July 7th, 2015 → 2:18 pm @ Lance R. Drury // No Comments
Winning at Vegas and casinos around the country, the racetrack, bingo or your friendly football or basketball bets are supposed to be reported to the IRS. Currently, if you play the slot machines and win a jackpot of $1200 or more, the machine will shut down until a representative arrives with the appropriate tax form.
It is not clear yet if the IRS is going to lower the slot machine and bingo winning threshold to $600 or not. That is a proposal that was heard on Wednesday, June 17th. According to an article in The Review Journal, “Geoff Freeman, president and chief executive of the American Gaming Association, told a panel of IRS and Treasury Department officials the proposal is ‘far more complicated, onerous and unproductive’ than the government may have understood. Freeman said the change won’t necessarily bring in a lot more money to the government but it would create a big burden “for everyone involved, including the IRS.”
Gamblers looking for a little fun may change their minds if they are forced to have IRS mandated electronic tracking cards keeping track of every move. That is part of the proposal. It could change everything related to gambling as we know it. The IRS is always looking for more ways to get access to taxpayers’ money. Nothing kills the thrill of a night at the casino or the bingo hall like knowing the IRS is looking over your shoulder. If this goes through, the IRS has to understand it is risky business.
Tags: CPA, Financial Advice, retirement advice, retirement information, Tax Advice, Tax Information, Tax Tips
