A software developer who never completed her planned casino app isn’t entitled to unsubstantiated deductions for her business, but can deduct some gambling related losses, the US Tax Court said Wednesday.
Although she can’t treat these losses as business expenses, IRC Section 165(d) allows a taxpayer to deduct wagering losses up to the amount of their winnings, the court said.
The IRS determined more than $428,000 in tax deficiencies, plus further accuracy-related penalties, against Katherine Kalk for tax years 2011 through 2016. Kalk responded by petitioning the Tax Court, where the IRS conceded its penalties and she admitted that she’s …
LETTER FROM RIO DE JANEIRO At the Transamerica Expo, which brings together betting sites and virtual casinos from s
By Gina Kim (September 19, 2024, 7:49 PM EDT) -- Roblox must face claims it was negligent for failing to shield minor players from gambling through its
We’re getting back-to-back AFC East matchups on Thursday Night Football as Week 3 of the 2024 NFL season begins with the New England Patriots visiting the
Australia has instituted some new classifications for video games and what in-game gambling looks like that could impact future releases.It won’t apply to gam