Taxes on 2023 Gambling Wins: What You Need to Know

Gamblers know that your finances can change with one lucky bet. Whether you pump money into a slot machine or wager that your favorite team will win, success could mean a windfall. However, be prepared for Uncle Sam to take a cut. The IRS has very specific rules about taxing gamblers, and if you’ve hit […]

7 Benefits of Working with a CPA

In a world ruled by ever-evolving tax regulations, individuals and businesses alike face a daunting challenge: managing their finances effectively. The work requires time, attention to detail, and knowledge of complex tax laws. This is where working with a Certified Public Accountant (CPA) becomes extremely beneficial. A CPA can act as a trusted advisor, providing […]

How to Manage Your WSOP 2023 Winnings

The 2023 World Series Of Poker (WSOP) attracted a record number of players. The Main Event amassed a whopping $93.3 million prize pool, the largest prize pool in live tournament history.  From May 30 to July 18, poker players from around the world battled wits and tested their luck at the Horseshoe and Paris, the […]

WSOP 2022 Update: Nonresidents Face ITIN Issues

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 […]

Michigan Allows Gambling Loss Deduction for 2021

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

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 […]

Are Online Lotteries Gaining Steam?

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

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

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!

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 […]