News & Articles

Don't Take Tax Chances on Gambling

Posted on Wed, Aug 31, 2016
At the slots or online, remember to keep records.

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Tags: Gambling, Gambling WInnings

Award Points: What's Includable in Taxable Income?

Posted on Mon, Sep 22, 2014

In its attempts to narrow the "tax gap" between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of an airline ticket received by redeeming "thank you" award points should be included in gross income, similar to interest income. The U.S. Tax Court agreed.

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Tags: EHTC Article, Gambling, Taxable Income, Prizes, Awards, Gifts, Newsletter, Articles, Taxes

Who Are the Latest IRS Targets? A List of 22 Audit Triggers

Posted on Thu, Aug 07, 2014

What triggers an IRS tax audit? While the IRS isn't about to publish a list, there are a number of items that are known to raise the IRS's interest in a return.

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Tags: EHTC Article, IRS Audits, Gambling, Foreign Bank Accounts, Deductions, Home Office, IRS, Alimony, Newsletter, Articles, Charitable Contributions, IRS Tax Audit, Unreimbursed Employee Business Expenses, Taxes, Unreported Income, Losses

Don't Take Chances on Gambling

Posted on Fri, May 30, 2014

At the slots or online, remember to keep records.  Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk only what you can afford to lose from a personal financial planning perspective. But from the IRS perspective, you need to be aware of the tax consequences.

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Tags: EHTC Article, Internal Revenue Code, Gambling, Documentation, Records Retention, IRC, Individual Income Tax, IRS, Articles, Maintain Records, Gambling WInnings