IRS | Weekly IRS Roundup October 19 – October 23, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 19, 2020 – October 23, 2020.October 20, 2020: The IRS released Announcement 20-40 regarding the effective date of the termination of the shipping agreement between the United States and Hong Kong……By: McDermott Will & […]

IRS | Gaming & Hospitality Legal News, Volume 12, Number 14: Internal Revenue Service Makes Determination Regarding Tax Liability for Daily Fantasy Sports Operators and Potential Write-Offs for Players

In recent months, the Office of Chief Counsel of the Internal Revenue Service (“IRS”) has published guidance concluding that Daily Fantasy Sports (“DFS”) contests are wagering transactions for U.S.federal tax law purposes.The IRS conclusions were not surprising, based on long-standing federal tax law authorities.On July 23, 2020, the IRS issued Legal Advice by Associate Chief […]

IRS | Internal Revenue Service Makes Determination Regarding Tax Liability for Daily Fantasy Sports Operators and Potential Write-Offs for Players

In recent months, the Office of Chief Counsel of the Internal Revenue Service (“IRS”) has published guidance concluding that Daily Fantasy Sports (“DFS”) contests are wagering transactions for U.S.federal tax law purposes.The IRS conclusions were not surprising, based on long-standing federal tax law authorities.On July 23, 2020, the IRS issued Legal Advice by Associate Chief […]