#1
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NYC accountant?
All you NY ballers, do you have an accountant you could recommend to handle poker taxes? I just got reported to the government today for a 10k+ transaction at the bank (car payoff). I haven't been paying quarterly or keeping particularly good records, so I'd like to clean things up soon, or at least get some questions answered.
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#2
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Re: NYC accountant?
i could use a good long island accountant too if anyone has one to recommend
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#3
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Re: NYC accountant?
Make sure you find an accountant that knows more than a little about the tax laws as they pertain to professional gamblers. I'm a CPA, but I'm just outside the Philadelphia area. Have your accountant set you up as a self-employed individual which will require to to file a Schedule C at year end. Yes, this will cause your earnings to be subject to self-employment taxes, but your losses will never be limited with this approach. More importantly, if you do become very successful you will want this structure to protect you from the ill effects of the alternative minimum tax which will reduce your gambling losses causing you to pay more total tax. There is sufficient case law to support the position that you are "running a business" as long as you are putting in full time hours and keeping good records.
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#4
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Re: NYC accountant?
I am also looking for one in NYC. Let me know if you find a good one.
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