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IRS proposal to change HandPay Jackpots to $600
Monday March 9,2015 : U.S. CASINOS FIGHT I.R.S. ATTEMPT TO LOWER WIN REPORTING THRESHOLD
American players who win $600 or more on slots, bingo and keno may now be required to report the windfall to the taxman.
US land casino companies, backed by the American Gaming Association, are lobbying against an IRS proposal to change the tax code in order to lower the threshold for gambling win reportage.
The current threshold of $1,200 has been in place for the past 40 years despite inflationary trends, but the taxman wants to cut it by half, requiring casinos and players to report wins on slots, keno and bingo of $600 or more as taxable income.
The AGA claims that the change is unwanted and unnecessary; creating additional administrative burdens that could place the gambling industry at a competitive disadvantage with other forms of entertainment.
The US taxman currently requires land casinos to lock machines where a win in excess of $1,200 has been made ($1,500 in the case of a keno jackpot) until tax reporting documents are completed, after which the game is reset.
By chopping the threshold in half, there will be more machine stoppages whilst staff fills out the necessary forms on the player wins.
Eric Schippers, senior vice president of public affairs for Penn National Gaming, which operates 29 casinos across America, said: “This would have a very negative impact on business. If anything, the reporting threshold should be increased to account for inflation.”
The changes are at present only a proposal, with interested parties invited to comment within the next 3 months.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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