https://etacpas.com/ Take a look at our recent blog posts and client newsletter articles. en-us Tue, 01 Apr 2025 09:00:00 +0000 Tue, 01 Apr 2025 09:00:00 +0000 https://www.etacpas.com/newsletter.php#3 Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability. Tue, 01 Apr 2025 09:00:00 +0000 https://www.etacpas.com/newsletter.php#3 https://www.etacpas.com/newsletter.php#1 If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general rule. But don’t be hasty: Failure to keep a paper trail for the information reported on a tax return could lead to problems if the IRS audits it. Tue, 01 Apr 2025 09:00:00 +0000 https://www.etacpas.com/newsletter.php#1 https://www.etacpas.com/newsletter.php#2 Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at least catch them before they go on very long. Tue, 01 Apr 2025 09:00:00 +0000 https://www.etacpas.com/newsletter.php#2