Tag: IRS

Notes: IRS priorities, sports owners taxes, the cost of steel beams

It’s bad news all around. Well, okay, at least one thing is kind of funny if you aren’t a sports team owner.

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Let’s do a Friday roundup based on the idea that the return of Donald Trump to the White House means some potential changes are in store on the sports side of things. None of these issues are full-blown stories on their own at this point, but there’s something to watch for with each of them.

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Tax loopholes beloved by sports teams under IRS ‘scrutiny’

Maybe the first step toward closing a tax loophole that sports owners abuse every year.

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Let’s rewind to the summer of 2021 for a moment. A trio of ProPublica reporters published an extensive look at the legal tax loopholes that sports team owners used to, essentially, lie about their finances. The idea being that they could make a profit, but, by utilizing some tax loopholes, report the opposite, allowing them to not have to pay their share of taxes. And that kind of money adds up, whether you’re talking about what owners are allowed to pocket, or the money that should have gone into the federal government’s coffers. Maybe there would be more money around for repairing the country’s failing infrastructure if the wealthiest actually paid their portion each year!

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