My latest article on CPA Practice Advisor delves into the rapidly evolving and often confusing realm of tax rules for gambling clients. From the everyday sports bettor to the seasoned poker pro, the landscape of gambling taxation is as dynamic as the games themselves.
With expert insights from gambling tax expert Zachary Zimbile, CPA, we explore:
π The strategic advantages for professional gamblers at tax time
π― Navigating the IRS's complex criteria for professional gambling status
πΊοΈ Tackling varied state tax policies and avoiding common reporting pitfalls
π Implementing the "session method" for accurate win-loss tracking
π Ensuring compliance and reducing audit risks with proper documentation
This article is your playbook for turning tax season challenges into wins for your gambling clients:
https://www.cpapracticeadvisor.com/2024/01/10/tax-tips-for-accountants-with-gambling-clients/99880/