News & Analysis as of

Gambling Income Taxes

Rivkin Radler LLP

Thanksgiving and. . . Taxes?

Rivkin Radler LLP on

I am guessing that, later this week, many if not most of us will celebrate our uniquely American holiday, Thanksgiving Day. Hopefully, we will be fortunate enough to spend the day and share a meal with family and friends....more

Oberheiden P.C.

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Gerald Nowotny - Law Office of Gerald R....

Taxing Times - January 2021

MAYOR OF TEXAS TOWN OWES $1.1 MILLION IN UNPAID TAXES TO IRS - David Turner said the seven-figure tax debt is due to a “mix-up” but wouldn’t elaborate....more

Foodman CPAs & Advisors

Payers and Payees have Obligations to Comply with Backup Withholding

Foodman CPAs & Advisors on

Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding.  A Taxpayer (payee) may be subject to Backup Withholding if it...more

Bowditch & Dewey

Massachusetts Tax Deduction for Gambling Losses

Bowditch & Dewey on

Since the MGM casino opened in August, gamblers have reportedly wagered more than $428 million on MGM Springfield’s slot machines that generated about $40 million in revenue for MGM and reportedly another $18.5 million in...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Proskauer Rose LLP

Wealth Management Update - May 2017

Proskauer Rose LLP on

May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs...more

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