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Fantasy Sports Tax Rules: Don't Press Your Luck Against the IRS

(CPA Practice Advisor) - Although the law in this area is still evolving, the IRS has consistently maintained that Fantasy sports competitions involving money are a form of gambling and should be treated accordingly. It just reiterated this position in a new private letter ruling.


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What Is Network Congestion, and How Can You Work Around It? 
(How-to-Geek) - Congestion is never good. Whether it’s on the roads, in your lungs, or plaguing your home’s internet connection, it’s best eliminated. Here’s what you need to know about network congestion and what you can do to deal with it.

IRS Releases New Draft Instructions for Sch. K-2 and K-3 
(CPA Practice Advisor) - The redesigned forms and instructions give useful guidance to partnerships, S corporations and U.S persons who are required to file Form 8865 with respect to controlled foreign partnerships on how to provide international tax information.

Newly Merged Value Reporting Foundation Moves Forward on Standards 
(Accounting Today) -The group formed by SASB and the IIRC is developing ESG standards as financial regulators press for improved reporting.

US Jobless Claims Tick Up to 373,000 from a Pandemic Low 
(AP) - The number of Americans filing for unemployment benefits rose slightly last week even while the economy and the job market appear to be rebounding from the coronavirus recession with sustained energy.

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