Monday, July 26
The Latest in irs
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Industry

Gambling, Crypto Entrepreneur John McAfee Dead at 75

John McAfee, software entrepreneur, gambling fan and cryptocurrency promoter has allegedly committed suicide while waiting to be extradited from Spain to the US. He was expected to face charges of tax evasion, fraud and more, and the extradition order was just issued a day before his death. McAfee Rides a Wave of Success John McAfee […]
Gambling, Crypto Entrepreneur John McAfee Dead at 75
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Sports

Former Indians Crowe Sentenced to Probation and Restitution

Trevor Crowe, former outfield player of Cleveland Indians from the Major League Baseball (MLB) was sentenced Tuesday to serve 3 years of probation for declaring false tax returns and evading taxes related to illegal gambling. Evading Illegal Gambling-Related Taxes US District Judge Patricia Gaughan issued the sentence taking into account the guilty plea the former […]
Former Indians Crowe Sentenced to Probation and Restitution
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Industry

IRS: DFS Entry Fees Should be Subject to Federal Excise Tax

The industry of daily fantasy sports (DFS) is facing a significant threat to its very existence, a comprehensive analysis of recent developments outlines. And that threat comes from the internal revenue service (IRS) which came up twice for the last 4 months with statements that DFS represents wagering and should be subjected to federal excise […]
IRS: DFS Entry Fees Should be Subject to Federal Excise Tax
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Legal

Still No Action from the IRS and Treasury on Slot Jackpot Limit

The slot jackpot threshold for reporting to the IRS was established back in 1977. Any win, equal or greater than $1,200 needs to be reported with IRS Form W-2G by both patrons and casinos. Despite that the gaming industry urged for changes of the threshold, so far no actions were taken by the IRS or […]
Still No Action from the IRS and Treasury on Slot Jackpot Limit
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Blockchain

IRS Wants to Trace Anonymous Crypto Tokens Such as Monero

The Internal Revenue Service (IRS) is looking to trace Monero transactions and is currently conducting a call for proposals with $1 million allocated for fiscal year 2020. Giving Regulators the Tools to Trace Monero and Bitcoin While hackers demand hefty ransoms to unlock victims’ computers, Bitcoin has been crucial in finding anonymous cybercriminals who are […]
IRS Wants to Trace Anonymous Crypto Tokens Such as Monero
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Sports

DraftKings & FanDuel May Face Millions in Excise Tax Annually

A major shake-up for the daily fantasy sports (DFS) industry is looming after the decision by the Internal Revenue Service (IRS) that the entry fees for the competitions must be subjected to federal excise tax, threatening to affect large DFS and sports book operators such as DraftKings and FanDuel. An internal memorandum from the Office […]
DraftKings & FanDuel May Face Millions in Excise Tax Annually
By
Legal

AGA Urges for Update of “Outdated” Jackpot Reporting Threshold

Presidential executive order gives the U.S. gaming industry an opportunity to push jackpot reporting threshold to $5,000, AGA says. New Presidential Order an Opportunity for Gaming in the U.S. The American Gaming Association (AGA) has welcomed a new executive order by U.S. President Donald Trump and his administration, in which they propose to target needed […]