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

Gambling 80

Gambling Tax Account accountant 80

CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. And income from gambling winnings is taxable.

Gambling 122

Gambling Tax Sports South Carolina 122

ThomsonReuters

APRIL 2, 2024

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

Gambling 105

Gambling Sports Legal Tax 105

CPA Practice

MARCH 6, 2024

Terry Link, who wore a secret FBI wire in a sting against a colleague in the Illinois Legislature, was sentenced to three years of probation Wednesday on tax evasion charges stemming from the withdrawal of campaign funds for personal use. In going along with that recommendation, U.S.

Illinois 105

Illinois Tax Gambling Gaming 105

CPA Practice

MAY 28, 2024

The IRS wants its share of the jackpot a player wins and, to assure that, requires casinos to issue a W2G, a special tax form that also informs the IRS of gambling wins that must be included when calculating annual income at tax time. Issuing W2Gs But rules are rules. Werfel heard testimony about changing the threshold Nov.

Nevada 89

Nevada Gambling Gaming Transportation 89

CPA Practice

MAY 29, 2024

The IRS wants its share of the jackpot a player wins and, to assure that, requires casinos to issue a W2G, a special tax form that also informs the IRS of gambling wins that must be included when calculating annual income at tax time. Issuing W2Gs But rules are rules. Werfel heard testimony about changing the threshold Nov.

Nevada 52

Nevada Gambling Gaming Transportation 52