DraftKings (DKNG) is in the spotlight following an internal IRS memo suggesting that daily fantasy sports (DFS) operators will have to pay tax on their entry fees.An IRS Chief Counsel Memorandum determined that DFS entry fees are taxable wagers, writing: “A DFS entry fee is a wager of money by the participant with respect to a sports event or contest placed with a person engaged in the business of accepting such wagers.”It also stated that if a DFS operator is liable to pay excise taxes on wagers, then each DFS operator is liable to pay the occupational excise tax and …read more
Source:: Yahoo Finance
