Message from MGT regarding FanTD Tax Reporting:
We spoke to MGTâ€™s CFO. This is his official stance as of now:
We will be reporting NET winnings. Our auditors gave us incorrect guidance.
A fuller explanation and an apology will be posted in the morning.
We are sorry that this issue has escalated, but we appreciate your feedback.
MGTâ€™s CFO has engaged the most senior tax partner of our public audit firm. The research has been ongoing to ensure the proper treatment of gross versus net.
The preliminary findings have been unfair to our players, however, when it pertains to the IRS, fair does not matter. We assure you that we will do what is correct. We will have the final answer by tomorrow morning.
In the meantime, we know that passion fuels our business and we respect this conversation.
If you have any specific questions regarding this policy, we encourage you to contact the CFO of MGT, Robert Traversa.