Learn the Rules and Regulations to Report Gambling Winnings and Losses to the IRS
Most states now have some form of legalized gambling. Even in states without legalized gambling, there are internet gamblers, those who travel to gambling venues and those who engage in illegal gambling. As a result, more and more people have gambling winnings or losses. Unfortunately, not all taxpayers maintain adequate records of wins and losses and many become subject to IRS audits.
Join this session with tax attorney Robert McKenzie to learn the rules and regulations for accounting for gambling winnings and losses. Robert will review the most recent cases and rulings, both "for" and "against" taxpayers. With this session, you will be able to advise your clients to correctly report their gambling winnings and losses. You will also be prepared to defend your clients against an IRS audit.
Casino reporting requirements
Taxpayer record keeping requirements
Reporting rules for gambling winnings and losses
Recent cases and rulings
Effectively defending an IRS gambling examination
NASBA & IRS Category of Study: Taxes
Who Should Attend
Certified Public Accountants (CPAs)
Enrolled Agents (EAs)
Finance and Accounting Professionals
Accounting and Taxation Firms
Law firms dealing with tax issues
Businesses involved in joint ventures with nonprofit organizations
Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation and has presented courses be...