Tax Expert and Advisor Barry G. Fowler Talks About The IRS and Olympic Winnings
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions reveals the typical winnings that the IRS gains in income taxes from the top U.S. Olympic winners.
Houston, TX – September 26, 2016 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “IRS Wins Big at 2016 Summer Olympics.” During the Olympic athletic competitions, the last thing on anyone’s mind is likely the IRS. However, Mr. Fowler highlights how the IRS wins whenever America wins big at the Olympics.
Fowler writes, “With the exciting 2016 Summer Olympics not too far behind us, the thrill of victory for the American athletes may be diminishing slightly.” He continues adding, “What’s probably coming up for many of them though is the tiring topic of taxes. Just how much of their wins will they have to turn over to Uncle Sam?”
According to Fowler, “The IRS considers any prize money as taxable income.” He adds, “It doesn’t matter whether you hit the jackpot in Vegas, win a Nobel Prize or Olympic Silver, Bronze or Gold.” And that’s not all says Fowler. “In addition, the United States Olympic Committee awards Olympic athletes who place in the top three spots a bonus— $25,000 for gold, $15,000 for silver and $10,000 for bronze.”
The entire article can be read at https://www.taxationsolutions.net/irs-wins-big-at-2016-summer-olympics/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.