Want to start by saying I had to retire from Daily Fantasy Sports tax preparation. With my personal health issues and a growing young family (toddler and an infant), I would be doing a disservice as a sole practitioner staying on as such. I talked to the guys at DFS Accounting, LLC in Chicago and they are happily taking on new clients and some of my former clients as well. I want to put the DFS Community in great hands.
That being said, I still want to be involved in DFS and the taxes and laws related to it. My new change in direction is to write Annual DFS Tax Guides and eventually when we get online poker and sports betting, I will look to create tax guides from them as well.
Next year’s book will have far more details on the 2017 Tax Cuts and Jobs Act implications on Daily Fantasy Sports. Spoiler Alert- The act tends to STRONGLY favor DFS as a Business versus a Hobby! I’ve even thought of a 2017.2 version during the summer with additional tax planning advice. My head was even spinning as the TCJA was moving through Congress.
My inspiration for the book is I found some potential clients did not have the means to pay a professional tax preparer or the amount on their 1099 Box 3 did not justify such additional services for a normal wage earner and mortgage who typically prepared their own return on TurboTax.
If you are confused by what I wrote or have a very large in Box 3 of your 1099, I would seek a DFS tax accountant. Or even if you have a good CPA who has been with your small business for many years, you may need to educate him or her on DFS implications. My book clears a lot of misconceptions up.
My emails are: firstname.lastname@example.org and email@example.com