Say hello to Patrick Guinan, this month’s Member Spotlight volunteer! He has a passion for the NFL and PGA and his expertise lies in the Accounting and Tax industries. Patrick focuses on Daily Fantasy Sports winnings and Equine Accounting. Learn more about him and his involvement in the industry:
Name: Patrick Guinan, CPA
Company: Daily Fantasy Taxes
Location: Collegeville, PA
Tell us about yourself and your organization!
I am a tax CPA with 16 years in the Accounting and Tax industries who specializes in Daily Fantasy Sports winnings and Equine Accounting. I have prepared tax returns for an aggregate total of over $5 million in Daily Fantasy winnings so far. While I am base out of suburban Philadelphia, I service DFS clients nationwide and have prepared tax returns for nearly all US states. Prior to this I worked for the IRS as a Tax Examiner and Internal Revenue Agent and for a regional CPA firm. From these experiences, I had exposure to taxpayers of varying sizes up to a $100 million annual revenue construction company.
How did you get your start in the fantasy sports industry?
I have played in season long NFL and NHL leagues for years before DFS ever came into existence. I became interested in DFS after a losing NFL Season Long league. As I was perusing the RotoGrinders Forum, I noticed a lot of players had questions about the 1099-MISC forms they received from the DFS sites. Having a background in the Equine Tax industry, I noticed there were many similar tax issues to DFS as I was looking at the Forums. In particular, DFS players need to make a determination whether they should file as a professional or a hobby (casual) participant which is common in the Equine tax industry.
How many years has your organization been in business?
What made you decide to join FSTA?
For networking opportunities and to learn more about the fantasy sports industry.
What are you looking to get out of your membership with FSTA?
Long and short; more Daily Fantasy tax clients. I’m also looking for research and industry insights that would better serve the fantasy sports industry in my practice.
Where do you see the greatest opportunity for growth in the industry?
I feel there is a large, untapped market of people who would want to play Daily Fantasy Sports, but the undeserved, overhyped negative media attention the industry received during the latter part of 2015 put a clamp in it. I know many people personally who are avid season long NFL participants who are skittish about DFS. Hopefully, time will heal this undeserved wound.
Finally, what’s your favorite fantasy sport?
NFL with PGA a close second.
Thanks for sharing,Patrick! We hope to see you at the FSTA 2017 Summer Conference.
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