Gambling and Taxes = The Price of Winning

Icon_Self-Study
QAS Self-Study
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

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. 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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Casino reporting requirements
  • Taxpayer record keeping requirements
  • Reporting rules for gambling winnings and losses
  • Recent cases and rulings
  • Effectively defending an IRS gambling examination
  • Learn proper reporting of gambling income
  • Effectively defend your client during an audit of gambling income
  • Know the tax rules for casino employees

Course Specifics

Course ID
8222852
Revision Date
May 16, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02009-22-S
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1745
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Robert (Bob) E. McKenzie Headshot
Robert (Bob) E. McKenzie, EA, Esq.

Robert (Bob) E. McKenzie, EA, Esq., is a partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the IRS and state tax agencies. He has lectured extensively on the subject of taxation and has made numerous media appearances, including on Dateline NBC and ABC World News Tonight. Bob has been elected to the American College of Tax Counsel where he serves as secretary/treasurer of its board of regents. Prior to entering private practice, he was employed by the IRS Collection Division in Chicago, Illinois. From 2009–2011, Bob served as a member of the …

Robert (Bob) E. McKenzie, EA, Esq. Read More »

Gambling and Taxes = The Price of Winning

CPE CREDITS
1 Credits: Taxes

$98.00

Icon_Self-Study
QAS Self-Study
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

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. 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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Casino reporting requirements
  • Taxpayer record keeping requirements
  • Reporting rules for gambling winnings and losses
  • Recent cases and rulings
  • Effectively defending an IRS gambling examination
  • Learn proper reporting of gambling income
  • Effectively defend your client during an audit of gambling income
  • Know the tax rules for casino employees

Course Specifics

Course ID
8222852
Revision Date
May 16, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02009-22-S
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1745
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Robert (Bob) E. McKenzie Headshot
Robert (Bob) E. McKenzie, EA, Esq.

Robert (Bob) E. McKenzie, EA, Esq., is a partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the IRS and state tax agencies. He has lectured extensively on the subject of taxation and has made numerous media appearances, including on Dateline NBC and ABC World News Tonight. Bob has been elected to the American College of Tax Counsel where he serves as secretary/treasurer of its board of regents. Prior to entering private practice, he was employed by the IRS Collection Division in Chicago, Illinois. From 2009–2011, Bob served as a member of the …

Robert (Bob) E. McKenzie, EA, Esq. Read More »

Gambling and Taxes = The Price of Winning

CPE CREDITS
1 Credits: Taxes

$98.00