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
The bill would automatically force some poker player to take losses when filing their taxes A newly added provision to the Senate’s version of the One Big Beautiful Bill Act could significantly impact poker players and other gamblers across the US. The amendment, passed on July 1 as part of the broader extension of the
The bill would make tips tax-free if approved by Congress A new bill making its way through Congress could bring meaningful financial relief to casino and hospitality workers across the country. The “No Tax on Tips Act,” introduced by Senator Ted Cruz and supported by Senator Jacky Rosen, passed the Senate this week without a
The bill would prevent crypto holders from using the US territory to avoid taxes on their digital assets A new proposal in Washington is targeting a long-standing loophole that has made Puerto Rico an attractive destination for crypto investors seeking to reduce their tax bills. Rep. Nydia Velázquez of New York introduced a bill on
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,
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
The lawyer allegedly hid millions of dollars in winnings to avoid paying taxes Tom Goldstein, a poker player and founder of the Supreme Court-focused SCOTUSblog, has been indicted in a federal tax fraud case. The charges, filed in Maryland, allege that Goldstein participated in a multimillion-dollar scheme to evade taxes while misusing funds from his
The case marks the first time a crypto investor has to turn over his wallet keys A Texas Bitcoin investor has been ordered by a federal court to turn over his cryptocurrency wallets and access codes after being convicted of tax fraud. The authorities in charge of these cases have had zero compassion and work
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 bill doubles what many online gaming operators now pay The New Jersey Senate has received a bill to increase the tax rates for online sports betting and online casino operators in New Jersey. Senator John McKeon sponsored the legislation, Bill S3064, which would increase the tax rate for online casino and sports betting operators
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
The cryptocurrency asset reporting framework will change the crypto ecosystem Nearly 50 governments worldwide have jointly agreed to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international benchmark on automatic information exchanges between tax authorities, into their domestic law, according to a statement published on November 10. The Organization for Economic Cooperation and Development
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