The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of tax losses, as part of its reported crackdown on wealthy taxpayers.
On Jan. 16, the IRS announced the “Sports Industry Losses campaign” which is “designed to identify partnerships within the sports industry that report significant tax losses and determine if the income and deductions driving the losses are reported in compliance” with the agency’s code. The IRS provided no further information in the announcement.
