Jonathan November 21, 2023 21:15:29
We can only imagine the sheer uphoria of hitting the jackpot playing the lottery. If it's a life-changing amount, then the winner will already be dreaming of all the changes they are going to be making in their life-style. But it's important to consider the tax obligations before going crazy and buying a mansion and a Lamborghini.
Jonathan August 25, 2023 22:31:24
When we hear about those lucky winners who manage to land eye-watering amounts of cash from the Powerball or a progressive jackpot at the US casino, we probably imagine they take the total amount home. But in reality, there are inescapable taxes to be paid. If you win in the casino, they hold back 25% of the payout for the tax man. However, in the UK, because gambling is seen as a pastime, most casino winnings are tax free.
Frederick H. May 18, 2015 07:49:17
The man called “Money” proves he can win it as well as be it. Unified Welterweight Boxing champion Floyd Mayweather Jr. decided to put some of his winnings to work by posting some bets within the confines of US gambling laws using his Instagram account. The 38-year old placed wagers on basketball and a boxing […]
Frederick H. March 12, 2015 05:24:37
The Internal Revenue Service has suggested lowering the reported levels for casino customers in land-based business across the United States. In US gambling news, the Internal Revenue Service (IRS) has made a proposal to lower the reported income levels for people who win money in casinos. This would of course include slot machines, keno and […]
Toni May 7, 2014 15:07:07
US offers a promising gambling experience but comes with a price, while Canada offers less but doesn’t take away winnings. Gambling has been a popular activity for centuries across the globe. However, since the modernization of society, some nations have adopted certain laws pertaining to gambling. The US imposes certain restrictions on players, which effectively […]
Rab March 20, 2014 13:52:09
A professional gambler bet wrong in tax court when arguing that sportsbook takeout expenses should be written off business expenses. The enterprising CPA likes to frequently bet on sports in the US and tried to avoid paying tax on sportbook takeout expenses, claiming them as business expenses. The case was taken against the IRS in […]
Alex Nevsky March 19, 2014 17:23:38
IRS pursuing a civil tax case against Gary Kaplan, where he may end up owing an additional $36 million. Gary Kaplan, the founder of BetOnSports, is a subject of further IRS investigation. The federal authorities busted one of the online sportsbooks in the United States, which operated out of Costa Rica, thus breaking the law […]
Iva P. January 6, 2014 18:08:07
175,000 emails and passwords were exposed online last week, as World Poker Tour Amateur Poker League website was hacked. Ironically, almost 47,000 of the leaked passwords had a “default reset” character Naturally, the users of the website were advised to change their personal details, so that future incidents will be avoided. The hacker’s motive is […]
Staff January 6, 2014 18:08:07
175,000 emails and passwords were exposed online last week, as World Poker Tour Amateur Poker League website was hacked. Ironically, almost 47,000 of the leaked passwords had a “default reset” character Naturally, the users of the website were advised to change their personal details, so that future incidents will be avoided. The hacker’s motive is […]
AI S. November 5, 2012 15:07:31
US tax authorities claimed around $10 million from the WSOP final table.
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