Insights

In lieu of filing a separate information return for each payment of reportable gambling winnings, a payor may use the aggregate reporting method to report gambling winnings from bingo, keno, or slot machine play on a daily basis. An information reporting period is...

Nondeductible contributions create basis If a governmental unemployment compensation program is funded in part by an employee's contribution that is not deductible by the employee, then any amount received by the employee under the program is not taxable until the...