You have been a CPA for many years and recently opened your own practice focusing on small businesses. You have a meeting with a client, Jack, who has an interesting career as a professional gambler. He makes about $100,000 per year and has won many tournaments on the circuit. He is considering entering the WSOP to play for “the bracelet.”
As is standard procedure, you ask Jack for his taxes, and he says he hasn’t filed taxes since 2016 (meaning he has not filed 2017, 2018, and 2019, where 2019 is the current year), because he does not work, due to his time spent playing poker and attending tournaments. He actually says he is now concerned because his father said he should have been filing taxes, but he believed an accountant he met at a party, who after many, many martinis said he would not have to file taxes because this is a “hobby.”
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Jack makes good money now, but in 2017 he thinks he had losses and barely broke even in 2018. The first project Jack agrees to pay you for ($1300 max) is for a tax memo concerning this issue.
1. Using an appropriate research tool, research to see if Gambling is income and subject to tax.
2. Using an appropriate research tool, research to see if Jack does have to file or not.
3. Assuming he does (regardless of the answer above), can you still file a return he has not filed previously in 2017 and 2018?
Using the information above, write the memo using the header below:
Sbj: Deductibility of Property Taxes under Code Section [Code Section] for the 2020 Tax Year.
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Income and Tax was first posted on December 1, 2020 at 8:07 am.
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