Casinos
Our team of accounting professionals has skills and knowledge specific to casinos and the gaming industry. We serve our clients with comprehensive services as outlined below:
Outsourced Internal Audit
Our extensive experience in the gaming industry, including tribal gaming operations, as well as our background in providing client audit services, positions our firm to deliver efficient and effective analyses of the functionality of the all-important control environment within a gaming operation. We have developed an understanding of the design and implementation of a sound internal control structure, compliant with applicable regulatory requirements, based on assistance provided to various entities in their start-up phase where we have assisted with the system submission to the regulatory authority. This understanding has been further developed during the assessment of the effectiveness of those systems gathered during internal audits of gaming operations.
Income Tax Provision Calculations
We have assisted the accounting department in their preparation for the annual financial statement audit performed by external auditors. We have found this element of the year-end audit to be one which the in-house accounting department may not possess the requisite experience and understanding necessary to prepare the income tax provision. Our services augment the accounting department, eliminating the need to bring on additional staff, as well as addressing the need to address the conflict of interest concerns as regulated by Sarbanes Oxley which preclude external auditors from preparing the income tax provision analysis.
Consulting and Agreed-upon Procedures
Our firm’s breadth and depth of business experience provide us with the ability and tools to approach your gaming operation with the trained eye of an objective observer. Whether these services include revenue enhancement/expense reduction analytics, cash flow analyses, or due diligence engagements, our passionate and professional approach to your business concerns lead us to seek solutions that will address your operating issues.
Industry Insights
Roth IRA Conversion
During the pandemic, the value of many traditional IRAs dropped with the decline in the stock markets, so it may be time to consider a Roth IRA conversion. Lower income in the conversion year could also be a factor in this decision, since the conversion amount could...
Highlights of The Inflation Reduction Act of 2022
President Biden signed this bill into law on August 16. Here are some of the more interesting provisions. For more information about any of these items, please contact us. Revenue Provisions Corporate Alternative Minimum tax of 15% which applies only to large...
New Jersey Tax Updates: The Fall 2022 Edition
Sales Tax Holiday As we are approaching “back-to-school”, many states have enacted sales tax holidays. As New Jersey is one of the states, this means sales & use tax on certain retail purchases of computers, school supplies, and sport or recreation equipment are...
Taxation of Crowdfunding
Crowdfunding was created to kick-start the funding of a project. Previously if someone was interested in acquiring funds, they had only a few options to do so. Those options included: raising money from family and friends, taking out a loan, or trying to gather all of...
2022 Outlook – Money Watch
Economic & Market Outlook for 2022 Economy: The United Nations is forecasting global economic growth at 4.0% for 2022 while most forecasters have US GDP growth somewhere between 3.5 and 3.8%. These forecasts come in above the long-term trend but much lower than...
Taxation in the Cannabis Industry
As cannabis has become legal recreationally across various states in America, the question of taxation now comes into play. Various tax paradigms have been implemented where cannabis is legal that the NJ Legislature could adopt. These schemes include taxation by...