The Audit Process of the I.R.S.

One of the most routine yet dreaded tax experiences is having the I.R.S. examine – aka audit – a tax return. Contrary to popular belief, the I.R.S. does this simply to verify that the reported tax is correct – it does not constitute an assumption of fraud or inaccuracy on the part of the taxpayer.…

Poker and Tax Consequences

  There are few experiences more gratifying to a poker player than winning big. As poker continues to grow in popularity, millions of players will feel the impact of tax law, which applies to gambling winnings as it does to any income earned – albeit with some important stipulations. For starters, all gambling winnings are…