Casino The IRS wants to know more about your gambling Wins.

The IRS wants to know more about your gambling Wins.

The IRS is proposing changes to the reporting on certain gaming WINS.
They want to lower the reporting threshold of $1200 to $600 ... on slots, and bingo wins.
More paperwork for the customers and the casino. . And why?

Perhaps the IRS is looking to get more of their share ...

Story: Las Vegas Review Journal
.. IRS suggests dropping casino winnings threshold to $600 by Howard Stutz

Click here: IRS suggests dropping casino winnings threshold to $600 | Las Vegas Review-Journal

 

Well, I can't blame the I.R.S. for wanting their "Fair" Share, because the Patrons sure aren't Friggin getting Their "Fair" Share of Winnings!!!! LOL

 

in my opinion, the Casinos are already incorrectly collecting tax information on payouts of electronic table games such as roulette, craps and Especially popcorn craps. the IRS guidelines specifically say that table games withholding should not be done on any pay out unless it is at least 300 to 1 and that does not exist on the electronic roulette games or the electronic craps

 

Simpy tough, these are NOT table games. Correct?

 

If I understand your question correctly, Electronic table games are hybrids - they are not considered slots in that most do not have pure RNGs controlling the final outcome .... so if you look at the individual bet that paid-off over $1,200., it was probably due to something that was less than 300 to 1

 

How do you figure that?

 

Here is some more information on my post concerning the issue of the government wanting to change the threshold on some Gambling Wins.

This article from Gaming Today (IRS doesn't understand the reality of the casino - March 10, 2015 3:01 AM by GT Staff) sheds more light on the details of the proposal .

This interesting article's quote also has a "Trojan Horse" scenario: ...."While I like very much the notion of session reporting, I see the IRS notice as a “Trojan Horse” on two particular levels that could end in consequences neither the industry nor its patrons will be interested in. First, the IRS could simply say “if you can track play so easily now, why not reduce the reporting level to $600 or lower.” Second, “if you can track all play at lower levels of reporting, instead of reporting when there is a triggering event or a material session play, heck, why not just send an annual report in on all customers!”...

The article also mentions on how to send your comments on the proposal to the IRS.

Complete article:
Click here: IRS doesn't understand the reality of the casino :: GamingToday.com