What is a “Gambling Session”?
Section 165(d) of the Internal Revenue Code provides that losses [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
IRS Revenue Procedure 77-29
The purpose of this revenue procedure is to provide guidelines to taxpayers concerning the treatment of wagering gains and losses for Federal income tax purposes and the related responsibility for maintaining adequate records in support of winnings and losses.
IRC Section 165(d) Wagering Losses
Losses from wagering transactions shall be allowed only to the [...]