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Tax Savings for Accountants with Gambling Clients

CTP

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.

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Tax Tips for Accountants With Gambling Clients

CPA Practice

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. Gambling losses can be deducted above the line as business expenses.

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The IRS and Gambling – The Tax Blotter – June 16, 2023

CPA Practice

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.

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Defending IRS Cash-Based Audits – Guilty Until Proven Innocent: Computing Income

Withum

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.

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The Ohtani scandal: A look into the IRS investigation

ThomsonReuters

The probe centers around Ohtani’s former interpreter, Ippei Mizuhara, who has been accused of illegal sports gambling and significant financial theft. It was revealed that Mizuhara had accumulated substantial gambling debts, which were allegedly covered by wire transfers totaling at least $4.5

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Accountants Behaving Badly: Police Department Accountant Couldn’t Be Bothered, PPP Loan Fraud, and a Creepy Tax Preparer

Going Concern

TPB slaps 5-year ban on accountant involved in $26m fraud [ Accountants Daily ] The Tax Practitioners Board has slapped a five-year ban on a Sydney accountant charged with stealing $26 million through his firm to fund a lavish lifestyle and gambling addiction. We were not willing to let Mr Carter continue practising.”

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IRS Audit Red Flags & Triggers: How the IRS Catches You

LyfeAccounting

In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. Now, we want to help you avoid an IRS audit! 8 IRS Audit Red Flags to Watch Out For. In 2019, the IRS audited 0.4% of all individual tax returns.

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