How The Tax Cuts and Jobs Act (TCJA) Affects Fantasy Sports

Fantasy sports is becoming increasingly popular, with 59.3 million people playing in the United States and Canada, creating a $7 billion industry. With this though, comes tax implications for winners.  The Tax Cuts and Jobs Act (TCJA) provides tax opportunities and drawbacks that fantasy players should understand. There is currently an ongoing debate how winnings…

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Football and some fantasy sports games are back

By Bankrate Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! The 2016 Summer Olympics are underway, but fans of American football — not the soccer being played in Rio — also are celebrating. The National Football League kicks off…

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Daily fantasy sports and real taxes

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate Virginia says it’s OK. New York is still fighting it in the courts. And Texas reached a legal settlement over it. “It” is fantasy sports. Defenders say the activity is…

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Fantasy sports cutting into casino tax revenue

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate Lots of states have gambled on casinos as a way to raise revenue needed to help balance budgets and pay for new projects. For years, that’s been a good bet. The…

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