While the advice below may be good, I would not suggest that it is 100% reliable. The bottom line is that there's no good way to avoid some of the problems that are encountered.
When I played blackjack and counted cards, I started out not giving my name to pit bosses who wanted to rate my play, and my experience was that I was barred more then than later on, when I got a players' card and used it. Non-card counters play with an expectation of earning comps, and advantage players should attempt to play like those who are NOT advantage players in every way that doesn't cost them money, and once in a while even then (but with full awareness of the cost). VP may be a little different from the casino's perspective, but if you're playing any significant amount, it's not unusual to be approached by a host, and if you're trying to avoid identification, that may well set off their radar.
If you get a good accountant or attorney, I would expect they will advise you to pay taxes in accordance with the law, and regardless of whether or not you generate tax forms. Like any advice, you are free to follow it or not, but don't expect them to file a false return for you knowingly, or to defend you cheaply when you've already disregarded their advice.
Most people on this listserve apparently do not report gambling income that does not generate forms, and failure to report income can be a VERY serious offense -- while most probably don't get caught, if you do get caught, you may be in serious trouble. The best advice I've received for how to handle things if you don't do something you should on your taxes (whether it's failure to report all gambling income, failure to pay taxes for household help, or any such matter), and get caught, is to say "really -- I didn't know that -- what do I have to do to make it right?" -- and hope they only hit you for back taxes, interest, and penalties, since, if they have sufficient evidence, they can make a criminal case (translate: jail). I'm sure this doesn't happen often, but if you're the one they decide to make an example of, the financial and non-financial costs will be substantial, win or lose.
Unfortunately, unless you are in a state that allows income to be offset by losses (many states do not allow this) and unless you can file as a professional gambler, the tax laws, if complied with, will take away any edge you can get against the casinos, if you in fact can get an edge at all, and will cause you to share your meager winnings with the government.
--BG
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1f. Re: The "tool box" for pros in 2014?
These days if you're playing a machine with a known overlay, you should probably decline tracking, just as you should probably decline tracking at a table game where you know there is an overlay, due to card flashing or whatever. The problem is that the penalty for getting tracked probably way exceeds the small rewards you can get off the card. Also there's the issue of taxes. Even if you're not generating W2G's, if you're getting tracked you might just get an audit when you thought you could fly under the radar. Of course if you're generating W2G's or SAR's, then you are getting tracked anyway. W2G's kick in at $1200 payoffs, SAR's are undefined but certainly at $10k accumulated and if they suspect you of "structuring" at any amount. You might consider getting a good accountant and a good lawyer beforehand, ones experienced in gambling issues. Jean Scott has talked about her accountant, and numerous lawyers have appeared on the GWAE radio show.
