Five-Card Withhold ’Em


On the heels of a Tax Court decision that held a poker tournament to be a wagering activity subject to IRC § 165 gambling loss limitations (Tschetschot v. Commissioner , TC Memo 2007-38, appeal pending in Eighth Circuit, filed 9/7/07, docket no. 9498-03), the IRS has issued a revenue procedure specifying that casinos and other sponsors of poker tournaments must report winnings of more than $5,000 and withhold 25% tax. The IRS will waive liability for additional tax or additions to tax for withholding violations under the section, provided that tournament sponsors meet all information reporting requirements. Rev. Proc. 2007-57 is effective for payments made on or after March 4, 2008.

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

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Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.