February 01, 2016
The Journal of Accountancy published an article about taxing Fantasy Football winnings, co-authored by Tax & Business Services Director Donald Zidik.
How to report clients' fantasy football winnings. With tens of millions of people playing, CPAs need to be prepared to answer clients' tax questions.
The Super Bowl is just around the corner, bringing with it a formal end to the NFL season-and to the fantasy football season. But while everyone will absolutely know which team is the best in the world after Sunday's game, many fans will still be wondering something else: Just how do I report my fantasy earnings or losses on my taxes?
It's not a trivial question. The Fantasy Sports Trade Association recently estimated that 56.8 million people in the United States and Canada played fantasy sports in 2015.