Taxation Issues-Gambling, Gifts & Presents
Speaker: Tony Curatola, PhD
Speaker Designation: Joseph F. Ford Professor of Accounting & Tax, Drexel University
Speaker: Tony Curatola, PhD
Speaker Designation: Joseph F. Ford Professor of Accounting & Tax, Drexel University
Every year, about 40% of American adults visit at least one of the casinos that are located in Las Vegas, Nevada, in Atlantic City, New Jersey, or in one of the dozens of places in between, not to mention on the web. A lucky few takes home a lot of money.
Gambling winnings are fully taxable, and the Internal Revenue Service (IRS) has ways of ensuring that it gets its share. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and online betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ.
This webinar on Taxes highlights the tax reporting issues associated with gambling income, gifts received and given, and awards received. It will also discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal taxation.
Gambling has become a popular pastime across the world, and as winnings accumulate, it's essential to understand the tax implications. The IRS views gambling as a form of income and may require you to pay taxes on your gambling winnings. Gifts and presents are a part of our daily lives. We frequently give and receive gifts, but the tax laws governing these transactions can be confusing. Depending on the type of gift, the recipient, and the value of the gift, you may be required to pay gift tax.
Join us for this informative webinar and gain a thorough understanding of tax issues related to gambling, gifts, and presents. Our goal is to make your tax experience more manageable and less intimidating.
Major topics covered in this Tax webinar:
Tony Curatola’s area of research interest is the taxation of retirement, individual & small business taxation, and employee benefits. He is the Joseph F. Ford Professor at Drexel University and has authored over 230 articles in his field and has completed sponsored research for several organizations. His findings have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance and the past editor of the Journal of Legal Tax Research. Dr. Curatola holds a variety of leadership positions and currently serves as chair emeritus of the IMA Research Foundation committee. Tony earned his BS and MBA (finance) from Drexel University, MA from the Wharton School of the University of Pennsylvania, and Ph.D. from Texas A&M University.
Dr. Curatola Area of Expertise: Federal and State Income Tax Policy Employee Benefits Retirement Income Taxation.
