Many taxpayers engage in gambling activities; from horseracing to poker to slot machines. We will discuss the tax professionals’ role in advising our clients regarding gambling gains and losses. The presenter will cover withholding on certain gambling winnings, information reporting for gambling, reporting and substantiating income and losses from gambling, reporting gambling activities that may be illegal under state or federal law, group wagering, and the special rules for professional gamblers. The presenter will also discuss the recent regulatory changes under section 6041 regarding reporting winnings from certain gambling activities.