Posts Tagged ‘jared duncan’

Employee Spotlight – Jared Duncan

Jared DuncanJared Duncan served an internship at Sponsel CPA Group in 2012 while attending Marian University. Based on his very successful stint, it was no surprise when he was tapped to join the firm on a full-time basis in January 2013, after earning his bachelor’s degree in Accounting. His diligence in the Tax Services department resulted in his being promoted to a Senior staff accountant position.

Jared performs a variety of tax compliance and consulting services for individuals, businesses and nonprofit organizations. He also provides various tax planning and projection services from clients across a broad spectrum of industries. Jared is a CPA and a member of the Indiana CPA Society and Young Professionals of Central Indiana.

Jared was raised in Whiteland, Ind., and now lives in his hometown with wife Shae and their 2-year-old son, Rhett. An avid outdoorsman and athlete who played football in college, he enjoys hunting, fishing and camping, and playing all manner of sports in his spare time.

Tax Impact of Playing Daily Fantasy Sports

Jared DuncanIf you’ve turned on your TV recently, chances are you’ve seen an advertisement for DraftKings or FanDuel, two of the most popular daily fantasy sports gaming sites. Daily fantasy sports (DFS) are similar to regular fantasy sports, with the main exception being that the contests are held over a much shorter time frame.

Most online gambling and sports gambling in the U.S. is illegal. However, fantasy sports sites claim their contests are legal under a federal law exemption whereby fantasy sports are considered a “game of skill” rather than a “game of chance.”

As these sites have grown in popularity, some states are beginning to challenge the legality of daily fantasy sports within their jurisdiction. Here in Indiana, Republican State Representative Alan Morrison says he plans to revisit a bill he introduced earlier this year.

As tax season inches closer, one question that frequently arises is, “What are the tax consequences associated with playing daily fantasy sports”?

If you are a profitable DFS player and win more than $600 during the year, then you and the IRS will both receive a Form 1099-MISC reporting the income. The income listed on this form should be included by the taxpayer as income on their Form 1040.

The income on Form 1099-MISC is calculated by daily fantasy sports sites with the following formula: Income = (Winnings – Total Entry Fees) + any Bonuses/Rewards.

This is a formula players should keep in their records so they can track their income and plan for any possible tax reporting at the end of the year. As shown in the formula, entry fees are deducted in determining taxable income, but you may also be eligible for more deductions depending on the frequency of play and your individual tax situation.

If you are a casual DFS player, the most common scenario would be claiming any other applicable expenses and losses as a miscellaneous itemized deduction on Schedule A. The caveat is that in order to obtain a deduction for miscellaneous expenses, they must exceed 2% of your adjusted gross income.

Another potential option would be to report the income as business income on Schedule C. This option would allow a DFS player to directly deduct all relevant expenses such as site subscriptions, TV sport packages, internet and phone data. However, the only way a DFS player could report the DFS activity as a for-profit business (Schedule C) is if that player is in the trade of business of being a DFS player (i.e. business vs. hobby loss rules).

If you have any questions regarding the tax consequences associated with daily fantasy sports, please contact Jared Duncan at (317) 613-7848 or jduncan@sponselcpagroup.com.

Duncan featured in Indianapolis Star

One of our very own was recently prominently featured in The Indianapolis Star Sunday business section. The article published on July 27, “Senior accountant reaps rewards of hard work,” talked about how Jared Duncan went from being an intern at Sponsel CPA Group in 2012 to a staff accountant in the tax department to his recent promotion to Senior.

Jared also shared his thoughts on how he chose the accounting profession for his career, passing the CPA exam and advice for aspiring accountants.

“The exposure in the article was great because it gave me the opportunity to explain what makes Sponsel a unique and exciting place to work for. I was also pleasantly surprised about all of the calls and letters I received from Marian University alumni and many others who reached out after reading the article,” Jared said.

Three promotions

Sponsel CPA Group is proud of its record of recruiting top young talent, and then helping them develop their careers once they’re here. Outstanding performance is rewarded and valued.

So we are pleased to announce the following individuals have been promoted to assume additional responsibilities within our team of professionals. Congratulations to them all!

  • Amber Cash-Hoover, Senior Analyst, Valuation and Litigation Services
  • Jared Duncan, Senior staff accountant, Tax Services
  • Maulik Khatadia, Senior staff accountant, Audit & Assurance Services

Jared Duncan joins Sponsel CPA Group

Sponsel CPA Group is pleased to announce the addition of Jared Duncan as a staff member in the Tax Services department.

A recent graduate of Marian University with a B.S. in Accounting, Duncan has experience in tax preparation, valuation and forensic accounting. His duties will include preparing individual and business tax returns, tax projections and depreciation schedules.

Duncan is currently in the process of earning his CPA designation, and has already taken the first test section.

“We are always on the lookout for top young accounting talent,” said Partner and Director of Tax Services Nick Hopkins. “Jared impressed us with his drive, dedication and knowledge. He will be a valuable asset to our growing tax services team.”

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