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