Archive for the ‘FINCEN’ Category

Corporate Transparency Act Ruled Unconstitutional; Appeal Certain

Sunday, March 3rd, 2024

On Friday, an Alabama federal judge ruled that the Corporate Transparency Act (CTA)–the law that authorized Beneficial Ownership Information (BOI) reporting–is unconstitutional.  As of today, this decision impacts one business in northern Alabama, but given an appeal is a certainty this could impact the BOI reporting regime.

Judge Liles Burke ruled that the CTA fell afoul of Congress’ powers.  “The Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers. This conclusion makes it unnecessary to decide whether the CTA violates the First, Fourth, and Fifth Amendments.”  He opened the decision noting,

The late Justice Antonin Scalia once remarked that federal judges should have a rubber stamp that says STUPID BUT CONSTITUTIONAL. See Jennifer Senior, In Conversation: Antonin Scalia, New York Magazine, Oct. 4, 2013. The Constitution, in other words, does not allow judges to strike down a law merely because it is burdensome, foolish, or offensive. Yet the inverse is also true—the wisdom of a policy is no guarantee of its constitutionality. Indeed, even in the pursuit of sensible and praiseworthy ends, Congress sometimes enacts smart laws that violate the Constitution. This case, which concerns the constitutionality of the Corporate Transparency Act, illustrates that principle.

As of today, only the one company (and possibly the Northern District of Alabama) are impacted by this decision.  However, it’s a certainty that the decision will be appealed to the 11th Circuit Court of Appeals.  If that court upholds this ruling, BOI reporting will likely be dead.

To date, we’ve advised most of our clients to hold off on BOI reporting (unless they formed entities this year)–not because of possible constitutional issues; rather, we’re still waiting on guidance from FinCEN on community property issues related to BOI reporting.  Entities in existence as of 2024 have until January 1, 2025 to report.  Friday’s ruling adds another reason to delay BOI reporting.

Online Gambling and Cryptocurrency Addresses for 2024

Thursday, February 8th, 2024

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from FINCEN. (The IRS and FINCEN now allege that foreign online poker accounts are “casino” accounts that must be reported as foreign financial accounts. The rule of thumb, when in doubt report, applies—especially given the extreme penalties.) You also should consider filing an FBAR if you have $10,000 or more in a non-US Cryptocurrency Exchange.

There’s a problem, though. Most of these entities don’t broadcast their addresses. Some individuals sent email inquiries to one of these gambling sites and received politely worded responses (or not so politely worded) that said that it’s none of your business.

Well, not fully completing the Form 114 can subject you to a substantial penalty. I’ve been compiling a list of the addresses of the online gambling sites. It’s presented below.

FINCEN does not want dba’s; however, they’re required for Form 8938. One would think that two different agencies of the Department of the Treasury would speak the same language…but one would be wrong.

You will see the entries do include the dba’s. Let’s say you’re reporting an account on PokerStars. On the FBAR, you would enter the address as follows:

Rational Intellectual Properties Limited
Douglas Bay Complex, King Edward Rd
Onchan, IM31DZ Isle of Man

Here’s how you would enter it for Form 8938:

Rational Intellectual Properties Limited dba PokerStars
Douglas Bay Complex, King Edward Rd
Onchan, IM3 1DZ Isle of Man

You will also see that on the FBAR spaces in a postal code are removed; they’re entered on Form 8938. You can’t make this stuff up….

Foreign cryptocurrency exchanges with just cryptocurrency do not have to be reported on the FBAR. However, if the account holds anything else (such as ‘fiat’ currency like US dollars, Euros, etc.) the account is reportable.

There is no dispute, though, about reporting foreign cryptocurrency exchanges on Form 8938: They must be reported on Form 8938 (if you have a Form 8938 filing requirement).

Note: This list is presented for informational purposes only. It is believed accurate as of February 8, 2024. However, I do not take responsibility for your use of this list or for the accuracy of any of the addresses presented on the list.

The list is in the cut text below.

The list is in alphabetical order by the common name (not the legal name) of the gambling site. An entry is:

Common Name
Legal Name
City, State/Territory, Postal Code, Country

Note that not all entities have states/territories or postal codes.

IMPORTANT: When reporting on Form 114, the dba’s are not included. When reporting on Form 8938, the dba’s are included.

Ocean Star Limited dba
Dragonara Business Center, 5th Flr, Dragonara Rd
St. Julians, STJ3141, Malta

12Bet (except U.K.)
Pacific Sea Marketing International Ltd. dba
MillMall, Ste 6, Wickhams Cay 1, PO Box 3085
Road Town, Tortola, British Virgin Islands

12Bet (U.K.)
TGP Europe Limited dba
22A Castle St
Douglas, IM1 2EZ, Isle of Man

Cube Limited dba 188bet
Ground Floor, St. George’s Court, Upper Church St
Douglas, IM1 1EE, Isle of Man

Vortex Venture Group Limitada dba 4Casters
Podgorica, Montenegro

5Dimes Casino and Sportsbook
Edificio Equus
San Jose, Costa Rica

888poker (except U.K.)
Virtual Digital Services Limited dba 888 Poker
Level G, Quantum House; 75, Abate Rigord St
Ta’Xbiex, XBX1120, Malta

888poker (U.K.)
888 UK Limited dba 888 Poker
Ste 601-701, Europort
Gibraltar, Gibraltar

AA Poker
Memoriki Limited dba AA Poker
18/F, Star Centre, 35 Hung To Rd, Kwun Tong, Kowloon
Hong Kong, Hong Kong

America’s Cardroom
BMX Entertainment S.A. dba America’s Cardroom
Sabana Sur, Edificio La Colmena Contigo a Grupo Sama
San Jose, Costa Rica

Asianconnect N.V. dba Asianconnect88
E-Zone Beheer van Engelen N.V., Van Engelenweg 21A
Willemstad, Curacao (Netherlands Antilles)

Best Global N.V. dba Best Poker
BS Building, Level 1, Triq Il-Mosta,
Lija, LJA 9012, Malta

Hillside, Festival Way, Stoke-on-Trent
Staffordshire, ST1 5SH, United Kingdom

Betanysports Casino and Sportsbook
Betanysports Casino and Sportsbook
Edificio Equus
San Jose, Costa Rica

Tecnologia en Entretenmiente Caliplay S.A.P.I. DE RL DE CV dba BetCaliente
Avenida Cententario Modulo 4 Parte
Tijuana, BCN 22010 Mexico

Managas Gaming Malta Limited dba Betclic
Level 3, Tagliaferro Business Center; High St c/w Gaiety Ln
Sliema, SLM1551, Malta
Global Limiting Holding EOOD
Nikola Vaptsarov Blvd
Sofia, Bulgaria

TV Global Enterprises Ltd dba BetCris
Villa Seminia, 8 Sir Temi Zammit Ave
Ta’Xbiex, XBX1011 Malta

LC International Limited dba BETDAQ
Ste 6, Atlantic Suites
Gibraltar, Gibraltar

Diamond Sportsbook International dba BETDSI
Santa Ana
San Jose, Costa Rica

PBB Counterparty Services Limited dba Betfair
Triq il-Kappillan Mifsud
St. Venera, SVR1851, Malta

Petfre (Gibraltar) Limited
5/2 Waterfront Place
Gibraltar, Gibraltar

Betmost Poker
WHG (International) Limited dba Betmost Poker
6/1 Waterfront Place
Gibraltar, Gibraltar
14 Garrick St
London, WC2E 9SB, United Kingdom

BLS International dba
Panama City, Panama

International Radical Investment S.A. dba BetPhoenix
San Jose Paseo Colon, Condomino 6-30, Torre A, Apartamento 1201
San Jose, Costa Rica

BML Group Ltd Limited dba Betsafe Poker
Betsson Experience Center, Ta’Xbiex Seafront
Ta’Xbiex, XBX1027, Malta

BML Group Ltd dba Bettson
Betsson Experience Center, Ta’Xbiex Seafront
Ta’Xbiex, XBX1027, Malta

Firepower Trading Ltd dba BetUS
Anthinodorou, 3 Dasoupoll, Strovolos
Nicosia, 2025, Cyprus
Online Management Services dba
Jasmine Ct, Ste 17, Friar’s Hill Rd
St. Johns, Antigua

Victor Chandler International Ltd dba BetVictor
Ste 23, Portland House, Glacis Rd
Gibraltar, Gibraltar

Binance Marketing Services Limited
C85602 Melita Ct, Level 3, Triq Giusseppe Cali
Ta’Xbiex, XBX1420, Malta

BingX SG PTE Ltd
10 Anson Rd
Singapore, Singapore

Bitfinex (non-US users)
BFXNA Inc dba Bitfinex
Ste 13/F, 1308 Bank of America Tower, 12 Harcourt Rd, Central
Hong Kong, Hong Kong

Bitfinex (US users)
Finex Inc. dba Bitfinex
Chaucer Group Limited, 10 Lower Thames
London, E3R 6E14, United Kingdom
114 Lavender St, #09-88, Ct Hub 2
Singapore, 338729, Singapore

100x Grouop dba BitMex
Second Flr, Capital City, Independence Ave, PO Box 1008
Victoria, Mahe, Seychelles

Bitrue Singapore Pte. Ltd.
73 Upper Paya Lebar Rd, #06-01C, Centro Bianco
Singapore, 534818, Singapore

Bitstamp Ltd.
5 New Street Square
London, EC4A 3TW, United Kingdom

Black Chip Poker
BMX Entertianment S.A.
Sabana Sur, Edificio La Colmena Contigo a Grupo Sama
San Jose, Costa Rica

Rue de Merl, 741, Rue Phillipell
Luxembourg, 2340, Luxembourg
Bleu Digital Enterprises Ltd
527, St. Paul’s St
St. Paul’s Bay, Malta

Connaught Media BV dba Bodog
Kaya Richard J Beaujon Z/N, PO Box 6248
Willemstad, Curacao (Netherlands Antilles)
Costa Rica International Sports dba
Edificio La Colmena; 75m W Contraloria de la Sabana Sur
San Jose, Costa Rica

Lynton Limited Ltd dba Bovada
Craig Plaza, 51-55, Fountain St
Belfast, BT1 5EB, United Kingdom

Boylesports Ltd
Finnabair Industrial Estate, Dundalk
County Louth, Ireland
Duranbah Limited N.V. dba
7 Abraham de Veerstraat
Willemstad, Curacao (Netherlands Antilles)

ElectraWorks Limited dba BWIN
Ste 6, Atlantic Suites, Europort Ave
Gibraltar, Gibraltar

One Central, Dubai World Trade Center
Dubai, United Arab Emirates

Cafe Casino
Lynton Limited dba Cafe Casino
Craig Plaza, 51-55 Fountain St
Belfast, BT1 5EB United Kingdom

Carbon Poker
PDC Global Collections Ltd dba Carbon Poker
19/21 Circular Rd
Douglas, Isle of Man

Carib International Entertainment Ltd dba CaribSports
35 New Rd
Belize City, Belize

Cashpoint (Malta) Ltd.
Level 1, Salvu Psaila St
Birkirkara, BKR9077, Malta

Mandarin Gaming NV dba Casino 77
Soho Office 3A, Edge Water Complex, Elia Zammit St
St. Julians, Malta
Altacore N.V. dba
Dr. Henri Fergusonweg 1
Gaito, Curacao (Netherlands Antilles)

Celeb Poker
Wizplay OS (Cyprus) Limited dba Celeb Poker
Flat 22, 6 Tassou Papadopolou St
Agios Dometios, Nicosia, 2372, Cyprus

Celsius Network Limited
Celsius Network Limited
The Harley Bldg, 77-79 New Cavendish St
London, W1W 6XB, United Kingdom

24th Flr, One Canada Square, Canary Wharf
London, E14 5AB, United Kingdom

Click and Buy
Click and Buy International Ltd
6-9 Cynthia St
London, N1 9JF United Kingdom

Halcyon Super Holdings BV dba Cloudbet
Pareraweg 45
Willemstad, Curacao

CoinEgg Ltd
CoinEgg Ltd
38 Hunstanton Ave
Birmingham, B17 8TA, United Kingdom

Lastekodu 25-38
Tallinn, Estonia

Confirmo Ltd. dba Coinmate
The Shard Floor 24/25, 26 London Bridge St
London, SE1 95G, United Kingdom

ComeOn! Poker
Co-Gaming Limited dba ComeOn! Poker
3rd Flr, Spinola Park, Tirq Mikiel Ang Borg
St. Julians, SPK1000, Malta

Coral Poker
Gala Interactive (Gibraltar) Ltd dba Coral Poker
Ste 6, Atlantic Suites
Gibraltar, Gibraltar

Crown Casino
TechSolutions Group N.V. dba Crown Casino
50 Abraham Mendez Chumaceiro Blvd
Willemstad, Curacao (Netherlands Antil
Foris DAX Asia Pte. Ltd. dba
#25-01, 1 Raffles Quay, North Tower
Singapore, 048583, Singapore
MuchGaming B.V. dba
Fransche Bloemweg 4
Willemstad, Curacao

WeWork Bldg, 12 Hammersmith Grove
London, W6 7AP, United Kingdom

CurrencyFair Ltd
Colm House, 91 Pembroke Rd
Ballsbridge, Dublin, Ireland

Bayvieew Technologies Ltd dba Dafabet
RCBC Plaza, Makati
Cagayan Valley, Philippines

Diamond Sportsbook
Diamond Sportsbook International dba BETDSI
Santa Ana
San Jose, Costa Rica
Sabant B.V dba DuckDice
Heelsumstraat 51, E-Commercepark Unit 102
Willemstad, Curacao

PSI-Pay Ltd dba ecoPayz
Afon House, Worthing Rd
Horsham, West Sussex, RH12 1TL, United Kingdom

Electrum [Bitcoin Wallet]
63-65 Blvd Massena
Paris, 75013, France

Ixaris Systems (Malta) Ltd. dba Entropay
2 Stephen St
London, W1T 1AN, United Kingdom

Expekt Sportsbook
Mangas Gaming Malta Limited dba Expekt Sportsbook
Level 3, Tagliaferro Business Center, High St c/w Gaiety Ln
Sliema, SLM1551, Malta

EveryGame Sportsbook/Casino
CitoPedia N.V. dba EveryGame Sportsbook/Casino
Heelsumstraat 51
Willemstad, Curacao (Netherlands Antilles)

Fabulous Poker
Investments Manager, S.A. dba
Sabana Sur
San Jose, 10000, Costa Rica

Fairlay LLC
200 Meters norte de la Cruz Roja de Santa Ana, 8vo Piso
San Jose, San Rafael, Costa Rica

Av. Eng. Luis Carlos Berrini, 550; Cidade Moncoes
Sao Paulo, Brazil

FTX Trading Ltd.
Lower Factory Road, PO Box 990
St. John’s, Antigua and Barbuda

Gala Poker
LC International Limited dba Gala Poker
Ste 6, Atlantic Suites
Gibraltar, Gibraltar
PO Box 31119, Grand Pavilion, Hibiscus Way; 802 W Bay Rd
Grand Cayman KY1-1205, Cayman Islands

GateHub Limited
Level 3, 207 Regent St
London, W1B 3HH, United Kingdom

Dynamex (Pty) Ltd dba G-bets
PO Box 7383, Westgate
Roodeport, 1734, South Africa

GG International Limited dba GGPoker
8 Upper Dukes Rd
Douglas, IM2 4BA, Isle of Man

Global Poker
VGW GP Limited dba Global Poker
5-7 Matilda Ct, Giuseppe Cali St
Ta’Xbiex, XBX1423, Malta

Goalwin Poker
Merkur Interactive Italia SpA dba Goalwin Poker
Via dei Lavorsatirn 136/138 20092
Cinisello Balsamo, Italy

GTBets dba GTBets
Willemstad, Curacao

Heritage Sports
Heritage Sports
San Jose, Costa Rica

Hit Tech Solutions Development Ltd dba HitBTC
Ste 15, Oliaji Trade Centre, Francis Rachel St
Victoria, Mahe, Seychelles

Hodlnaut Pte Ltd
16 Raffles Quay, #41-01 Hong Leong Bldg
Singapore, 048581, Singapore

Huobi Technology Holdings Ltd
Rm 1404-05, 14F, Nan Fung Tower 88
Hong Kong, Hong Kong

Iconomi Ltd
10 Orange St
London, WC2H 7DQ, United Kingdom

Ignition Casino
Lynton Limited dba Ignition Casino
Craig Plaza, 51-55 Fountain St
Belfast, BT1 5EB, United Kingdom

Interwetten Gaming Ltd.
2nd Flr, Global Capital Bldg, Testaferrata St
Ta’Xbiex, XBX1403, Malta

Playtech (Cyprus) Limited dba iPoker
Ground Flr, St. George’s Ct, Upper Church St
Douglas, IM1 1EE, Isle of Man

Iron Poker
Universe Entertainment Services Malta Limited dba Iron Poker
Level 3, Valletta Buildings, South St
Valletta, VLT1103, Malta

J88 Poker
J88Ent Ltd dba J88 Poker
Unit 1101, 11th Flr, Tower 1, Enterprise Square, No. 9, Sheung Yuet Rd; Kowloon Bay
Hong Kong, Hong Kong

Jazz Sports
DPT Sports Group dba
DPT Building, Pavas
San Jose, Costa Rica

Juicy Stakes Poker
Thinkquick Ltd dba Juicy Stakes Poker
3997 Armory Bldg
Basseterre, St. Kitts (Saint Kitts and Nevis)
Investments Manager, S.A. dba
Edificio La Colmena
San Jose, Costa Rica

Just Dice
PO Box 0823-03411
Panama City, Panama

KuCoin Co., Limited
20 Science Park Rd
Singapore, Singapore

LC International plc
Ste 6, Atlantic Suites
Gibraltar, Gibraltar

Ledn (USA) Inc.
700-350 Bay St
Toronto, ON, M5H 2S6, Canada
Liberty Slots Group dba
Willemstad, Curacao

Red Velvet Investments Ltd dba Livecoin
Belize City, Belize

DPT Sports Group dba
DPT Building, Pavas
San Jose, Costa Rica

San Jose, Costa Rica

5Dimes Casino and Sportsbook dba
Edificio Equus
San Jose, Costa Rica

Luxon Payments
Luxon Payments Ltd
Cobden Chambers, Pelham St
Nottingham, NG1 2ED, United Kingdom

Abraham de Veerstraat 9
Willemstad, Curacao

Triplebet Limited dba Matchbook
Inchalla, Le Val
Alderney, GY9 3UL, Channel Islands (Guernsey)

104363744 Ltd dba Mercatox
Mailboxes E.T.C., Peel House 30
Altincham, WA14 2PX, United Kingdom

MIR Limited UK Ltd dba MuchBetter
Finance House, 20/21 Aviation Way
Southend, Essex, SS2 6UN, United Kingdom
Duranbah Limited N.V. dba
7 Abraham de Veerstraat
Willemstad, Curacao (Netherlands Antilles)
Run Good N.V. dba
9 Abraham de Veerstrat
Willemstad, Curacao (Netherlands Antilles)

NetBet Enterprises Ltd dba NetBet
209, Marina Street
Pieta, PTA9041, Malta

Paysafe Financial Services Ltd. dba Neteller
Compass House, Vision Park, Chivers Way
Cambridge, CB24 9BZ, United Kingdom

Nexo Financial LLC
Nexo Financial LLC
1 Canada Sq, Level 39, Canary Wharf
London, E14 5AB, United Kingdom

Nitrogen Sports
Nitrogen Sports
San Jose, Costa Rica

Nordic Bet
BML Group Ltd dba NordicBet
Betsson Experience Center, Ta’Xbiex Seafront
Ta’Xbiex, XBX1027, Malta

Galaxy Grouop Ltd dba
Intershare Chambers
Road Town, Tortola, British Virgin Islands

Oanda Europe
Oanda Europe Limited
Flr 3, 18 St. Swithin’s Ln
London, EC4N 8AD, United Kingdom

Oddsmaker Casino
Curacao, Curacao (Netherlands Antilles)

Aux Cayes FinTech Co. Ltd dba OKEx
Unit 10-02, Level 10, Menara Binjai, No. 2, Jalan Binjai
Kuala Lumpur, 50450, Malaysia

Loto Quebec dba OKPoker
500 Sherbrooke St W
Montreal, QC H3A 3G6 Canada

Pacific Poker
Cassava Enterprises (Gibraltar) Limited dba Pacific Poker
Suite 601-701, Europort Ave
Gibraltar, Gibraltar

PBB Counterparty Services Limited dbaPaddyPoker
Triq il-Kappillan Mifsud
St. Venera, SVR1851, Malta

Party Poker
Electra Works dba Party Poker
Suite 6, Atlantic Suites, Europort Ave
Gibraltar, Gibraltar

1 Irving Pl, #08-11; The Commerze-Irving
Singapore, 369546, Singapore

Pinnacle Sports
Ragnarok Corporation N.V. dba
Pletterjweg 43
Willemstad, Curacao (Netherlands Antilles)
Asianconnect N.V. dba
E-Zone Beheer van Engelen N.V., Van Engelenweg 21A
Willemstad, Curacao (Netherlands Antilles)

Planetwin365 Poker
SKS365 Malta, dba Planetwin365 Poker
Corso Vittoria Emanuel 11, 282-284
Rome, 00188, Italy

Players Only
Gaming Ventures Ltd. dba Players Only
60 Nevis St
St. John’s, Antigua (Antigua and Barbuda)

British Columbia Lottery Commission dba PlayNow
74 W Seymour St
Kamloops, BC V2C 1E2 Canada

Olincorp Limited dba poker4u
7, Florints St, Greg Tower, 6th Flr
Nicosia, 1065, Cyprus

Mandarin Gaming NV dba Poker770
PO Box 4920
Curacao, Netherlands Antilles (Curacao)

PH Multitech Curacao N.V. dba Pokerhost
E-Commerce Park, Vredenberg
Willemstad, Curacao, (Netherlands Antilles)

King Enterprises BG Ltd. dba PokerKing
Plaza P.L. Brion Unit 4
Willemstad, Curacao

Rational Intellectual Holdings Limited dba PokerStars
Douglas Bay Complex, King Edward Rd
Onchan, IM3 1DZ Isle of Man
Rational Intellectual Holdings Ltd dba
Villa Seminia, 8, Sir Temi Zammit Ave
Ta’Xbiex, XBX1011, Malta
REEL Malta Limited dba
Villa Seminia, 8, Sir Temi Zammit Ave
Ta’Xbiex, XBX1011, Malta

Polo Digital Assets, Ltd. dba Poloniex
F20, 1st Floor, Eden Plaza
Eden Island, Seychelles

AceKing Tech Limited dba PPPoker
OMC Offices, Babrow Bldg
The Valley, 2640, Anguilla

PredictIt Europe Limited
6 Agar St
London, WC2N 4HN, United Kingdom
Ragnarok Corporation dba
Pletterjweg 43
Willemstad, Curacao (Netherlands Antilles)

Red Kings
SkillOnNet Ltd. dba Red Kings
Office 1/5297 Level G, Quantum House, 75 Abata Rigord St
Ta’Xbiex, XBX1120, Malta

Red Stag Casino
Heelsumstraat 51, E-Commerce Park
Willemstad, Curacao

RedStar Poker
RSP Entertainment N.V. dba RedStar Poker
12 Georgiou Grive Digeni, Stephanie House, Office 101
Nicosia, 3101, Cyprus

Run It Once [Poker]
Run It Once Ltd.
35 Strait St
Valletta, VLT1434, Malta

Skrill (formerly Moneybookers)
Skrill Limited
Floor 27, 25 Canada Square
London, E14 5LQ, United Kingdom

Skybook Sportsbook and Casino
Azure Ventures Limited dba Skybook Sportsbook and Casino
G1, Haven Ct, 5 Library Ramp
Gibraltar, Gibraltar
Lynton Limited dba
Craig Plaza, 51-55 Fountain St
Belfast, BT1 5EB, United Kingdom

Smarkets (Malta) Limited
The Hedge Business Center, Level 7, Triq Ir-Rampa ta’ San Giljan
St. Julians, STJ1062, Malta

Sorare SAS
5, Avenue du General de Gaulle
a Saint Mande, 94160, France
5Dimes Casino and Sportsbook dba
Edificio Equus
San Jose, Costa Rica

Sports Interaction
Mohawk Online dba Sports Interaction
2006 Old Malone Rd, PO Box 1539
Kahnawake, QC, J0L 1B0, Canada
Blue High House S.A. dba
Area Bancaria, Avenida Balboa
Panama City, Panama

Paddy Power Betfair dba
Belfield Office Park, Beech Hill Rd
Clonskeagh, Dublin, 4, Ireland

swcpoker dba swcpoker (aka Seals With Clubs,
Kapparstigur 7
Reykjavik, Iceland

The Greek
WS Processing Ltd. dba The Greek Sportsbook
#1 Mangrove Way, M.B.F.Z.
Freeport, Montego Bay, Jamaica

Tiger Gaming
Troy Logic Limited dba Tiger Gaming
170, Patar House, Level 1 (Ste A203), Psaila St
Birkirkara, BKR9077, Malta
Paloma Media B.V. dba
Kaya Richard J. Beaujon Z/N
Willemstad, Curacao (Netherlands Antilles)

Titan Poker
Universe Entertainment Services Malta Limited dba Titan Poker
Level 3, Valletta Bldgs, South St
Valletta, VLT1103, Malta
Manila, Philippines

6th Flr, The Tea Bldg, 56 Shoreditch High St
London, E1 6JJ, United Kingdom
Amsterdam, Netherlands

True Poker
BMX Entertainment S.A. dba True Poker
Sabana Sur, Edificio La Colmena Contigo a Grupo Sama
San Jose, Costa Rica

Trannel International Ltd. dba Unibet
Level 6, The Centre, Tigne, Point
Sliema, Malta

Defi Payments Pte Ltd dba Vauld
80 Raffles Pl, #32-01 UOB Plaza
Singapore, 048624, Singapore

5Dimes Casino and Sportsbook dba Eurobet
Edificio Equus, San Pedro de Montes de Oca, 7mo Piso
San Jose, Costa Rica

San Jose, Costa Rica

William Hill
WHG (International) Ltd
6/1 Waterport Place
Gibraltar, Gibraltar
CS 50746, CEDEX 07
Paris, 75345, France

Winner Poker
Universe Entertainment Service Malta dba Winner Poker
Level 3, Valletta Bldgs, South St
Valletta, VLT 1103, Malta
Electraworks Limited ( digital entertainment plc) dba WPTPoker
Ste 711, Europort
Gibraltar, Gibraltar
Duranbah Limited N.V. dba
7 Abraham de Veerstraat
Willemstad, Curacao (Netherlands Antilles)

Moscow, Russia
Dowson Universal Technologies Limited dba
20 Stuart Ct
Consett, County Durham, DH8 5GA, United Kingdom (hide)

If anyone has additions or corrections to the list feel free to email them to me.

IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300

Tuesday, January 16th, 2024

The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law.  The IRS officially announced this in Announcement 2024-4.  Per the announcement:

The Treasury Department and the IRS intend to implement section 80603(b)(3) of the Infrastructure Act by publishing regulations specifically addressing the application of section 6050I to digital assets and by providing forms and instructions for reporting that address the inclusion of digital assets. Accordingly, until the Treasury Department and the IRS publish regulations under section 6050I to implement section 80603(b)(3) of the Infrastructure Act, persons engaged in a trade or business who, in the course of that trade or business, receive digital assets or digital assets and other cash in one transaction (or two or more related transactions) will not be required to include those digital assets when determining whether cash received has a value in excess of the $10,000 reporting threshold for purposes of determining if reporting is required under section 6050I with respect to those transactions.  Persons engaged in a trade or business who, in the course of that trade or business, receive cash (other than digital assets) in excess of $10,000 in one transaction (or two or more related transactions) must continue to file an information return under section 6050I with respect to that cash received.

The news release notes that proposed regulations will be issued; a comment period is required by law and a public hearing might be held.  As usual, we await further guidance.

Form 8300 and Cryptocurrency: Implementation Postponed

Friday, January 12th, 2024

The IRS sent emails to two tax professionals regarding Form 8300 and cryptocurrency:

Treasury has postponed the effective day of 12/31/2023 for filing 8300 forms regarding digital asset transactions (Cryptocurrency). The updated [form] as well as guidance on electronic filing the 8300 form will be on the website soon.

Both FinCEN and the IRS are within the Department of the Treasury.  I’ll post a further update when it’s available.

Form 8300, Cryptocurrency, and Gambling: An Update

Monday, January 8th, 2024

Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements.  Here’s what I wrote last August:

A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR).  FINCEN (the Financial Crimes Enforcement Network) Form 8300 requires anyone in business–this includes individuals (sole proprietors), partnerships, LLCs, and corporations–to report cash transactions of more than $10,000.  This law isn’t new, and like almost anything related to money laundering/FINCEN there are draconian penalties for not complying.  What is new is that cryptocurrency is considered “cash” for this purpose under Section 6050I of the Infrastructure Act (which passed in November 2021).  This section of the law takes effect on January 1, 2024.

Form 8300 requires you to inform FINCEN (or the IRS if you’re not subject to electronic filing rules) within 15 days of any transaction of more than $10,000:

“Who must file. Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300. Any transactions conducted between a payer (or its agent) and the recipient in a 24-hour period are related transactions. Transactions are considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions.”

I am receiving a steady stream of questions regarding this, so here’s a primer.

  1. There are two elements needed to have to report cryptocurrency you receive.  You need to (a) be in a trade or business and (b) receive more than $10,000 in cash (or cryptocurrency) in one or more related transactions.  If both elements aren’t there, no reporting is required.
  2. If you are an American professional gambler, you are covered by this rule.
  3. The rule covers only receiving cryptocurrency, not sending cryptocurrency.
  4. It only covers receiving cryptocurrency as part of a trade or business.  Let’s say you purchase $20,000 of cryptocurrency for investing; this generally wouldn’t be covered by the reporting requirements of Form 8300.
  5. Reporting is not required if the transaction occurs entirely outside of the United States.

So let’s look at a couple typical examples.

  1. You are a professional gambler residing in the United States.  You cash out from an online gambling site based in Costa Rica and receive $10,500: $5,000 as a bank transfer and $5,500 of cryptocurrency.  The transaction must be reported on Form 8300.
  2. You are a professional gambler.  You are “staked” (backed) by June.  She sends you a personal check for $20,000 to stake you.  Personal checks are specifically exempt from Form 8300 filing requirements.  “Cash does not include…[p]ersonal checks drawn on the account of the writer, a cashier’s check, bank draft, traveler’s check or money order with a face value of more than $10,000.”  (Similarly, wire transfers are not reportable on Form 8300.)

From the instructions of Form 8300 it is absolutely doable to report a cashout from an online gambling site such as America’s Cardroom.  You do not need to include a taxpayer identification number for a non-US business: “You are not required to provide the TIN of a…foreign organization that…[d]oes not have an office or place of business, or a fiscal or paying agent, in the United States.”  You may need to put a comment on Form 8300 (at the bottom of page 2) to note this. You likely also need to comment that the “cash” received was (say) Bitcoin.

Of course, we’re dealing with the federal government so there are issues.  While Form 8300 was revised as of  December 31st, the revision doesn’t include a place for cryptocurrency.  While it’s possible to report a business sending cash, the reporting always asks for the individual who sent it.  Well, that won’t be doable for most cryptocurrency transactions–again, a comment will be needed.

I suspect this will be a mess as FinCEN hasn’t thought this through; indeed, I think they’re just superficially aware of this issue and are really concentrating on BOI reporting.   In any case, I’ll see what comes of yet another government mandate.


The Upcoming Beneficial Ownership Information Disaster

Wednesday, November 29th, 2023

Is the light on the horizon the end of the long tunnel you’re transiting or the oncoming train?  Unfortunately, I see an oncoming train on the horizon in the new mandatory Beneficial Ownership Information reporting.  If you’re a business owner and don’t know what I’m talking about, read on.

Congress passed a law in 2021 called the Corporate Transparency Act (CTA) requiring most corporations, LLC, LLPs, or any other entity created by the filing of a document with a secretary of state or similar office of any state, district, or Indian tribe to report Beneficial Ownership Information (BOI).  Let’s assume you have an LLC for your rental property–let’s call it Steve’s Rental LLC–properly formed in Nevada.  Steve is the sole owner of this; he is subject to BOI reporting.  Steve must report his legal name, identification number (social security number), address, and include an image of an identifying document (e.g. driver’s license).  Initial reports for entities formed in 2023 or earlier is due by the end of 2024.  FINCEN announced this morning that reports for entities formed in 2024 are due 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.  The reports must be submitted electronically through FINCEN.  I’d love to show you a draft of that report, but I can’t; nothing has been released.  Generally, a beneficial owner is one who owns 25% or more of the entity.

What if information changes? You have 30 days to file an updated report.  What if you have 20 LLCs, one for each rental you own? You have to file separate reports for each LLC.  There is an FAQ available, and FINCEN has a small entity compliance guide.

Why do I see problems on the horizon? First, many (most?) entity owners are unaware of this new requirement.  Second, accountants might not be able to assist.  While FINCEN said that reporting companies (filers of the BOI reports) can consult with professional service providers such as attorneys or accountants, some state bar associations are stating that filing these reports is the practice of law; thus, it would be unlicensed practice of law (UPL) for me to assist a client in practicing this.  (As of today, the Nevada Bar Association hasn’t come out one way or the other on this.)  UPL is subject to fines and jail time.

More importantly, many insurance companies for tax professionals have told their clients that preparing BOI reporting will not be covered under Errors & Omissions (E&O) insurance.  (E&O insurance covers errors and omissions a tax professional might make in servicing a client; it’s basically malpractice insurance for tax professionals.)  My insurance carrier has told me not to prepare BOI reports; I’ve heard from colleagues that other (again, most?) carriers are saying the same thing.  (I’ll have a post soon about “Comfort Letters;” those are vanishing because of pressure from E&O carriers.)

Tax professionals will likely tell their clients to talk to their attorneys or review the information on the FINCEN website.  Our draft Engagement Letters for the upcoming Tax Season state:

Beginning January 1, 2024, most US companies must by January 1, 2025 comply with certain disclosure requirements under the Corporate Transparency Act (“CTA”), including beneficial ownership information (“BOI”) reporting.  This engagement does not include assisting you with any CTA reporting requirements.  You have sole responsibility for your compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. We shall have no liability resulting from your failure to comply with the CTA. Information regarding the BOI reporting requirements can be found at We are not permitted to give you legal advice and recommend that you consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection and reporting of relevant ownership information.  [Emphasis in Original]

I’d like to provide this service for a couple of reasons.  First, I would be assisting clients and that’s the business I’m in.  Additionally, I can see this being an income generator for my business.  However, as of today I strongly suspect most tax professionals will be referring their clients to their attorneys to comply with BOI reporting.

FBAR Non-Willful Penalty Is Per Report, Not Per Account

Tuesday, February 28th, 2023

Let’s assume you have a non-willful violation of filing the FBAR (Form 114, the Report of Foreign Bank and Financial Accounts).  Is the maximum penalty ($10,000) per account or per report?  The Circuit Courts of Appeal had split on this question; the Supreme Court decided this issue in Bittner v United States today.

[T]he question before us boils down to this: Does the BSA’s $10,000 penalty for nonwillful violations accrue on a per-report or a per-account basis? Mr. Bittner urges us to agree with the Ninth Circuit and hold that the law authorizes a single $10,000 fine for each untimely or inaccurate report. The government defends the judgment of the Fifth Circuit and asks us to hold that a new $10,000 penalty attaches to each account not timely or accurately disclosed within a report.

That’s the beginning of the Supreme Court opinion in Bittner.  Justice Gorsuch’s majority opinion goes back to the days of Form TD F 90-22.1 (the original form number for the FBAR) and notes,

Instructions included with the FBAR form have cautioned that “[a] person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000.” IRS, Form TD F 90–22.1, p. 8 (Mar. 2011). An IRS “Fact Sheet” has advised that, “[f]or the FBAR, the penalty may be up to $10,000, if the failure to file is non-willful.” IRS, Offshore Income and Filing Information for Taxpayers with Offshore Accounts, FS–2014–7 (June 2014). Ms. Boyd herself received a similarly worded letter alerting her that “‘[f]or the failure to file [the FBAR] . . . the penalty cannot exceed $10,000.’”…The drafting history of the nonwillful penalty provision undermines the government’s theory too…

On the government’s view, too, those who willfully violate the law may face lower penalties than those who violate the law nonwillfully. For example, an individual who holds $1million in a foreign account during the course of a year but withdraws it before the filing deadline and then willfully fails to file an FBAR faces a maximum penalty of $100,000. But a person who errs nonwillfully in listing 20 accounts with an aggregate balance of $50,000 can face a penalty of up to $200,000. Reading the law to apply non-willful penalties per report invites none of these curiosities; the government’s per-account theory invites them all. [citations omitted; emphasis in original]

There is good news: Logic and common sense prevailed, and:

Best read, the BSA treats the failure to file a legally compliant report as one violation carrying a maximum penalty of $10,000, not a cascade of such penalties calculated on a per-account basis.

This means the maximum non-willful FBAR violation is now $10,000 per year rather than per account per year.  Of course, there’s an easy way of avoiding all penalties: Just file the FBAR!



FINCEN Gives FBAR Filing Relief for Individuals Impacted by Hurricane Ian

Thursday, October 6th, 2022

FINCEN announced today that they are following the IRS and giving relief to taxpayers impacted by Hurricane Ian:

FinCEN announced today that victims of Hurricane Fiona in Puerto Rico; Hurricane Ian in Florida, North Carolina, and South Carolina; and storms and floods in parts of Alaska have until Februrary 15, 2023 to file Report of Foreign Bank and Financial Accounts (FBARs) for the 2021 calendar year.

This is good news for taxpayers who have far more important things on their mind than completing government paperwork.

On Exchanging Cryptocurrency for Casino Chips (or Cash)

Monday, August 22nd, 2022

The high stakes poker world works a little differently than you might think.  Most of the players frequenting these games know each other, and borrowing money from one another is common.  Another common occurrence is the exchanging of cryptocurrency for casino chips.  Let’s look at an example.

Russ, a professional poker player, is playing high stakes, and he’s not having a good day.  He needs another $100,000 to stay in the game.  He asks Alice (another professional poker player), can I send you $100,000 of Bitcoin for $100,000 of casino chips?  (Alice knows that Russ will send her the cryptocurrency.)  Russ logs into his online wallet, transfers the Bitcoin to Alice’s address (her Bitcoin wallet), and Alice hands Russ $100,000 of casino chips.  All is well, right?

Not exactly.  Sure, Alice received $100,000 worth of Bitcoin for $100,000 of casino chips but she now might be guilty of money laundering.  At minimum, a currency transaction report (CTR) might be required.

The anti-money laundering laws are complex, and I’m not an attorney.  But the basic idea is that exchanging one kind of cash-valued item for something considered to be cash requires knowing your customer and following the rules and regulations set by FINCEN (the Financial Crimes Enforcement Network) under the Bank Secrecy Act and the Patriot Act (and there are others, including state laws).  If you regularly take in cash (or a cash equivalent) and are exchanging it for something else (or vice versa), you may fall under the definition of non-bank financial institution.  And a single transaction (like the one above) may make someone guilty of money laundering.

So let’s say you’re playing high stakes poker, and someone wants to exchange some Bitcoin for casino chips.  Should you do this exchange (knowing you will get the cryptocurrency)?  My advice is that because of the anti-money laundering laws you should not.

Square Pegs and Round Holes: Tornado Cash, Anti-Money Laundering, and Crypto

Wednesday, August 17th, 2022

On August 8th, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) went after virtual currency “mixer” Tornado Cash.  Tornado Cash was sanctioned, and as the Treasury’s press release notes,

As a result of today’s action, all property and interests in property of the entity above, Tornado Cash, that is in the United States or in the possession or control of U.S. persons is blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.

Before I get into the meat of this post, let me explain what a mixer is.  The idea of a mixing service is to literally mix “good” cryptocurrency with “bad” cryptocurrency so that no one knows if you have bad cryptocurrency.  Tornado Cash allegedly took in Ethereum (ETH) from people who just wanted to anonymize their transactions (which is not illegal) and from others who were criminals or state actors such as North Korea, mixed it all together, and it became very difficult (if not impossible) to tell good crypto from bad crypto.

What is the legal basis of Treasury’s sanctions? Anti-money laundering laws.  Let’s go back to the days of the mafia.  Assume you have $500 million of tainted cash you’d love to invest (and have turned into “good” cash).  In John Grisham’s The Firm the mafia used a tax law firm to money launder the funds in the Caribbean (with about 25% of each ‘shipment’ lost to bribes and corruption).  Today, moving such cash around to be legal is tougher than ever as most countries exchange information with each other.  The laws that prohibit this date from this time (and are part of the Bank Secrecy Act and the later Patriot Act).

That takes us to cryptocurrency. The Financial Crimes Enforcement Network (FINCEN) ruled that cryptocurrency is a type of currency and is subject to the anti-money laundering laws.  This means firms anywhere in the world who deal with Americans must have anti-money laundering law practices for cryptocurrency.  Similar laws exist in most of the world.

But isn’t cryptocurrency anonymous?  No, it’s pseudonymous.  The blockchain is permanent, so if you can figure out someone’s address you can trace people.

Not only was Tornado Cash sanctioned, a developer of the software was arrested in the Netherlands.  Now, I am not an attorney (and I am not in the Netherlands), but I was told by an individual who is familiar with the Netherlands’ anti-money laundering laws that they are similar to those of the US, only tougher.  But how can writing software (or ‘code’) be illegal?

I suspect the issue isn’t the writing of the software; rather, it’s allowing the software to be used and being active in the website allowing the mixing.  Let’s say I write software to allow Bitcoin to be mixed.  I post the software on an open-source forum.  That’s probably not illegal.  But what if I now actively market this product, don’t do anything to comply with anti-money laundering laws even though I don’t take any profits from the mixing: Have I committed a crime?  Almost certainly I have (probably multiple felonies).

That’s the problem cryptocurrency advocates face: the real world is intruding, and anti-money laundering laws are part of the real world.  Here, cryptocurrency is a square peg and the round holes are the anti-money laundering laws.  While I do see headlines stating, “Coin Center prepares legal challenge to Treasury’s Tornado Cash sanctions,” I highly doubt any such challenges will be successful.  FINCEN’s pronouncement that cryptocurrency is a currency for anti-money laundering law purposes seems reasonable (and almost certain to pass Chevron muster), and there’s nothing unconstitutional with the anti-money laundering laws.

But, Russ, won’t that will lead to cryptocurrency being centralized?  Won’t this just defeat the purpose of cryptocurrency and it will just become (more or less) another form of currency–just digital and online?  Yes, that’s the likely result.  This may not please the Libertarian cryptocurrency advocates but I don’t see anti-money laundering laws being overturned during my lifetime.   It appears the freewheeling age of cryptocurrency is ending sooner rather than later.