Sports Team Owners Face New Scrutiny From IRS Over Tax Avoidance

Photo: Exterior, United States IRS building, Washington, D.C. 2008. Photo credit: Carol M. Highsmith / Library of Congress. No known restrictions on publication. Article by Robert Faturechi, Ellis Simani and Justin Elliott. ProPublica – May 2, 2024.

The IRS has launched a campaign to examine whether wealthy taxpayers are violating the law when using their ownership of sports teams to save large amounts in taxes. The effort will focus on sports industry entities that are reporting “significant tax losses” to “determine if the income and deductions driving the losses” are lawful […]

Click here to view original web page at www.propublica.org