@AmericanGaming Continue to nudge your Congressmen (especially if they're in the GOP); if you know casino execs, let them know, too. I'm not doom and gloom; this is a storm cloud that has a good chance of clearing up. 10/10.

@AmericanGaming Yes, if this law stays for 2026 high-stakes gambling will be hurt. But so will the average gambler who "gets lucky." Vegas was built on the dream, and if that dream is removed (or drastically lessened) by a bad law Vegas will be hurt. 9/10.

@AmericanGaming Even if I'm off on my estimate, I think it's a given that attempts will be made for reversal. This isn't the UIGEA (where opponents were poker players and offshore operators); the casino industry in the US is huge. 8/n.

@AmericanGaming Is rescinding this certain? Of course not; there are plenty of bad laws (especially in tax) in the US. This morning, I was interviewed by a newsman on the law and (off-the-cuff) thought that there was a 25% chance of the law being reversed this year. 7/n.

@AmericanGaming That, or a "technical corrections" bill (quite common with tax law--technical corrections bills are generally bipartisan), could be used as a vehicle to rescind this law and revert back to current IRC 165(d). 6/n.

@AmericanGaming And this is likely to be (at least, here in Nevada) bipartisan; I can't see any of our legislators, Republican or Democrat, liking this measure. Published reports suggest another reconciliation bill will occur this Fall. 5/n.

@AmericanGaming The negative ramifications for this industry are obvious, and they have high-powered lobbyists. And several casino operators are known supporters of the current Administration. I strongly suspect they will be working to reverse this. 4/n.

Second, I think that the gambling industry (casinos, sports betting operators, horse racing, @AmericanGaming, etc.) were unaware of this until it was pointed out this week. No one in the industry likes this. 3/n.

First, this has NO impact on 2025 tax returns. Current law holds for this tax year. 2/n.

Having been hit with numerous questions on the new gambling tax law (which doesn't go into effect until 2026), some thoughts in this thread🧵 1/n.

I would hope that @AmericanGaming takes notice of the ugliness in the Senate version of the "Big, Beautiful Bill." It's anything but that for gambling.

Most amateurs lose (significantly), so they'll be less impacted than professionals. The full text of the Senate bill is at See pages 263-264 for the gambling provision. 2/2.

I have now read the bill (I relied on an excerpt from my research service. which was wrong). Gambling losses (and business expenses for professionals) are limited to 90% of what's incurred, with the resulting number limited to gambling winnings. 1/2.

See for more.

Senate version of "Big, Beautiful Bill" is ugly towards gambling, limiting gambling losses for both amateur and professional gamblers. More in my blog (link in comments).

"WSOP and Taxes: 2025 Update" is at

With the @WSOP beginning today, I've posted my "WSOP and Taxes: 2025 Update" (link in first comment). Two countries no longer have tax treaties with the US (Hungary & Russia); otherwise, little has changed from 2023.

If this is a new policy, it's dumb--it will just increase PPS call volume. For return preparation, unmasked transcripts are a must. PPS agent I spoke to knew nothing about this. @YourVoiceAtIRS: you may want to look into this. 2/2.

I don't know if this is a new IRS policy, but I needed a Wage & Income transcript for a client (I had a POA on file). The eServices transcript was **masked** (making it useless); I had to call PPS to obtain it. I tried 2 other clients; transcripts masked. 1/2.

Why, IRS? Client just received notice to *immediately* file 2023 return. He's in a Florida disaster zone, with a due date of June 2, 2025. He has nearly 3 more months. Sigh. #TaxTwitter.