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The Durable Power of Attorney
For most people, the durable power of attorney is the most important estate planning instrument available -- even more useful than a will.
Estate Administration
Estate administration is the process of managing and distributing a person’s property (the “estate”) after death.
Geronimo and Gambling Taxes: The Story Behind a Legendary Warrior Can Prepare You For Tax Time (Strictly Slots Magazine)
Geronimo, the famous Chiricahua Apache warrior, was one of the most feared and respected enemy combatants the United States has ever known. So much so, that he remained a prisoner-of-war until his death on February 17, 1909 in Ft. Sill Oklahoma. While reading a biographical account by one of the [...]
Taxation of Recreational Gamblers: An Overview of How to Report Wagering Gains and Losses (EA Journal)
Gambling is a $140 billion per year industry. Although the consumer electronics industry is larger ($186.4 billion), the gambling industry is larger than the cable TV ($97.6 billion), outdoor equipment ($11 billion), U.S. box office ($10.2 billion), and U.S. music ($7.0 billion) industries combined. As a matter of fact, in [...]
You Win Some, You Lose Some: Know How to Correctly Report the Wagering Gains and Losses of Recreational Gamblers (CPA Focus Magazine)
The 17 words of Internal Revenue Code Section 165(d) provide little guidance on the reporting requirements of wagering gains and losses. (Footnote 1) The IRS IRS instructions say little more than gambling income shall be reported as “other income” on IRS Form 1040 (Footnote 2), and, if a taxpayer elects [...]
Taxation of the Gambler (@Law Magazine)
With the growth of gambling in the United States, many industries have rushed in to provide the needed support and expertise. The area of taxation is no different. Many lawyers, accountants, and other tax professionals have quickly developed the necessary proficiency to help their clients properly record and report their gambling income. I would like to share with you some of the basic issues so that you may help and at the very least protect the interests of your clients.
Taxation of the Recreational Gambler (Tulsa Lawyer Magazine)
With the growth of gambling in Oklahoma, many industries have rushed to provide the needed support and expertise. The area of taxation is no different. Many lawyers and accountants have quickly developed the necessary proficiency to help their clients properly record and report their gambling income. I would like to share with you some of the basic issues so that you may help and at the very least protect the interest of your clients.
IRS Chief Counsel Advice Memorandum 2008-011
IRS Chief Counsel Advice Memorandum 2008-011 Office of Chief Counsel Internal Revenue Service Memorandum Release Number: AM2008-011 Release Date: 12/12/2008 CC:ITA:B01 POSTN-138904-08 Third Party Communications: None Date of Communication: Not Applicable UILC: 165.08-00, 61.00-00 Date: December 5, 2008 To: Roland Barral, Area Counsel (Large & Mid-Size Business) From: George J. [...]
Medicare Preventive Services: What is Covered?
As the saying goes "an ounce of prevention is worth a pound of cure," and as you get older, taking preventative meas...
The IRS’s Knockout Punch: The 100 Percent Penalty for Failure to Collect or Pay Over Tax (OBA Journal)
A Dutchman was explaining the red, white and blue Netherlands flag to an American: “Our flag is symbolic of our taxes,” said the Dutchman. “We get red when we talk about them, white when we get our tax bills, and blue after we pay.” The American nodded. “I know what [...]