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Is the IRS Watching Your Betting End Zone?
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Subscribe25 SEP 2024 / ACCOUNTING & TAXES
The IRS is reminding American taxpayers of the severe legal consequences of illegal gambling in the midst of an increase in sports betting, exemplified by 68 million people wagering $23.1 million in last year's Super Bowl. The IRS Criminal Investigation unit, with a 90% conviction rate, is particularly focused on such activity, having launched 151 probes into illegal gambling from 2020 to 2024, leading to 71 convictions related to $178.8 million in illegal activity and resulting in an average prison sentence of just over two years.
Football season is back, and the betting fever is rising. But before placing that next wager, remember that not all bets are created equal. The IRS is reminding taxpayers that illegal gambling can lead to serious consequences, including criminal charges....
Until next time…
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