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WSOP 2022 Update: Nonresidents Face ITIN Issues

July 2, 2022

If you have been to the WSOP this year, you have probably noticed many changes from past years. There are two new venues, larger rooms and new tournament chips. However, unless you are a nonresident, then you may not have noticed one of the largest issues players face this year: the WSOP is not able […]

IRS Increases Standard Mileage Rates Mid-Year

June 24, 2022

The IRS announced it will increase the standard mileage rate to 62.5 cents per mile for business activities, a 4 cent increase from the earlier in the year, beginning on July 1, 2022. It will increase the standard mileage rate for moving and medical to 22 cents per mile, which is also a 4 cent […]

Michigan Allows Gambling Loss Deduction for 2021

June 14, 2022

Prior to 2021, Michigan was one of the few remaining states that did not allow recreational gamblers to deduct gambling losses on the state level (this includes losses related to poker, slot machines, sports betting, table games, etc.). While professional gamblers were able to deduct their gambling losses on Schedule C, as it is considered […]

2022 World Series of Poker

May 23, 2022

After an abbreviated event at the end of 2021, the World Series of Poker is back to its full slate of live and online events in 2022. Things will look a bit different this year, as it will mark the first year the series moves to the strip. Both Bally’s and Paris will play host […]

Payroll-Related Provisions of the New COVID-19 Law

January 1, 2021

The Consolidated Appropriations Act, 2021 (the CAA, 2021) was signed into law on December 27, 2020 and is a further legislative response to the coronavirus (COVID-19) pandemic. The more than 5,500 page law contains numerous provisions that relate to payroll. These provisions are primarily found in the following areas of the CAA, 2021: (1) Division […]

Uncertain Times for WSOP 2020 It’s all in the Cards

July 21, 2020

The World Series of Poker for 2020 looks a little different this year! For now, gone are the days of crowded hallways filled with buzz and excitement. They have been replaced by the confines of your own computer. To play, you must be physically in Nevada, New Jersey, or Delaware. So, players plan to travel […]

Impact of CARES Act on Professional Gamblers

April 6, 2020

The CARES Act, which provides businesses temporary loan relief during the CoVid-19 outbreak, became law on March 27, 2020. It provides two loan programs, The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, for small businesses, including the self-employed. Based on the way the programs are designed and our understanding of […]

CARES Act and Small Business Paycheck Protection Loans

March 29, 2020

The “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” (“Act”) was unanimously approved by the United States Senate on March 25, 2020. On March 27, 2020, the Act was passed by the House of Representatives and signed into law by President Trump. Many small business owners are questioning how the Act will help them remain operational and if they will qualify for relief. While it is a fluid process, the questions that we are most commonly receiving are addressed below.

NYT: F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan

March 29, 2020

To learn more about the recently passed coronavirus rescue package, please see the following New York Times article. The New York Times is currently offering at no charge information related to news and guidance regarding the the coronavirus outbreak. https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave…

March 24, 2020

WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

SBA Disaster Loan Assistance

March 24, 2020

Federal disaster loans for businesses, private nonprofits, homeowners, and renters is available from the U.S. Small Business Administration. Link provided below to access info on eligible disaster areas, the online application, and page to check application status.

Tax Impact of Bitcoin Transactions and Gambling

Bitcoin Crypto Currency January 8, 2016

Bitcoin became mainstream in 2014. It was the first year that major retailers started accepting the online currency and it was the first time many taxpayers learned exactly what it was (if you have questions about Bitcoin, be sure to read this). IRS announces bitcoins to be treated as property Some taxpayers needed to quickly change […]

Are Online Lotteries Gaining Steam?

February 17, 2015

In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]

IRS Employment Woes Deepen

February 16, 2015

It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]

Repairs Regulation Update

February 13, 2015

Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]

You Can’t Do That!

February 13, 2015

It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]

Premium Tax Credit Overpayment Relief

February 12, 2015

Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]

Hockey in the Desert? Count Me In!

February 10, 2015

I have been a lifelong hockey fan. My son played hockey growing up, so I was always coaching or watching from the stands. We were both die-hard New Jersey Devils fans and would always go to as many games as we could during the season. I was even fortunate enough to see them lift the […]

TurboTax Provides Reminder: Always Be Alert for Fraud

February 9, 2015

This has been going around in the news the last few days, but I wanted to write a quick follow-up in case this affects you or someone you know. Last week, TurboTax temporarily halted its state e-file services as a result of an increased level of “suspicious” filings. After investigation, TurboTax deemed that its software […]

What’s in a Name?

February 5, 2015

I recently had a client ask me a few questions regarding her recent marriage. She had gotten married during the second half of the year and her new, married name was on the official marriage certificate. However, she did not have the time to change her name elsewhere (Social Security Office, bank accounts, credit cards, […]

Unemployed During 2020? You May Owe Taxes

February 4, 2015

Being unemployed puts every taxpayer in a stressful position. Between trying to make ends meet and searching for a new job, the last thing many people are thinking about is their tax situation. However, if you received unemployment compensation during the year, you will receive Form 1099-G and any income shown must be reported as […]

Baseball, Taxes and the $200 Million Dollar Man

February 3, 2015

Max Scherzer recently signed an unprecedented contract with the Washington Nationals in which he will be paid $210 million over 14 years. Multiple teams were vying for one of the league’s top pitchers, but the Nationals were the ones who were eventually able to woo him. There were probably multiple reasons (roughly 210 million if I […]

Avoidable Tax Mistakes

January 29, 2015

It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]

Proposed Regulation Could Change Poker in Nevada (Update)

January 28, 2015

Good news for poker players in Nevada! Today, AG Burnett, the Chairman of the Nevada Gaming Control Board, commented on SB 40 that was mentioned earlier this week. He said that the bill is strictly aimed at curbing third-party betting regarding to sports and racebook activity, not poker. This is a sigh of relief for the […]

New Jersey: Death and (Gas) Taxes

January 28, 2015

I was born and raised in New Jersey and it is where I opened my first practice. I still have an office in New Jersey, so any time a local story turns up that could affect my New Jersey clients, I try to give my thoughts on the matter. New Jersey, from a tax perspective, has […]

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