Avoiding Floor Decisions

A number of people, especially my poker friends, have asked me why I would want to be a tax accountant. It does seem like an odd shift from professional poker player to tax accountant, at least on the surface. The bottom line is, of course, I am doing it because it is what is best for my family and me. That being said, it strikes me that there are a number of similarities in what is required of the two professions.

Some of these similarities are focus, persistence, attention to detail, willingness to work long hours, the seasonal nature (yeah, I want June to be my off season for a reason), and customer service (oh, that was really unlucky sir, so sorry.)

I think the single most important skill for both professions is knowing the rules. Both professions are all about that, and the Special Enrollment Exam series was all about that for the tax profession. More important than knowing the rules is making sure that you follow them in a way that minimizes the possibility of a floor decision. After all, a floor decision could be against you, so you might as well try to avoid the situation all together.

This, as an Enrolled Agent, is what I want to do for my poker customers: Make sure the rules are followed and try to avoid having floor rulings even come up. When they do come up, I can argue about the application of the rules if the ruling is unfavorable.

Good luck at the tables. If you keep your records straight and follow the rules, you will not need good luck with the IRS. If you do not know how to follow the rules, please consult a tax professional.

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