tax laws

Tax Savings for Accountants with Gambling Clients

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Internal Revenue Service (IRS) reporting rules from W-2Gs to 1099-Ks are very confusing for taxpayers to understand. So, as an accountant of a gambling client, you need […]

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Ignorance of Tax Laws Won’t Always Grant You a Pass

“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.” When is the last time that one worked for you? Right. Ignorance of the law is no excuse. It usually doesn’t fly with the IRS either. Despite this, the tax court issued an opinion suggesting that in some cases

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