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 you should 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:
- Casino Reporting Requirements
- Taxpayer Record Keeping Requirements
- Reporting Rules for Gambling winnings and losses
- Recent Cases and Rulings
- Effectively Defending an IRS gambling Examination
Who Will Benefit:
- 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.