PYMNTS

MAY 8, 2020

Online gambling or gaming is one possible outlet, and the sector may even make it through the pandemic with less financial damage than other industries. Online Gambling Changes . States have experienced decreases in revenue and minor dips in sports betting, but an overall jump in earnings from other online gambling sites.

Gambling 70

Gambling Sports New Jersey Pennsylvania 70

Accounting Today

MAY 9, 2024

An interpreter for the Los Angeles Dodgers star has agreed to plead guilty to criminal charges including filing a false tax return after secretly transferring about $17 million from the player's account to pay off gambling debt.

Gambling 122

Gambling tax return Tax Account 122

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

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. Conversely, tax evasion is illegal. These penalties are added to the back taxes already due. This is perfectly legal.

Tax 105

Tax Missouri income tax tax return 105

PYMNTS

SEPTEMBER 9, 2019

It’s also the start of another football gambling season — one that involves mobile commerce and digital payments, and companies trying to innovate their way to success in this growing field of transactions. Such desire for speed is also helping to drive innovation in other forms of gambling-related payments. Some 15 percent of the U.S.

Gambling 54

Gambling Legal Sports Maine 54

PYMNTS

JUNE 5, 2019

Cards (as in prepaid, stored-value cards that consumers can use for gambling, payroll and a variety of other uses, many of them novel) are only half the battle. Placing A Bet On Online Gambling. The rise of online and mobile (legal) gambling is providing benefits to reloadable and store-value cards, and driving innovation.

Gambling 63

Gambling payroll accounting and finance Finance 63

Going Concern

SEPTEMBER 25, 2023

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.”

tax preparation 105

tax preparation Gambling accountant accounted 105

PYMNTS

JULY 6, 2020

Amid a pandemic that has shuttered brick-and-mortar casinos, the burgeoning online gambling or gaming space may make it through COVID-19 with less adverse financial effects than other verticals. States have seen drops in revenue and small decreases in sports betting with an overall increase in earnings from other digital gambling sites.

Gambling 57

Gambling Sports Gaming Government 57

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 Gaming 105

PYMNTS

FEBRUARY 2, 2021

But perhaps his best quote comes from his other pastime, gambling: “I want people to understand, gambling is not a bad thing if you do it within the framework of what it’s meant to be, which is fun and entertaining.”. To an extent, that same spirit and intention is behind the recent spate of government approvals for online gambling.

Tennessee 105

Tennessee Gambling Sports Entertainment 105

Anders CPA

MAY 24, 2022

A Missouri bill, HB 2400, could affect businesses across the state with several provisions impacting the R&D tax credit, Missouri Works program, the State and Local Tax Parity Act and more. New Missouri R&D Tax Credit. State and Local Tax Opportunities.

Missouri 98

Missouri Tax income tax Gambling 98

Withum

FEBRUARY 27, 2025

My handout includes a 13-item list of ways people who profess not to gamble, do gamble when the stakes are very high if they win or perhaps lose. Contact Me If you have any tax, business, financial or leadership or management issues you want to discuss please do not hesitate to contact me. No message is necessary.

Gambling 52

Gambling cpas Tax 52

CTP

JANUARY 11, 2022

Social Security tax revenue alone will cover our retirement obligations until at least 2033, and then it will cover up to 77% of costs after that year, again assuming no changes to the current plans in place. Therefore, tax planners can factor in Social Security for at least the next 15 years as a source of retirement income.

tax planning 98

tax planning Tax Gambling Start-ups 98

PYMNTS

AUGUST 1, 2018

Supreme Court struck down state bans on sports betting, MGM Resorts International has signed deals with the NBA and other operations that could mark the first chapter of the country’s new sports and gambling culture. MGM announced a deal to become the first sports gambling partner of the NBA. technology hub.”. technology hub.”.

Gambling 40

Gambling Sports Gaming Legal 40

CPA Practice

AUGUST 14, 2024

By Sean McDonnell cleveland.com (TNS) DraftKings will not be charging winners extra fees in “high tax states” after all, the company announced Tuesday. The sports-betting company announced that it would scrap its plan to add a “gaming tax surcharge” to winning bets in 2025. A tax surcharge in early 2025 isn’t even on our radar. “A

Gambling 52

Gambling Sports Ohio Tax 52

CPA Practice

MARCH 30, 2023

Overall, consumers may be amassing more than $50 billion a month in cash through extra earnings — with a large portion of that money undeclared to tax authorities, according to the report. “A Roughly 4% say they supplement their income with returns on betting or gambling.

Gambling 122

Gambling Tax payroll 122

CPA Practice

JUNE 5, 2024

By Bill Plunkett, The Orange County Register (TNS) Shohei Ohtani’s former interpreter, Ippei Mizuhara, entered guilty pleas to bank and tax fraud charges in federal court Tuesday morning. With that, MLB announced that its investigation of Ohtani’s involvement in Mizuhara’s gambling has concluded and Ohtani has been cleared of any wrongdoing.

Gambling 52

Gambling Tax Sports Gaming 52

CPA Practice

MARCH 8, 2024

The Tax Blotter is a summary of recent tax news, rulings and legislation. Previously, taxpayers that itemized could deduct miscellaneous expenses on their personal returns, but the Tax Cuts and Jobs Act (TCJA) suspended this tax break. Be aware that this tax deduction is scheduled for a comeback. Set to return.

Gambling 52

Gambling Tax 52

Accounting Insight

SEPTEMBER 15, 2022

In its early years HMRC considered it to be gambling and therefore didn’t count any gains for tax purposes. On a day-to-day basis there are significant challenges from the cryptosphere for accountants in terms of reporting and tax – not least how to value crypto as an asset in a market that exhibits such exquisite volatility.

Tax 72

Tax Gambling Real Estate accounting and finance 72

PYMNTS

JANUARY 15, 2021

These violations, said FinCEN, “caused millions of dollars in suspicious transactions to go unreported in a timely and accurate manner, including proceeds connected to organized crime, tax evasion, fraud, and other financial crimes laundered through the bank into the U.S. financial system.”.

Gambling 107

Gambling New Jersey New York Tax 107

Going Concern

JULY 28, 2023

The combination of too few professionals and high demand is pushing firm leaders to merge up, outsource tax work and hire non-CPAs, among other strategies. Beginning no later than 2011, Fulton was aware that Nix ran an illegal gambling business. The question now is whether year-over-year growth of 18% will continue next year.”

Gambling 98

Gambling audit Technology accounting firms 98

PYMNTS

APRIL 24, 2020

As reported by the Associated Press , DraftKings CEO Jason Robins said the long-term outlook for sports gambling is strong. ” The gates are open for states to embrace sports gambling as a source of revenue, as 21 states and the District of Columbia have legalized sports gambling.

Gaming 71

Gaming Gambling Sports Legal 71

Accounting Today

AUGUST 13, 2024

Crypto moves forward; what to know about gambling; new blog in town; and other highlights from our favorite tax bloggers.

Gambling 58

Gambling Tax Massachusetts tax preparation 58

CPA Practice

SEPTEMBER 9, 2024

5, the IRS Criminal Investigation unit reminded taxpayers that illegal sports gambling can result in criminal charges ranging from money laundering to tax evasion. Between fiscal years 2020 and June 2024, IRS-CI initiated 151 investigations into illegal gambling activity totaling more than $178.8

Sports 52

Sports Gambling tax return Gaming 52

Withum

FEBRUARY 27, 2024

When it comes to sports betting, taxes play a crucial role in shaping the industry. Each state has its own approach to taxing sports betting revenue for operators, resulting in a diverse landscape. The state levies a tax rate of 36% on sports betting revenue. billion since legalization in January 2022.

Sports 59

Sports Delaware Vermont Tennessee 59

CPA Practice

OCTOBER 25, 2024

Some of the features they’ve added of late include tax organizers, include business texting, and they’ve they’re one of the first organizations to have a strong mobile app for clients to use when communicating with us. You have to be great at federal taxes. You have to be great at federal taxes.

Technology 115

Technology accountant accounted Account 115

LyfeAccounting

APRIL 8, 2021

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. Being able to deduct the business use of your car can turn out to be one of the largest tax deductions you can use to reduce your income. You owe taxes on the gain.

audit 59

audit Gambling tax return Tax 59

LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

Tax 52

Tax Gambling tax return income tax 52

Going Concern

AUGUST 12, 2024

Some gambling drama down under involving Deloitte : Deloitte allegedly signed off on “materially understated” gambling fees owed by William Hill Australia and failed to disclose three years of underpayments at the bookmaker when it was engaged to help BetEasy acquire the company, according to new claims. The reason is cultural.

Tax 59

Tax accountant accounted Account 59

Accounting Insight

JANUARY 23, 2025

You can bet these providers are cross-subsidising their too-good-to-be-true ISAs with gambling-like products, raising red flags about their sustainability strategies as they’re relying on revenue from betting against their customers. As for the minority using the newer fintech options; theyre still entering a lottery.

Gambling 52

Gambling accounting and finance Finance Account 52

ThomsonReuters

SEPTEMBER 19, 2023

Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. percent tax rate is imposed on the adjusted gross revenue from sports wagers placed at a licensed track and a 14.25 Similar efforts in Texas, Missouri, and Georgia failed to garner enough support.

Sports 52

Sports North Carolina Vermont Missouri 52

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 91

Nevada Gambling Gaming Transportation 91

CPA Practice

MAY 8, 2024

By Connor Sheets, Los Angeles Times (TNS) Ippei Mizuhara, the former interpreter for Dodgers superstar Shohei Ohtani, has agreed to plead guilty in federal court to stealing millions of dollars from Ohtani to cover gambling debts, according to the U.S. Department of Justice. The extent of this defendant’s deception and theft is massive,” U.S.

Gambling 52

Gambling Sports tax return Tax 52

PYMNTS

MAY 19, 2020

And while gamers flock to the casinos in some states, in others they are swarming online gambling sites. New Jersey’s large wager on online gambling has reportedly paid off, with revenues reaching a record high of $80 million last month. And, even though revenue for its casinos dropped 61.7 million in March of this year from $67.5

Gaming 52

Gaming Gambling Louisiana South Dakota 52

Withum

FEBRUARY 1, 2024

Last year is a closed book for most transactions that will be reported on your 2023 tax return. However, there are some things you could do now that would simplify your tax return for 2024 and later years and also reduce the fees you pay a professional preparer. Here are some actions to consider.

tax return 59

tax return Tax Gambling tax preparation 59

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

Tax 52

Tax income tax Manufacturing corporation tax 52

PYMNTS

FEBRUARY 5, 2019

sports betting event of the year, and the first big test of legalized online sports gambling in the wake of last year’s Supreme Court decision that overruled previous prohibition — a ruling that allowed states besides Nevada to allow such wagering operations. Total Super Bowl gambling topped $4.76 But it stands as the major U.S.

Sports 49

Sports Gambling Nevada Legal 49