Our guest this week is tax adviser Russell Fox. Russell is a tax adviser with many professional gamblers as clients. We talk about the new tax laws, and how they effect both professional gamblers, as well as the recreational player.
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[…] was the guest on this week’s Gambling with an Edge podcast. You can download the podcast here or on iTunes. The main point of discussion was the new tax law, but we covered some other topics […]
Hi Richard
I have a request along these lines. You have had many experts discuss the tax aspects of solo play but I think a discussion on the formation of a team would be very interesting and as yet uncovered as far as I can determine.
Topics such as the form of incorporation ie one company or more than one such as a management company and a playing company. Partnership, Sub S etc. Status of the players such as partners or independent contractors.
Tax requirements, forms and how winnings are taxed to the various individuals such as 1099’s as independent contractors or k-1’s as partners and if partners, how are the winnings vs losses reported.
Thanks