MEDIA ALERT: Tax Implications of March Madness
Wolters Kluwer Reminds March Madness Enthusiasts That the Ides of April Soon Follows
What: It’s March Madness time and office pool participants are studying the NCAA brackets. Wolters Kluwer Tax & Accounting points out that according to the IRS, March Madness betting activities could be considered gambling, business or a hobby – all of which are taxable income. The handling of expenses and the reporting of that income can be different based on the category.
Why: Under the Tax Code, any income earned from gambling is taxable whether the gambling is legal or illegal. Placing a bet in the NCAA bracket office pool is considered to be gambling, even though participants may claim some skill in selecting their bracket winners. If an individual can establish profits from gambling for three of the last five years or that the activity is engaged in as the primary source of income for the taxpayer on a full-time basis, the individual can be considered to be engaged in a trade or business. Even fantasy sports winnings are considered taxable income as a hobby or a business.
The attached infographic shows key rules that apply to reporting March Madness activities to the IRS.
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, can help sort through the various rules, requirements and reporting forms for gamblers, businesses or hobbyist, as well as the different ways in which expenses and losses are handled.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
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What is ‘Currency’
A few currencies, like cryptocurrencies, Bitcoin, Dogecoin and other online currencies and branded currencies are not tied to any usa. Branded currencies, like airline and credit card points, or in-recreation credit are valued on the subject of the price of the products or offerings they’re tied to. Manipulate over virtual currencies is totally decentralized, and the exchange price of a virtual foreign money can vary extensively in a quick time frame.
Nearby currencies are currencies intended for exchange over a small location and aren’t nationally subsidized. There are a wide variety of nearby currencies in the u.S.A., which itself has records of nearby currencies earlier than the status quo of the kingdom and countrywide banks. Other instances in which neighborhood currencies had been used include a kind of quasi-local forex within the form of neighborhood authorities ious which have been used as foreign money.
In almost all instances, the valuable financial institution of a rustic has the only right to problem cash for the stream. Along with a prime unit of foreign money, those banks problem fractional gadgets, usually inside the shape of cash. These normally display up as 1/100th, and 1/4th, but can at instances be as small as 1/one thousandth of the main unit of foreign money.
Investors regularly change forex at the forex marketplace, that’s one of the maximum closely traded markets in the global. An trade price is a charge at which two currencies may be exchanged in opposition to every other. These quotes may be ‘floating’ or ‘constant’; floating being that the fee of the currency changes in terms of foreign exchange marketplace mechanisms, constant currency is presently tied to another forex like gold or a currency basket.
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BTCUSD This morning at 10:40 EST, the BTC is trading at 1.1789 against the USD, 0.28% higher from the New York close.
This morning, the pair traded at a high of 1.1795 and a low of 1.1738. Bitcoin traded lower against the US Dollar in the New York session, with the pair closing the session at 1.1756. The pair is expected to its find support at 1.1747 and its first resistance at 1.1821.
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Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.
Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.
But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.
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