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#12
02-10-2007, 03:11 AM
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Re: Taxes! MUST one File as a Professional if they Fit the Bill?
I was told by my accountant, who specializes in gambling law, that this issue recently went up the IRS tax-dispute food chain and the individual trying to avoid filing as a professional (to avoid SE tax) lost.
I'll try to get details on the case and come back if nobody else can find the information. 
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#13
02-10-2007, 05:08 AM
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Re: Taxes! MUST one File as a Professional if they Fit the Bill?
[ QUOTE ]
If you are professional and flow everything through a corporation, you can take a "small" salary(percentage of actual net income of corporation) and only pay self employment tax on the "salary. You would pay income tax on the entire amount, but the extra 15.3% self employment tax would be limited to your "salary". [/ QUOTE ] I'd suggest you talk to another CPA before filing this year. I'm certainly not a tax professional, but I'm 99% sure the IRS has specifically not allowed one to setup one's gambling winnings as a corporation then draw a salary as you are suggesting. -ActionBob
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