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Considerable consequences:Kate Lowenhar-Fisher from the Nevada law firm of Dickinson Wright reportedly told Bloomberg that such a state of affairs could be ‘potentially business-destroying’ in some jurisdictions as it would equate to a hefty 20% tax on revenues.In the United States and prominent daily fantasy sports operators FanDuel Group and DraftKings Incorporated could reportedly be in trouble after the Internal Revenue Service (IRS) ruled that such firms are to be required to pay federal excise tax on their entry fees. The lawyer purportedly detailed that daily fantasy sports operators could furthermore be hit with late payment penalties for taxes they didn’t previously pay....

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”Litigious lifeline:However, Bloomberg reported that the IRS’ latest stance on daily fantasy sports is at odds with the 2007 ruling from the United States District Court for the District of New Jersey in the matter of Humphrey v Viacom.Ample amount:The news service reported that the IRS now looks set to start defining these admission payments as sportsbetting wagers, which means that firms such as FanDuel Group and DraftKings Incorporated could see each entry fee subjected to a maximum 2% excise tax alongside an annual 0 charge for every person processing such transactions.In the United States and prominent daily fantasy sports operators FanDuel Group and DraftKings Incorporated could reportedly be in trouble after the Internal Revenue Service (IRS) ruled that such firms are to be required to pay federal excise tax on their entry fees....

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