CTP

FEBRUARY 29, 2024

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts.

Gambling 105

Gambling Tax accountant Account 105

CPA Practice

JANUARY 10, 2024

The legalization of sports betting and online gambling has led to an explosion in gaming across America. With millions trying their luck, complex tax rules for reporting and deducting gambling winnings and losses present new challenges for taxpayers. Most importantly, it avoids any impact on adjusted gross income (AGI).

Gambling 80

Gambling Tax Account accounted 80

CPA Practice

JUNE 15, 2023

The Tax Blotter is a round-up of recent tax news. Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs. Gambling losses are deductible only up to the amount of you winnings for the year. In a new case, a taxpayer gambled extensively at three casinos in 2019.

Gambling 52

Gambling Tax Nevada audit 52

Withum

MAY 14, 2024

As discussed in our previous article, The Case for Using a Forensic Accountant , confronting the prospects of a cash-based audit is fraught with potential traps and exposure to civil and criminal penalties, including incarceration. Some means include virtual currencies, collectibles, gift cards, register zappers, gambling, and barter.

audit 75

audit forensic accounting tax return Gambling 75

inDinero Accounting

OCTOBER 16, 2023

Other reasons include: Prior bankruptcy Negative taxable income Prior violent or financial felony or misdemeanor Certain industries are ineligible for SBA loans as well. Those include: Gambling Real estate Lending institutions “Adult” businesses Non-profits What Documents Do You Need for an SBA Loan?

Real Estate 92

Real Estate tax return Non-Profits income tax 92

LyfeAccounting

JULY 9, 2021

Foreign earned income is simply the income you receive for services you performed in a foreign country during which your tax home is in a foreign country. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S. Unearned income. Variable income.

income tax 52

income tax Tax Gambling tax return 52

Analytix Finance & Accounting

MAY 7, 2025

But if you make them based on misleading numbers, you’re essentially gambling with your business. If you choose incorrectly, youll risk audits, penalties, and the administrative nightmare of switching methods mid-year. Potential audit red flags Inconsistent application of hybrid accounting principles can trigger IRS scrutiny.

accrual accounting 52

accrual accounting Account accounted accountant 52