling Sites Still Need to be Reported on the FBAR?

Hom Decision Reversed

Posted on July 26, 2016 by Russ

Back in 2014 the US District Court for the Northern District of California held that online gambling accounts are reportable foreign financial accounts for the FBAR. Mr. Hom appealed that decision. Today, the Ninth Circuit Court of Appeals reversed the … Continue reading →

Posted in Gambling | Tagged | 1 Comment

Fail, Caesar! A July Update

Posted on July 23, 2016 by Russ

Since I last reported on the bankruptcy of Caesars Entertainment Operating Company (CEOC) there has been some news: 1. The junior creditors appear to be no closer to agreeing with the senior creditors on a restructuring of CEOC. The latest … Continue reading →

Posted in Gambling | Tagged | Comments Off on Fail, Caesar! A July Update

Can a Non-Tax Treaty Country Resident Obtain a Refund of Gambling Withholding from the IRS?

Posted on July 10, 2016 by Russ

Every year during the World Series of Poker (WSOP) I receive several inquiries like the following: I’m a resident of Brazil and I cashed in an event at the WSOP and won $100,000 (net). The Rio withheld 30% of that … Continue reading →

Posted in Gambling, International | Tagged | Comments Off on Can a Non-Tax Treaty Country Resident Obtain a Refund of Gambling Withholding from the IRS?

Taxes and the WSOP: 2016 Update

Posted on May 16, 2016 by Russ

I’ll be heading to the Rio Hotel and Casino tomorrow for three days of continuing education. In a little over two weeks, the poker world will be descending on the Rio for the annual World Series of Poker. (I’m probably … Continue reading →

Posted in Gambling | Tagged | 2 Comments

1500 Full Tilt Remission Petitions Denied by Department of Justice

Posted on May 8, 2016 by Russ

Most (but not all) of the remission payments for balances on Full Tilt Poker have been resolved. However, a notice appeared on Friday on www.fulltiltpokerclaims.com: INFORMATION REGARDING DENIED PETITIONS GCG has been informed that the Department of Justice Asset Forfeiture … Continue reading →

Posted in Gambling | Tagged | Comments Off on 1500 Full Tilt Remission Petitions Denied by Department of Justice

Online Gambling Addresses Updated for 2016

Posted on March 8, 2016 by Russ

This list has been superseded by the 2017 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 | 1 Comment

North Carolina Added to Bad States for Gamblers

Posted on February 13, 2016 by Russ

North Carolina changed its tax law over a year ago. While I have professional gambling clients in North Carolina, I do not currently have amateur gambling clients. It’s likely I won’t be getting many of those, as North Carolina legislators … Continue reading →

Posted in Gambling, North Carolina | 5 Comments