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IRS Slot Machine Jackpot Threshold is Going Up, Experts Say

CPA Practice

MGM Resorts International and Caesars Entertainment, who collectively operate 17 casinos on The Strip, did not respond to questions about the reporting changes or whether they had received any notification from the IRS. The IRS has not yet commented on the changes, and the federal agency did not respond to an email seeking confirmation.

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Accountants’ Recent Pessimism Driven by Economic and Policy Uncertainty

CPA Practice

In contrast, farming (6%), franchising (3%), and arts and entertainment (2%) are seen as the most vulnerable sectors, according to accountants. accountants who advise small and midsized businesses. accountants who advise small and midsized businesses.

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What Do Taxes Have to Do with the NBA Finals?

CPA Practice

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

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Unveiling the Secrets of Tax Deductions and Credits: A Comprehensive Guide for Individuals and Businesses

MyIRSRelief

The Difference Between Deductions and Credits Before we dive into the world of tax deductions and credits, it’s essential to understand the fundamental difference between the two: Tax Deductions: Deductions reduce your taxable income, which, in turn, lowers the amount of income subject to taxation.

Tax
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Los Angeles accountant for small business – Mike Habib, EA

MyIRSRelief

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: What can an accountant do to help with tax planning and preparation?

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How a Solo 401(k) Plan Can Help College Athletes Win in Retirement

Anders CPA

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. In addition to the limited contributions, the solo 401(k) does allow plan loans, unlike the SEP plan. Not sure if the solo 401(k) plan is right for you?

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9 eCommerce Tax Deductions for 2021

xendoo

Meals with clients can also be deducted from your taxes, though only when these meals also serve as business meetings. If you and a client decide to see a movie or sporting event, these entertainment costs will not count among your normal and necessary business expenses. Tax Planning Takes Time and Xendoo Can Help.

Tax