In this episode of On The Rail podcast, we sit down with CPA Greg Tambke to discuss the sometimes complicated intersection of taxes and the horse industry. We explore topics such as the IRS's beliefs around horse businesses verses hobby ventures, the frequency of horse industry-related audits, and what expenses amateurs can write off.
We also dive into the nuances of reporting income from horse related winnings, including how to handle situations where a trainer is paid for the horse's winnings, but you're the one getting the tax bill. Other topics include whether non-cash prizes require a 1099 form, tax tips for amateur horse owners, and common mistakes that professionals in the industry make when trying to write off expenses.
Finally, we discuss the importance of finding an accountant who truly understands the horse industry and can provide informed guidance on tax matters specific to the industry. Join us for an informative and eye-opening conversation on the complex world of taxes and horses.
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Gregory A. Tambke, CPA
Greg was an Assistant Regional Inspector General with the United States Department of Health and Human Services (HHS), Office of Inspector General (OIG), Office of Audit Services (OAS). In this capacity, Greg directed the efforts of Senior Auditors and staff auditors in completing the agency’s mission: to detect and prevent fraud waste and abuse in the HHS programs. Greg had extensive experience in performing audits of the pension plans of Medicare contractors and has also conducted numerous reviews of various Medicaid issues.
Greg joined the HHS/OIG/OAS in 1988 and was promoted to Senior Auditor in 1998, and to Assistant Regional Inspector General in 2001. During his career, he won numerous awards including the Inspector General’s Bronze Medal for the outstanding Audit Manager of the year in 2006. Greg retired from HHS/OIG/OAS in 2021 after 32 years of service.
Greg is also a CPA licensed in the state of Missouri and is a partner in Tambke & Tambke LLC, Certified Public Accountants. Formed in 1990, Tambke & Tambke LLC specializes in small business and farm tax preparation.
Greg received his B.S., with a dual major in Accounting and Economics, and his M.B.A. from Lincoln University in Jefferson City, Missouri.