DFS Accounting

DFS Accounting
Fantasy Sports · DFS Accounting

DFS Accounting is a company offering a suite of services to make your life easier when handling the financial aspects of daily fantasy sports. Offering a wide variety of accounting and preparation services, this highly-reviewed service is a great way to make sure you're keeping on top of your taxes and earnings from DFS, sports betting, and more!

CONTENTS

DFS ACCOUNTING OVERVIEW

DFS Accounting Services offers one motto: “We're Players, Investors, Gamblers and Bettors just like you!”

DFS Accounting Services is a registered and licensed CPA firm with both the AICPA and IL CPA Society. This consulting and advisory firm has twenty seven years of accounting experience. The firm’s focus is on providing tax and consulting services to both casual and professional sports bettors, fantasy sports players, gamblers, and cryptocurrency investors.

These industries have become very competitive, growing industries in the United States that can offer large payouts. DFS Accounting touts that a big benefit of using their services is that they also bet, play, gamble, and invest themselves.

SPORTS BETTING TAX PREP

W2-G FOR GAMBLING WINNINGS

For those not yet in the know, you have to report any gambling winnings over $600 to the IRS on a W2-G. Dealing with taxes and documents can be incredibly tricky, so DFS Accounting offers a free tax consultation and will help with filing taxes and paying what you owe on your winnings.

It's always a good idea to reach out to the sportsbooks or other iGaming services that you bet on, because every operator will have a different threshold for withholding federal taxes. You may even get a W2-G for a single bet if the threshold is high enough for the operator, which is why services like the tax prep services offered by DFS Accounting are so important.

1099-K FOR THIRD PARTY PAYMENT ENTITIES LIKE PAYPAL

When you use an online wallet like PayPal to fund your bets, you'll likely hit the minimum reporting threshold for a 1099-K. DFS Accounting can help you navigate this process as well, as there are some complex requirements for filing. States have different requirements for filing such a document, which is why DFS Accounting suggests that you reach out to their tax advisors in order to get these documents filed.

HINTS ON CLAIMING SPORTS BETTING WINNINGS FROM DFS ACCOUNTING

Tax preparation services exist because of the complexity of doing taxes in the US, and when you're raking in some money on legal online sports betting or other forms of legitimate gambling, services like DFS Accounting are a must-use. It's always a good idea to spend the extra money on a prep service, especially if you are required to report gambling earnings. DFS Accounting also offers the following advice for bettors filling out their taxes:

  • Keep a spreadsheet to keep track of your bets and earnings: you'll likely be issued more than one W2-G, and the IRS will want to know how long your "gambling sessions" were, even if you're not betting at a physical casino. This can be tricky, so DFS Accounting recommends that you set your sessions as "yearlong". However, it's a case-by-case issue, so it's best to have the expert advice of a professional.
  • Do claim all income reported on a W2-G and a 1099-K; this is the best way to avoid headaches from the IRS.
  • Sportsbooks and other online gambling sites will have an annual transaction history associated with your account. Download this file (usually a .csv) and use a record keeping service like Pikkit.

DFS ACCOUNTING SERVICES

DFS Accounting is a service that can be used when faced with a big payout, which will then become a large tax responsibility. The firm will focus on taxes and recordkeeping for its clients, so they will not have to worry about those responsibilities. The firm also specializes in the Cryptocurrency market. So, if clients have documents related to crypto investments or compensation, they can handle that too.

TAX TREATMENT DETERMINATION

DFS Accounting offers tax treatment determination services. This service can help users find the tax treatment that will be most advantageous and profitable for them. 

There are a few different ways for fantasy sports players, sports bettors, and gamblers to report the income they earn as well as the expenses they incur. However, the tax treatment they choose can determine whether they will receive a large amount in tax savings.

DFS Accounting offers a proprietary questionnaire to help users determine the right course of action for them when it comes to their tax treatment. The client will then receive a PDF that should be easily understandable for a CPA to use when preparing a tax return. This is along with a personal consultation with one of DFS Accounting’s advisors.

If the client completes the tax treatment determination with DFS Account, they can also have the company prepare their tax return. The $150 the client has already paid for DFS Accounting tax treatment determination services can be applied against the cost of the tax return preparation fee.

TAX RETURN PREPARARTION

DFS Accounting has numerous CPAs who are experts in tax preparation. They specialize in tax preparation for sports bettors, fantasy sports players, as well as Cryptocurrency investors.

The preparation fees for the tax return are custom tailors to each individual client. Interested clients can complete the tax return estimator on the DFS accounting website to get a fast determination of their tax preparation fee. Once the form is completed and submitted, one of the tax experts from the site will then reach out to the interested client within 48 hours to discuss this individual fee assessment/estimate.

RECORDKEEPING

DFS Accounting Services also offers recordkeeping services. These services are able to provide daily, weekly, monthly, or even quarterly income and expense results along with total cash on hand.

Tracking expenses in these areas, like monthly advice column fees, cable sports package subscriptions, investment research, can be advantageous come tax time. Their recordkeeping service fee is based on the frequency of the reports being provided as well as the volume of transactions that need to be recorded.

If the fee ends up being determined to be higher than was originally quoted to the client, the client will be advised of this before any services are performed.

DFS offers three different recordkeeping plans: Basic Recordkeeping, Advanced Recordkeeping, and Professional Recordkeeping. 

Basic RecordKeeping: This service is $150 per month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of 15 transactions in QuickBooks reported monthly.

Advanced RecordKeeping: This service is $225 a month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of 30 transactions in QuickBooks reported monthly.

Professional Recordkeeping: This service is $350 a month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of up to 45 transactions in QuickBooks reported weekly. Users will also be provided financial statements weekly and monthly.

FREE CONSULTATION

DFS Accounting also offers a Free Tax Consultation service. This service is available to all sports bettors, fantasy sports players, gamblers, as well as Cryptocurrency investors. Because each tax situation for each potential client can be different, the certified accountants will go through each situation to see what works best.

Interested clients can fill out a form on the website to get started with their free consultation. Then the certified accountants at DFS Accounting will review the provided information and contact the interested client at a time arranged between the two.

DFS ACCOUNTING FAQ

You have now learned a lot about DFS Accounting and its services. However, you may still have some questions about the company. This frequently asked questions section should help address any lingering questions that you have about DFS Accounting.

WHO SHOULD USE DFS ACCOUNTING?

DFS Accounting is an accounting firm that specializes in helping fantasy sports players, gamblers, sports bettors, and Cryptocurrency investors.

WHAT SERVICES DOES DFS ACCOUNTING OFFER?

DFS Accounting offers Tax Treatment Determination, Tax Return Preparation, and Recordkeeping services. In addition, interested clients can also receive a free consultation from the company.

WHAT KIND OF RECORDKEEPING PLANS DOES DFS OFFER?

DFS offers three different recordkeeping plans: Basic Recordkeeping, Advanced Recordkeeping, and Professional Recordkeeping. 

Basic RecordKeeping: This service is $150 per month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of 15 transactions in QuickBooks reported monthly.

Advanced RecordKeeping: This service is $225 a month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of 30 transactions in QuickBooks reported monthly.

Professional Recordkeeping: This service is $350 a month. Users will receive tracking of income and expense in their own QuickBooks file. They will also receive a recording of up to 45 transactions in QuickBooks reported weekly. Users will also be provided financial statements weekly and monthly.

DFS ACCOUNTING CONCLUSION 

If you are a fantasy sports player, sports bettor, gambler, or Cryptocurrency investor, it could be worth it to look into DFS Accounting. These areas have become booming industries in the last few years and people are earning more money from them than ever before. With these new earnings comes new tax requirements that average people may not understand.

So, it could be a good idea to look into the services offered by DFS Accounting come tax season. Or, if you are an avid fantasy sports player, gambler, sports bettor, or Cryptocurrency investor, it could be worth it to look into their recordkeeping services year round. And, because there is a free consultation, it’s pretty easy to see if their services are right for you.

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