Month: January 2026
New Gambling Deduction Rules
In the past, a taxpayer with gambling winnings could offset the recognized earnings by the amount of loss, not to exceed the amount of winnings. Professional gamblers are allowed to deduct expenses directly associated with their profession. The TCJA amended IRC §165 meant to make clear that “losses from wagering transactions” to include all deductions…
Can your IRA or Qualified Retirement Savings be Levyed?
What is a lien or a levy? When the IRS sends a notice of lien, they are announcing their intent to claim your assets due to a tax debt. This declaration is intended to protect their interest against other potential creditors who may also make a claim. At this stage, a taxpayer receives a notice…