Posted by: Michael Hermes, Tax Senior
First, the good news. You’re the sole winner of the Powerball jackpot. Let’s assume it’s a cool $200 Million jackpot, and the lump-sum cash option is an even $100 Million.
Now, the bad news. Swept up in the excitement of collecting your jackpot, you’ve neglected to contact your accountant to properly plan for the windfall and the associated taxes.
As satisfying as being the recipient of a large windfall may be, it’s important to seek proper advice and plan so as to mitigate the tax bill as much as possible.
Read more about how to be prepared in the event of a cash windfall.
If you have questions on this, or any other tax or business related issue, please contact the experts at Zinner & Co.
