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The Wall Street Journal

Tax Director Donald Zidik spoke with the Wall Street Journal about March Madness and the taxation of gambling winnings and losses.

Featured: Donald Zidik, Director, Tax & Business

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As March Madness gets under way, millions of people are grappling with critical questions: Can you trust Oregon? Which no. 5 seed will go down this year? Is a busted bracket tax-deductible?

The American Gaming Association estimates that more than 70 million Americans will wager $9.2 billion this year on the NCAA men's basketball tournament through office pools, Nevada sports books, illicit offshore sites and bookies, compared with $9 billion last year.

"The burden of proving losses falls on the taxpayer, while gambling winnings are often reported to the IRS," says Donald Zidik, a CPA with the accounting firm Marcum LLP in Needham, Mass.

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Featured
Donald Zidik

Director
Tax & Business
Needham, MA
 
 
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