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According to a Friday report from the Bloomberg news service, the decision was revealed via an internal memo from the federal authority and could result in the two daily fantasy sports behemoths becoming liable for millions of dollars in unpaid taxes and late payment fees.“We are excited by the opportunities this agreement presents and look forward to working alongside their team in the months to come.2 billion in such duties in 2018 alongside around 5 million in total revenues....

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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.”Partnership perks:Red32 has also joined the supplier’s Daily Drop Jackpots Network, which allows it to offer the studio’s exciting daily and hourly jackpots to players. The domestic industry as a whole purportedly generated about ....

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The lawyer purportedly detailed that daily fantasy sports operators could furthermore be hit with late payment penalties for taxes they didn’t previously pay.“The company is among the UK’s biggest names and its premium quality customer offering fits perfectly with our industry-leading portfolio.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....

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