February 08, 2016
The San Francisco Chronicle quoted Tax & Business Services Director Donald Zidik, citing a technical paper he co-authored, in an article about taxation of fantasy sports winnings.
By Kathleen Pender
As football season winds down and tax season gears up, it's a good time for fantasy sports enthusiasts to think about how they should report their winnings to Uncle Sam.
The federal Unlawful Gambling Enforcement Act of 2006, which prohibited financial transactions for online gambling, exempted fantasy sports games that meet certain criteria on the theory that they are predominantly games of skill.
But private letter rulings "are only legally binding for the taxpayer who requested it," said Donald Zidik, a director with Marcum LLP. They cannot be used as a precedent by other taxpayers.