Defend against audits and understand the gambling tax reporting requirements for income and expenses along with the record keeping requirements.
With the recent supreme court ruling on the legalization of sports betting, more individuals are participating in all aspects of wagering. This has created a myriad of problems with reporting of income from legal casinos and professional and amateur gamblers attempting to deduct losses and expenses. This topic will help individuals and their professional advisors understand the IRS reporting requirements for income and expenses along with the record keeping requirements to prepare returns and defend against audits.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
How to Report Gaming Winnings
- How Casinos Report Gaming Proceeds
- Reporting on Form 1040 and Supporting Schedules
- What Income Must Be Reported
- Reporting Income for Professional Gamblers
- Reporting Income for Amateur Gamblers
How to Report Gaming Losses and Expenses
- What Losses and Expenses Are Deductible for a Professional Gambler
- What Losses and Expenses Are Deductible for an Amateur Gambler
- How to Report Comps Provided by Casinos
How to Keep Accurate Records of Gaming Activities
- The Need for Contemporaneous Recordkeeping
- What Details Are Required by the IRS
- What Information Is Required to Be Classified Professional Gambler
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 27, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
William M. Gerhardt, J.D., LL.M. Taxation
Gerhardt Law Firm, PLLC
- Tax consultant for Gerhardt Law Firm, PLLC
- Works with individual and entity taxpayers providing tax consulting and business advisory services in all facets of federal income taxation
- Represents clients in tax controversy and dispute resolution cases before the IRS and the U.S. Tax Court
- LL.M. degree in taxation, University of Florida College of Law; J.D. degree, St. Mary’s University School of Law; B.A. degree, Vanderbilt University
- Can be contacted at 210-239-1396 or [email protected]
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
