Gambling and Taxes

Gambling and Taxes = The Price of Winning By: Robert E. McKenzie ©2011   Custom Search   Inclusion of Gambling Income in Gross Income  Income from gambling,[1] lotteries,[2] sweepstake winnings,[3] and card playing[4] are included in gross income. Such income…

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Appealing to the IRS

1.10 While the process is not mandated by statute, the Service has, for over 60 years, provided taxpayers with an administrative alternative to litigating their tax disputes in court [Reg. § 601.106]. Now commonly referred to as Appeals, this administrative branch of the IRS generally has the final power and authority of the IRS to determine audit liabilities of taxpayers

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Who Gets Audited by IRS

The total number of audits of individual returns increased in 2010. Those who earned less than $200,000 had about a 1 percent chance of being audited. Those with incomes of $200,000 and more had about a 3 percent chance of being audited.

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Audit Representation During Audit

Many tax controversies are better resolved sooner rather than later. Accordingly, it is often to your client’s advantage for you to begin work on the case promptly. Your first goal should be to accurately gather the necessary information. You must control this information gathering process. Otherwise, the client will often inundate you with reams of useless information while neglecting to hand over truly important documents. The initial interview with the client is an important step in your preparation for audit.

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Innocent Spouse

SPOUSAL RELIEF  By Robert E, McKenzie   ©2011   Custom Search Although many taxpayers enjoy substantial tax benefits from filing joint returns, those benefits may be outweighed when a tax deficiency or unpaid balance is asserted for a return. The…

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