Sports Partnerships With Big Tax Losses Eyed in IRS Campaign (1)

A new IRS campaign is looking into sports industry partnerships with large tax losses to see whether they are properly reporting income and deductions.

The IRS’s Large Business and International Division launched the Sports Industry Losses campaign to identify which partnerships in the sports industry have reported significant tax losses and whether their income and deductions are reported in compliance with the tax code.

The campaign comes as the IRS ramps up partnership audits more broadly, with a new unit dedicated to auditing partnerships and other pass-through entities.

• A 2021 ProPublica report on massive tax breaks enjoyed by sports team ...