Most states now have some form of legalized 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 become subject to IRS audits. In this course, you will learn about the rules and regulations for the accounting of gambling winnings and losses related to wagering, gambling, lottery, sweepstakes, and card playing. Topics covered include the reporting rules and recordkeeping requirements for taxpayers as well as the reporting requirements for casinos. Recent cases and rulings both for and against taxpayers are also presented.
Upon successful completion of this course, participants will be able to:
•Recognize the reporting requirements for casinos
•Identify the accounting requirements for a taxpayer's gambling winnings and losses
•Specify taxpayer recordkeeping requirements
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