Russell Fox on taxes for gamblers

Our guest this week is tax expert Russell Fox.  We talk about the terrible new taxes on gamblers in the big beautiful bill.  What's a gambler to do?  Is Richard going to retire.... again?

[00:00]  Introduction of gambling tax expert Russell Fox 
[00:48]  How does the tax bill affect gamblers?
[02:25]  Session method logging
[03:56]  Sports betting logs and session definition
[09:14]  Advantage slot play and session definition
[13:08]  Will this law be overturned?
[17:08]  1099 changes, W2G backup withholding
[20:16]  CTRs
[20:51]  90% maximum deduction of losses and business expenses
[23:06]  Long term impact on high limit rooms, DraftKings, FanDuel, and offshore books
[28:02]  U.S. citizens, permanent residents, non-resident aliens, withholding
[30:46]  Worldwide income, renouncing U.S. citizenship, and exit tax
[34:17]  Favorable comfortable structures, tax advantages of C-corp
[34:55]  IRS job cuts and audit probability
[38:29]  Recreational gamblers and W2Gs
[40:33]  Will this tax law increase tax fraud?
[41:18]  Contacting Russell Fox

Links:
Claytontax.com
Taxabletalk.com