Sports teams and their owners are being targeted by a new IRS campaign, as the agency ramps up its efforts to audit partnerships using an infusion of funds from the 2022 tax-and-climate law.
The IRS Large Business and International division recently announced the campaign, saying it plans to look into whether the income and deductions of sports-related partnerships with large losses are reported in compliance with the tax code. The agency hasn’t named specific teams in this latest push on partnership audits.
The IRS received tens of billions of dollars as part of the Inflation Reduction Act, and the ...
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