Taxation issues: gambling, gifts, and awards

Schedule Friday, December 8, 2023 || 10:00 AM PDT | 01:00 PM EDT
Duration 90 Mins
Level Basic & Intermediate
Webinar ID IQW23L1247

  • Review of tax issues affecting all forms of gambling income. 
  • Review of reporting gifts given and received from a person within the U.S. and from a person or organization outside the U.S.
  • Discuss the gifts that may be excluded from federal income tax.
  • Review the rules associated with awards received.

Overview of the webinar

As more taxpayers engage in gambling activities in person and online, the failure to know the tax rules associated with such activities leaves the taxpayer vulnerable to tax penalties. This webinar introduces the tax professional to the tax rules for reporting the income derived from the various gambling activities (i.e., lotteries, casinos, online gambling, to name a few) and the penalties for failing to comply with the tax laws. In addition, we look at the taxation of gifts and awards received.

Who should attend?

CPAs, Enrolled Agents, Tax Preparers, Small accounting firms, Consultants, Individuals with a Record of Completion of the Annual filing Season Program, and any person actively engaged in gambling activities

Why should you attend?

If you are a small business constant or tax professionals providing tax services to individual taxpayers, you need to be aware of the rules associated with the reporting of income from in-person, online, and fantasy sports betting as more taxpayers are engaging in such taxable activities.

Faculty - Mr.Tony Curatola

Tony Curatola’s area of research interest is the taxation of individuals and employee benefits.  He has authored over 200 articles in his field and has completed sponsored research.  His findings on the source tax 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, past editor of the Journal of Legal Tax Research, author of Interactive education courses for CeriFi (previously Thomson Reuters). He holds a variety of leadership positions at the Institute of Management Accountants and the IMA Research Foundation. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.

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