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Live Webinar

100-minute live streaming program
  • February 27
  • 1:00 - 2:40 pm EST

Gambling Tax Reporting Rules and Recordkeeping Requirements

February 27

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.

Learning Objectives

  • You will be able to define the requirements to be classified as a professional gambler.
  • You will be able to describe what expenses can be deducted for both professional and amateur gamblers.
  • You will be able to explain what are considered taxable comps.
  • You will be able to identify what are the record keeping requirements of the IRS for gaming proceeds.

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Why Lorman?

Over 33 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 Record Keeping
  • What Details Are Required by the IRS
  • What Information Is Required to Be Classified Professional Gambler
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More Program Information

Why Lorman?

Over 33 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

Live Webinar Registration

  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     

Who should attend?

This live webinar is designed for accountants, tax managers, tax preparers, accounts payable professionals, bookkeepers, CFOs, controllers, business managers and owners, presidents, vice presidents, CEOs, operations managers and consultants.

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Why Lorman?

Over 33 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

Floyd M. (Kin) Sayre, III

Floyd M. (Kin) Sayre, III

Bowles Rice LLP

  • Partner with the law firm of Bowles Rice LLP, and is a member firms Tax Practice Group and a leader of the firms Hospitality, Gaming and Tourism Group and the Industrial Hemp and Medical Cannabis team
  • Practices in the areas of tax, commercial and finance law, municipal law, government relations, gaming and hospitality, industrial hemp and medical cannabis and small business development
  • Named Best Lawyers in America for Litigation & Controversy - Tax and Municipal Law; Named Best Lawyers' Lawyer of the Year for Controversy and Litigation – Tax in West Virginia in 2012, 2016 and 2019
  • Member of numerous professional and civic organizations
  • J.D. degree, University of Arkansas; M.B.A. and B.A. degrees, West Virginia University
  • Can be contacted at 304-264-4226 or [email protected]
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Why Lorman?

Over 33 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.

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* For audio recordings you only pay shipping

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Product ID: 407014
Published 2020
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