Tax Resolution Attorney John P. Willis Writes About The IRS Taxing Winnings From Legal Sports Betting And Payments For Household Help With Apps Now On IRS Radar.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR, helps readers avoid IRS troubles by enlightening them to the tax implications of winning at legal sports betting and paying for household help with apps that once went unnoticed by the IRS.
Fairhope, AL, Match 25 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published an article on his website entitled “March Madness, Paying Nannies And Household Help Off The Books And Other Madness.” Mr. Willis encourages sports betting fans to be aware of IRS tax obligations on their winnings.
Willis states, “We are right in the middle of the college basketball season known as March Madness and leading up to April 18th which creates a tremendous amount of IRS madness. However, “says Willis, “the basketball madness generates a flurry of gambling activity, which could lead to a little more intense and undesirable IRS madness.”
As Willis notes, “Back in 2018, a U.S. Supreme Court decision struck down the federal ban on state authorization of sports betting. Currently 30 states, plus the District of Columbia, have legalized sports betting, according to the American Gaming Association. (Alabama is not one of those states that does permit sports betting.)”
“Since sports betting is now permitted,” acknowledges Willis, “most of the states that do allow it impose an excise tax on the sports-betting facility, and states with an income tax typically tax gambling winnings. So does the federal government. That said, I’m willing to bet that many people do not yet understand the income tax issues generated by winning wagers.” He emphasizes, “It’s important to know that legal sports betting operations will likely report winnings to the IRS and the state authorities. If you hit it big, they may even do tax withholding from those larger jackpots. Be sure to keep track of and report your winnings so you don’t end up in trouble next year or get hit with an audit by Uncle Sam.”
The entire article can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 23 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://irsallstar.com or call toll-free 877-254-4254.