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Live Webinar

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

Gambling Tax Reporting Rules and Recordkeeping Requirements

May 27

Defend against audits and understand the gambling tax reporting requirements for income and expenses along with the recordkeeping 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 the reporting of income from legal gambling in casinos and online and professional and amateur gamblers attempting to deduct losses and expenses. This topic will help individuals and their professional advisors understand gambling taxation, IRS reporting requirements, and the recordkeeping requirements to prepare returns and defend against audits. The material will also review recent tax reform and its effect on deductions for professional gamblers.

Learning Objectives

  • You will be able to define the IRS’s requirements as a professional gambler.
  • You will be able to describe the way gambling income is taxed and reported to the IRS.
  • You will be able to discuss the reporting of gambling winnings by the payer and gambler.
  • You will be able to explain how to substantiate gambling winnings, losses, and potential expenses.

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Why Lorman?

Over 34 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
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More Program Information

Why Lorman?

Over 34 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, LLC. 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 34 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

William M. Gerhardt, J.D., LL.M. Taxation

Gerhardt Law Firm, PLLC

  • Tax attorney and owner of Gerhardt Law Firm, PLLC in San Antonio, TX
  • 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
  • J.D. degree, St. Mary’s University School of Law; LL.M. degree in taxation, University of Florida College of Law; B.A. degree, Vanderbilt University
  • Contact me at 210-239-1396 or [email protected]
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Why Lorman?

Over 34 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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Product ID: 407014
Published 2021
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