Taxation of Gambling Winnings

Joseph Falcone regularly gives speeches to CPA’s regarding the proper method of calculating and reporting gambling winnings. This area of the law, developed before the time casinos became legal in most States, was misunderstood by both the taxing authorities and tax return preparers.

There is a correct, proper method by which taxpayers should calculate their gambling winnings. This correct method results in tax liabilities that are a mere fraction of the liabilities initially calculated by the IRS or States. This correct method is not simply adding up the amounts on the W-2G forms issued by the casinos. Often, additional information has to be acquired from the casinos in order to make the tax calculation.

If you are having problem with the taxation of your gambling activities, Joseph Falcone will be able to help you to reduce the tax to the correct, lower amount.