By Fiona Simmons

Featured

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

October 20, 2020

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 […]

By Fiona Simmons

Legal

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

October 4, 2020

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 […]

By Mike Johnson

Cryptocurrency

IRS Wants to Trace Anonymous Crypto Tokens Such as Monero

September 15, 2020

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 […]

By Fiona Simmons

Sports

DraftKings & FanDuel May Face Millions in Excise Tax Annually

August 15, 2020

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 […]

By Fiona Simmons

Legal

AGA Urges for Update of “Outdated” Jackpot Reporting Threshold

May 21, 2020

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 […]