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We are in the throes of tax season, yes, but there's another season afoot: March Madness. Basketball fans across the nation are glued to their television sets (or mobile devices), eager to see which team in the Final Four will triumph.
The American Gaming Association reports that nearly 40 million Americans wagered an estimated $2 billion in last year's tournament, according to an article by Jason Bramwell in AccountingWeb. Total wagering ran as high as $9 billion. So you can imagine that winning (and losing) on this or any sports betting has some tax implications.
With permission from the Illinois CPA Society, here's an infographic originally published by AccountingWeb for those who love a good wager to keep in mind when cashing in their winnings.
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Our People Make a Difference
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Shannon Bachara, CPA, serves as corporate secretary on the board of directors of Naperville CARES, a not-for-profit organization that helps local families in financial crisis meet their essential needs by providing emergency financial support and resources. This year Mathieson, Moyski, Austin & Co. is one of the sponsors of the 13th Annual Cuisine for a Cause which is being held the evening of April 30 at Navistar.
Guests can sample signature dishes and beverages from local restaurants as well as bid on live and silent auction items, including a trip to Puerto Vallarta, Mexico. Visit the Naperville CARES website for more information on this exciting community event.
Thanks to Shannon for her leadership and for representing Mathieson, Moyski, Austin & Co. in our community.
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Peter Flood has joined the MMA & Co. team, just in time for tax season. A graduate of Michigan State University where he studied economics, Peter brings experience in customer service at JPMorgan Chase and accounts receivables at AIT Worldwide Logistics. He is studying for the CPA exam this spring. In addition to completing his bachelor's degree within three years, Peter was a National Merit Scholarship semi-finalist and co-founder of his fraternity. He is also a member of the Lions Club International.
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If you see the lights on late into the evening at 211 S. Wheaton Avenue, you'll know it's because we're working around the clock to serve our clients during this, our busiest season. Thanks to those of you who have sent your good wishes (and food rations) during this hectic but rewarding time. We thank you as always for allowing us to be of service to you and continue to welcome your referrals.
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The Team at Mathieson, Moyski, Austin & Co., LLP
Mike Moyski, CPA
Ron Austin, CPA
Brett Mathieson, CPA
Brian Eisenmenger, CPA
Jim Mathieson, CPA, Of Counsel
211 South Wheaton Avenue | Suite 300 | Wheaton, IL 60187 | 630-653-1616
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