American Gaming Association Release
_______________________________
4 MAR 2015
Yesterday, the Internal Revenue Service (IRS) issued
proposed regulations and an official Notice updating the tax
information reporting rules for players' slot winnings (as
well as keno and bingo). Notably, the IRS is considering
future additional regulations that could aim to reduce the
respective reporting thresholds from $1,200 to $600 on
gaming winnings. This potential policy change could create
additional burdensome and unnecessary reporting requirements
for our industry.
The official Notice:
http://www.irs.gov/pub/irs-drop/n-15-21.pdf
IRS Proposal's Impact on Gaming
The IRS's proposed regulations currently do not alter
commercial casinos' reporting thresholds from the existing
levels for winnings from keno, bingo and slot machine play
(other than electronically tracked slot machine play).
However, the IRS may consider future additional regulations
that could reduce the reporting thresholds. The IRS will be
accepting public comments over the next 90 days regarding
current threshold levels, and considering whether amounts
should be uniform for bingo, keno and slot machine play. The
AGA Tax Working Group, comprised of senior tax
representatives from AGA member companies, will submit
comments to the IRS on behalf of the industry.
The official IRS documents:
https://www.federalregister.gov/articles/2015/03/04/2015-04437/information-returns-winnings-from-bingo-keno-and-slot-machines
or
http://goo.gl/5jmqJf
AGA's Summary:
https://gallery.mailchimp.com/03373c05c46b5e9a6eb445537/files/AGASummary_IRS_Notice_03_04_15.pdf
or
http://goo.gl/7H8Qbf
Posted by: vpFREE3355 <vpfree3355@gmail.com>
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