The football season has kicked off, and betting on college and NFL games is hotter than ever. Not to spoil the fun, but the IRS Criminal Investigation (IRS-CI) unit reminds taxpayers to gamble legally and report winnings on their tax returns even if they don’t receive a Form W-2G for gambling winnings. IRS-CI Chief Guy Ficco said, “special agents are continuing to monitor trends and using our expertise to root out criminal activity related to illegal gambling like money laundering and tax evasion.” In one recent high-profile case, the interpreter for a Major League Baseball player is accused of illegal bookmaking and stealing $17 million from the player to pay his gambling debts.
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