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Lesson From The Tax Court: Substantiating Gambling Losses On Per-Casino Basis

(TaxProf Blog) - The old saying “you win some, you lose some” is not true for most recreational gamblers. For them, the saying is more like “you win some, you lose more.” But proving that proves a problem. In Jacob Bright v. Commissioner, Docket No. 10095-22 (May 4, 2023), Judge Buch teaches us how taxpayers can use their player cards to substantiate their wagering losses.



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Update on States Moving Ahead with PTETs 
(JofA) - States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.


Best Power Stations 2023: Top Picks for Preparedness 
(PC World) - Whether you're the camping sort, or you live in an area prone to power outages, or you just like being prepared for anything, a power station that can charge all your devices is a must for your emergency arsenal. We've got some favorites to recommend.


Debt Limit Deal Includes Cut in IRS Funding, Other Measures 
(CPA Practice Advisor) - Biden and McCarthy announced a deal to increase the government's debt limit, enabling the nation to avoid a debt default and economic turmoil.


‘Everyone is a programmer’ with generative A.I., says Nvidia chief 
(CNBC) - Nvidia’s Chief Executive Jensen Huang says “everyone can be a programmer” as generative artificial intelligence will understand multiple forms of input, including speech.


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