Thad Madden Tax Consulting

07/25/2025

Just saved a client close to $10,000 in penalties related to employment taxes under IRS reasonable cause criteria. This required extensive documentation and a detailed narrative for each request, but well worth the effort. Don’t go it alone.

07/11/2025

The biggest loser in the Big Beautiful Bill? Gamblers!

Starting in 2026, gambling losses are capped at 90%.

So even if you broke even, or lost some money, you’re still gonna owe tax.

For example, a professional gambler wagers $1,950,000 during the year and loses $50,000 - $950,000 won, $1M lost. Under the new law, he would only be able to deduct $900,000 of his losses, which leaves $50,000 in ghost income, fully taxable, even though he didn’t come out ahead.

Imagine paying the IRS taxes for losing money. Does that make any sense?!?!

This hits anyone who gambles frequently - poker players, online sports bettors, casino players, et al.

Most people won’t see this one coming until they file in 2027 and could be a real shock to the system for many.

06/02/2025

Record keeping and income allocation for NIL athletes (and all self-employed people).

05/27/2025

04/22/2025

https://search.app/pou485bTDFdN5HEdA

Yes, it’s that time of year again. Anyone earning a paycheck is now squirming as accountants and tax preparers scramble to meet the dreaded April 15 deadline. It’s a little like caveat emptor meets th...

04/19/2025

04/04/2025

https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/unpaid-taxes-are-the-next-wave-of-nil-complications

As the dust settles on the NIL explosion, Uncle Sam will be looking for his cut.

03/19/2025

Proud and excited to have received Enrolled Agent status allowing me to serve as power-of-attorney and represent taxpayers before the Internal Revenue Service. Don't go it alone.

Reach out at: [email protected] or (484) 757-8632

02/20/2025

I got to know Sonny Vaccaro over the past few years. Matt Damon played him in the movie “Air.” He was advocating for student athletes long before NIL became a thing.

Athletes.org is also doing great work in the NIL space.

https://www.instagram.com/reel/DGTnVbeBDrr/?igsh=amJoenp3dzRteWcw