After 32 years of IRS work \u2014 and more than $100 million in resolved tax debt \u2014 I've seen just about every version of the problem you're dealing with. I'm Darrin Mish, a tax attorney in Tampa. Here's what you should know.<\/p>\n
Fantasy sports is big business, and the IRS is beginning to clamp down on winnings<\/a>. While New York seems to be the focus, fantasy winners all over the US might be in for a surprise when the noose tightens for them having to disclose their winnings on the following year\u2019s tax returns.<\/p>\n FanDule and DraftKings are about to hear from the IRS. They\u2019ll start taking a hard look at these sites and players who fail to disclose their earning may be in for a surprise. It just seems reasonable that the IRS will take a closer look when there are other federal agencies scrutinizing the new world of online gaming.<\/p>\n Individuals are also putting themselves at risk when they openly reveal the thousands, and sometimes millions, of dollars they\u2019ve won.<\/span> The IRS could be watching social media channels as well.<\/p>\n The best route to take is to be transparent and report any such earnings. Just think of it as a responsibility. Hire a tax attorney if you\u2019re a little shy about what to do with any earnings.<\/a> By staying in the loop and on the right side of tax law, you\u2019ll benefit in both the short and long run.<\/p>\n