IRS Tax Solutions

The next time you visit a casino or play a lottery, keep in mind that winnings from the following sources are subject to income tax:
Any sweepstakes; wagering pool, including payments made to winners of poker tournaments; or lottery.
Any other wager if the proceeds are at least 300 times the amount of the bet.
Winnings not paid in cash are taken into account at their fair market value.
There are some exceptions and if you don’t pay enough tax, you may have to pay a penalty.
You should receive a Form W-2G from the payer showing the amount you won and the amount withheld.
Want to be sure you report your trip to Vegas accurately?
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You’re the provider of a fringe benefit if the benefit is provided for services performed for you.
For example, you provide an employee with a fringe benefit when you allow the employee to use a business vehicle to commute to and from work.
Any fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it.
Want to learn more about how to apply this benefit for tax filings?
Contact today for your free tax strategy session!