Gambling and Taxes: The Price of Winning
August 7, 2020
10:00 AM PDT | 01:00 PM EDT
More Trainings by this Expert
Product Id : 503207
Live: One Dial-in One Attendee
Corporate Live: Any number of participants
Recorded: Access recorded version, only for one participant unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
Corporate Recorded: Access recorded version, Any number of participants unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
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.
Why should you Attend:
Learn the rules and regulations for accounting for gambling winnings and losses. We will review the most recent cases and rulings, both "for" and "against" taxpayers.
You will learn proper reporting of gambling income, effectively defend your client during an audit of gambling income, know tax rules for casino employees.
Areas Covered in the Session:
Who Will Benefit:
- Casino Reporting Requirements
- Taxpayer Record Keeping Requirements
- Reporting Rules for Gambling winnings and losses
- Recent Cases and Rulings
- Effectively Defending an IRS gambling Examination
- Enrolled Agents
- Tax Attorneys
Robert E. McKenzie is the author of REPRESENTATION BEFORE THE COLLECTION DIVISION OF THE IRS and coauthor REPRESENTING THE AUDITED TAXPAYER BEFORE THE IRS. and REPRESENTATION BEFORE THE U.S. TAX COURT . Tax Lawyer Robert E. McKenzie has lectured extensively on the subject of taxation. He has presented courses before thousands of CPA's, attorneys and Enrolled Agents nationwide. Prior to entering private practice, Mr. McKenzie was previously employed by the Internal Revenue Service, Collection Division, in Chicago, Illinois. Since entering private practice, he has dedicated a major portion of his time to representation before the IRS. He served on the IRS Advisory Council, a group chosen by the Commissioner to advise IRS executives, from 2009 to 2011. He was a Vice Chair of the ABA Tax Section (2003-2005). He is past Chair of the Pro Bono Committee of the American Bar Association.
He is past Chairman of the Employment Tax Committee and past co-chair of the Task Force for Bankruptcy Legislation of the American Bar Association Section on Taxation and past Chairman of the Chicago Bar Association Federal Tax Committee.
He was Dean of the National Tax Practice Institute (1998-2002). Mr. McKenzie is currently a partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois where he heads its tax controversy practice.