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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.
New Racing UK free-to-watch show -
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Microgaming QuickFire enters Coloumbia -
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Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
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Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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