Need Accountant For Gambling/Business Tax - WI

[Lucky]

I need an accountant located anywhere in the Green Bay/Appleton area. If someone comes really highly recommended, maybe even as far as Milwaukee. I recently moved to Green Bay and play full time, bought a house here, am renting out previous house in another state. Additionally, I've started a couple of businesses, and have all the basic questions of write offs, deductions, LLC/proprietorship, etc.

So basically, I need to find an accountant who's good in general, but if he's worked with any of you guys, that would be bettter. Honestly, people who've done my taxes in past have been so clueless about gambling taxes, it's not even funny. So please post or pm me with referrals. Thanks.

[I_C_ALL]

Instead of starting multiple threads, same for S. Florida

[Roman]

New York City also

[iH8poker]

[ QUOTE ]
....play full time, bought a house here, am renting out previous house in another state. Additionally, I've started a couple of businesses, and have all the basic questions of write offs, deductions, LLC/proprietorship, etc.

So basically, I need to find an accountant who's good in general, but if he's worked with any of you guys, that would be better. Honestly, people who've done my taxes in past have been so clueless about gambling taxes, it's not even funny. So please post or pm me with referrals. Thanks.

[/ QUOTE ]

I've worked with some folks on the website...I can either file taxes or answer tax questions, but answering tax questions is based on what I feel it is worth on the market, and thus not a 'fixed rate'. However, PM me and I will answers some question and you can pay me afterwards ($50 increments, generally).

Filing taxes on the other hand is roughly $100 (for your basic poker filing, business). If you are claiming 'non-professional' to avoid the 15% self-employment tax, then it may be less, as it should be easier to file...(it would be the defense of the aggressive stance, if audited, that would be more costly, but perhaps worth while).

There are specific criteria that determine if you are a business or recreational, set by the IRS.

Online poker dealings with the IRS are brand new territory, and based on the responses here, few accountants know how to handle them (based on misapplications of tax precedents) however, since they are not defined...the tax payer has a choice on whether to take an 'aggressive' stance or not. Ultimately, the taxpayer must decide how to interpret the law, and thus pay more or less taxes.

Oh, I forgot to mention, I've been the accountant for an LLC (filed the 1065 as partnership) for 2 years, a schedule C, and am now the 2nd in charge of a much larger company ($100M Revenue/yr) now. I've filed state taxes, but that would be additional (usually $50, they are generally easy).

I never file taxes unless you are prepared to pay in full. The IRS is NOT friendly to debtors OR anyone who discusses ways designed to cheat/lie (maximizing tax deductions is not prohibited however).

Peace,
iH8poker

[murph0511]

I'm in a similar spot. If anyone can point me towards a capable CPA that can handle gambling income in the Cleveland, Ohio area please send me a PM. Competence in real estate is a bonus.

Thanks,
Tim

[adanthar]

[ QUOTE ]
New York City also

[/ QUOTE ] x2

[jsnipes28]

I go to schhol in NW Massachussets but live in S. Florida so either would be appropriate.

ATM my Dad's good friend who is a CPA is helping me out and I am filing pro and have paid 1 quarterly.

iH8poker- I may PM you as well. Are you the same iH8poker as the nitty stars 5/10 reg [img]/images/graemlins/smile.gif[/img]

[Right5]

NY x3

[iH8poker]

[ QUOTE ]
Are you the same iH8poker as the nitty stars 5/10 reg [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]
Nah, but I try [img]/images/graemlins/ooo.gif[/img]
I pay taxes on what I withdraw
This thread went completely in the wrong direction in my opinion. First, 'constructive receipt' is not what the CPA was referring to most likely. In regards to 'constructive receipt', with Stars it is no question (as your funds are seperated however, on some sites it is a mixed bag). But that is not the point.

When do you recognize profits and losses at a B&M? Per table, per day, per session, or per cash out?

Secondly, what is your 'at risk' amount if you have 1000 chips and you sit at a $50NL table for the maximum buyin? How about after you triple up?

Third, can you pay your taxes through your poker Stars money? Could you constructively pay your taxes through poker Stars funds any easier than you could sell stock to pay taxes? When do you have the 'where withal' to pay your taxes?

You can thank m*s*d.

Complete the chain...
Avg. Guy > Pro. Poker Player > CPA > ?

I do want to add that, even if you are a cash basis player, I would cycle funds at year end and pay taxes on all possible winnings, to keep your criteria of when 'winnings' are recognized consistant. This means cash out at least most funds at or before year end. The questions above mostly apply to recs (to avoid having to itemize) and pros only for record keeping, nothing else.

Peace [img]/images/graemlins/crazy.gif[/img]