The IRS is coming for players’ gambling winnings
A new report is shining light on a problem at the IRS that could impact millions of those who enjoy gambling: a huge gap in tax collections and compliance when it comes to unreported winnings. The amount? $13.2 billion.
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Sports betting and online gambling in the U.S. has increased in recent years. To address the revenue that might be left out due to underreporting, the Treasury Inspector General for Tax Administration (TIGTA) audited the IRS for signs of missed gambling winnings.
The results of this audit have prompted the IRS to take action to improve compliance. Which taxpayers are affected and what steps will the tax agency take?
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