Measure To Reverse Poker Tax in the Big Beautiful Bill Fails

Measure To Reverse Poker Tax in the Big Beautiful Bill Fails

Lawmakers have rejected an attempt to add the bill to the Defense budget A push to roll back a controversial new gambling tax has stalled in Washington, leaving US poker players and other gamblers bracing for changes set to take effect in 2026. Unfortunately, the GOP-controlled Rules Committee did not accept the FAIR BET Act

Gambling Loss Deductions Bill That Emerged as a Result of the Big Beautiful Bill Blocked

Gambling Loss Deductions Bill That Emerged as a Result of the Big Beautiful Bill Blocked

So far, efforts to protect gamblers from the major tax overhaul aren’t going well Efforts to reverse a controversial tax change affecting professional gamblers hit a roadblock yesterday when Senate Republicans blocked a Democratic-led proposal aimed at restoring full gambling loss deductions. Senator Catherine Cortez Masto of Nevada sought unanimous consent for the measure, but

NFT Trader Could Go to Prison Over $13-Milllion Tax Fraud Case

NFT Trader Could Go to Prison Over $13-Milllion Tax Fraud Case

Waylon Wilcox has admitted to submitting false tax returns in 2021 and 2022 A Pennsylvania man who made millions trading NFTs is now facing serious prison time after admitting he didn’t report much of that income to the IRS. Waylon Wilcox, 45, pleaded guilty this week to filing false tax returns for 2021 and 2022,

US House Lawmakers Introduce Bill To Protect Crypto From the IRS

US House Lawmakers Introduce Bill To Protect Crypto From the IRS

The bill would reverse a reporting rule the IRS previously implemented US lawmakers in the House of Representatives have introduced a resolution aimed at overturning an IRS rule that would require brokers to report cryptocurrency transactions. The measure, known as the “DeFi broker rule,” was approved in December and is set to take effect in

Michigan Lawmakers Eye Increased iGaming, Sports Betting Taxes

Michigan Lawmakers Eye Increased iGaming, Sports Betting Taxes

Two state senators want to increase the taxes betting and iGaming operators pay Michigan lawmakers are considering measures to raise tax rates on internet gaming and sports betting, aiming to increase state revenue from the rapidly growing gaming industry. Two proposed bills, introduced by Democratic state Senators Sam Singh and Jeremy Moss, outline these changes.

The IRS has reversed course on cryptocurrency tax rules for 2024

The IRS has reversed course on cryptocurrency tax rules for 2024

The tax authority isn’t going to force crypto users to comply with a new $10K rule The Internal Revenue Service (IRS) announced on January 16 that US businesses aren’t yet required to report cryptocurrency transactions exceeding $10,000 until the agency completes its regulatory framework. The decision comes after the US Treasury Department and the IRS

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