CPA Practice

JULY 14, 2025

Subscribe Tags:  fraudulent tax return , Income Taxes , PPP fraud , tax fraud , tax preparer news , Taxes Recommended Taxes Articles View All Taxes Articles Taxes July 14, 2025  Nevada’s Titus, Trump Loyalists Align on Challenging Gambling Tax Las Vegas Democratic Rep.

tax preparation

TaxConnex

JULY 22, 2025

Excise tax, unlike sales tax, is also levied on the federal level, though generally U.S. jurisdictions collect far less in excise taxes than other countries do. Fuel, alcohol, tobacco and gambling lead the list of products incurring excise taxes in state.

Sales

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

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

CPA Practice

SEPTEMBER 26, 2024

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. For instance, you might take steps to increase certain personal deductions or postpone taxable investment income at the end of year.

Missouri

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

SkagitCountyTaxServices

FEBRUARY 4, 2021

So, to that end, I’m here today with a large tax checklist that you can work from for your personal income taxes , understanding that every situation is a little different. A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. So … here we go.

income tax

Anders CPA

MAY 24, 2022

This bill would establish the State and Local Tax (SALT) Parity Act allowing partners and shareholders in flow-through entities to take full advantage of federal tax deductions and allowing credit for taxes paid in other states.

Missouri

Withum

MAY 14, 2024

Engaging a forensic accountant in advance of the audit to assess if all income has been reported and, if not, the level of unreported income can provide a path to address the auditor’s findings before they reach undesirable conclusions. The motivations to divert cash are as varied as there are businesses.

audit

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

LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. If not, you may owe taxes on the benefits.

Tax

ThomsonReuters

FEBRUARY 6, 2024

Sometimes called a ‘sin tax’, they are applied to hazardous chemicals , alcohol, cigarettes, sugary drinks , and gambling. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

Tax

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

ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

Tax

FraudFiles

JUNE 14, 2021

A simplistic example of a lifestyle analysis would include adding up the known expenses of a person and his family: mortgage, groceries, auto lease or loan, groceries, insurance, credit card payments, and income taxes.

forensic accounting

Analytix Finance & Accounting

MAY 7, 2025

But if you make them based on misleading numbers, you’re essentially gambling with your business. No tax on uncollected revenue Unlike accrual accounting, you never pay income tax on money you haven’t received yet. Hire that expensive expert?

accrual accounting

Going Concern

JANUARY 19, 2023

Burnell, instead, spent the money on gambling and luxury items, including private jet trips, designer merchandise and luxury cars. Burnell did not report any of the money he received from victims in 2011 or 2012 on his income tax returns. As part of his sentence, the court also entered an order of forfeiture of nearly 2.82

Tax

Accounting Today

JULY 15, 2025

EDT 3 Min Read Facebook Twitter LinkedIn Email OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers. The Wandering Tax Pro ( [link] ): "The deduction for tip income and overtime pay is just plain stupid and makes no logical sense.

tax preparation

CPA Practice

OCTOBER 8, 2024

Eligibility should be focused only on incorporated companies with independent director majorities (not closely held companies , private partnerships or sole proprietorships) that must eventually pay federal corporate income taxes once they become profitable.

Real Estate