The taxation of prizes, gifts and awards has a long and fascinating history. Learn all about it in Canopy's new CPE course.
1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
Is it a gift, a prize, or an award? That’s the question!
The IRS would like the taxpayer to receive a prize or an award because that’s taxable income. The taxpayer, on the other hand, would prefer to receive a gift because that isn’t taxable income.
The taxation of prizes, gifts and awards has a long and fascinating history. Our current tax principles of the receipt of prizes, gifts and awards is the outcome of many significant court cases. In my new CPE course for Canopy, I discuss these important court cases and show how some of the early ideas about the taxation of prizes, gifts and awards have been completely overturned in later decades. Then we'll delves into employee achievement awards—taxable? Maybe!
Lotteries are always fun to talk about. We know that winning a lottery means you have ordinary income, but what happens if you win the lottery and then sell the income stream to someone else? Does the tax treatment change if you win a raffle? In the course, I also go over reporting winnings from gambling, including a relatively new type of gambling called fantasy sports.
After completing this course, you’ll be able to:
Course information:
Explore more of our recent Articles, User Stories, and Ebooks.
1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
Submit this form, and we will be in touch soon to give you a custom demo.
Set a time for one of our product specialists to give you a guided tour practice.
Leave a comment!