Daily fantasy sports companies like FanDuel and DraftKings must pay federal excise tax on their entry fees, the IRS has decided, in an internal memo that could cause a major shakeup in the industry. Legal sports wagers are subject to an excise tax of 0.25% on the amount wagered and an annual occupational tax of $50 for each person accepting wagers.
https://www.bloomberg.com/news/arti...ed-taxable-in-landmark-irs-memo?sref=aQce8n4n
- IRS says FanDuel, DraftKings must pay federal excise taxes
- Tax consequences could be “business-destroying”
https://www.bloomberg.com/news/arti...ed-taxable-in-landmark-irs-memo?sref=aQce8n4n
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