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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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What are the Tax Implications of Winning Money or Valuable Prizes?

RogerRossmeisl

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere.

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Online Gambling And The Challenges Of Betting On Instant Disbursements

PYMNTS

This is resulting in increased revenue for these online gambling platforms in states like New Jersey — trends in growth that may well continue after the crisis. government, as well as the gambling industry, is also dealing with infrastructure and regulatory hurdles that stall its ability to offer instant disbursements at scale, though.

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The Tax Score of Winning

RogerRossmeisl

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. You must separately keep.

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Ohtani interpreter to plead guilty to bank fraud

Accounting Today

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.

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Attorney Flagged for Tax Evasion in New Case

CPA Practice

Tax evasion is the practice of misrepresenting income or deductions or falsifying records or failing to file a return. It’s a common complaint by taxpayers around election time that requiring them to file tax returns or pay taxes is unconstitutional.

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Start Now to Make Your 2024 Tax Return Easier to Do

Withum

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.