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The IRS May Possibly Lower The $1200 Threshold To $600 In Regards To Landbased Casino Winnings

Discussion in 'CASINO NEWS' started by Mben, Jun 2, 2015.

  1. Mben

    Mben No Deposit Forum Admin Staff Member

    The national casino industry and its allies in Congress are trying to send a message to the IRS: Lowering the threshold for reporting slot winnings is a bad idea.

    Geoff Freeman, president of the Washington, D.C.-based American Gaming Association, said in a conference call today that about 13,000 people from across the country had spoken out against the potential threshold change. The IRS has been seeking public input on the possibility of someday lowering the amount at which casinos must report slot winnings from $1,200 to $600.

    The idea comes as the IRS considers changes that would “update and simplify” gaming-related regulations. The agency plans to keep the current slot winnings threshold in place for now, but it’s accepting comments on the feasibility of a lower reporting requirement.

    Casinos and gamblers don’t like the lower threshold because when winnings from a slot machine hit that $1,200 mark, the machine locks up until paperwork is filled out. Changing the level to $600 would mean more frequent lock-ups and therefore less revenue as more machines are inactive. It would also place a bigger burden on customers and casino employees, opponents of the idea say.

    “The IRS could soon force casino guests to more frequently fill out paperwork, which would severely undermine the customer experience,” notes a petition from the gaming association. “Further, this potentially burdensome requirement would cost states and cities tax revenues that pay for vital public services, such as teachers, firefighters and road improvements.”

    The gaming association says the petition has received about 10,000 signatures, and about 3,000 comments have been filed with the IRS. The IRS is accepting comments until Tuesday.

    Seventeen members of Congress also took aim at the idea of lowering the threshold in a letter to the IRS dated May 29. Nevada Reps. Joe Heck, Mark Amodei, Dina Titus and Cresent Hardy were among those who signed the letter.

    “We strongly believe the IRS should not consider any reduction of this reporting threshold, as any lowering from $1,200 would have significantly negative impacts on casino operations and customers,” the letter reads. “Any reduction in this threshold would dramatically raise costs to comply, decrease gaming revenue due to more frequent slot machine ‘lock-ups,’ and would greatly increase the burden workload for IRS.”

    Lawmakers in the letter also criticized the idea that casinos should use electronic player tracking technology to report winnings. The letter said businesses would incur significant costs and lost revenue to comply and that the change would create “disparate impacts” on the gaming industry. The IRS should instead consider an “opt-in” approach, lawmakers recommended.

    source
    irishgilly and Sookie like this.
  2. PMM

    PMM No Deposit Forum Moderator Staff Member

    Please say it isn't so. As a heavy land based casino player, I would for sure hate if I had to file paperwork for every $600 win. Believe it or not, $600 is not that hard to hit. $1200 is a "JACKPOT" $600 is not.

    Thanks for the article Mben.
    Mben and Sookie like this.
  3. slotgal47

    slotgal47 WELL KNOWN MEMBER

    It's hard to hit for me, lol! Will we ever be able to keep anything, they just want all our money! Ugh!!! Not going to say what I want to, somebody might be watching.

    :angry:#%*#%(#*!!!!
    Mben and Sookie like this.
  4. wyldgirl

    wyldgirl WELL KNOWN MEMBER

    When is the Government going to STOP expecting the people to keep paying them more of our money. Lets see this past year they have DEMANDED we get health insurance or pay fines. OMG if people can not afford the lowest standards of living you would think they would stop digging in our pockets instead of finding new ways to get more from us! Start focusing on these Large Corporations who have moved overseas. This has taken many jobs from US Citizens making it even harder for us to make ends meet. The Large companies move out so that they are paying even less in taxes and revenue. I say if a US Based company moves their production out of USA then they should get larger taxes when they bring their profits into the US!!
    I think 1,200$ is too low hell that is not even 2 months rent for most of us!
    irishgilly, Mben, PMM and 1 other person like this.
  5. Mben

    Mben No Deposit Forum Admin Staff Member

    You said it, sista! :above:
    irishgilly and Sookie like this.
  6. Sookie

    Sookie Mother of Cats

    Total :bull:
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  7. jewelnurse

    jewelnurse WELL KNOWN MEMBER

    I won $1300 the first night on Carnival Freedom Eagle slot on a bonus but only $1000 on one spin so did not have to pay taxes. Wrote my congressman re this new bill agree bunch of crap.
    irishgilly, Mben and Sookie like this.
  8. jewelnurse

    jewelnurse WELL KNOWN MEMBER

  9. jewelnurse

    jewelnurse WELL KNOWN MEMBER

  10. Sookie

    Sookie Mother of Cats

    Wow. Yup, that's what I was wondering about - we got A LOT of rain and now it's coming down to you guys.
  11. LuckyBonkers

    LuckyBonkers WELL KNOWN MEMBER

    I know what you mean. Playing quarter video poker machines when you get royal flush yikes the machine locks up and they have to pay you but first you need ID SSN and who knows what else these days, before they will pay you. They made my boyfriend back in 2001 go 40 miles to get his ID before they would pay him. He was well in his 30's.
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  12. Sookie

    Sookie Mother of Cats

    I'm certain them making him get his ID had less to do with verifying his age and more to do with verifying his identity.
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  13. irishgilly

    irishgilly WELL KNOWN MEMBER

    What a surprise that our government is looking for more ways to get their hands in our pockets and upset gamblers. Unreal. If they manage to pass this malarkey I shudder to think how it will affect the payouts in the land based casinos. Good grief. I am still screaming about not being able to be a microho, and now they want to charge us on a $600.00 pay out? Where will it all end? Actually, that's the scary part, I worry all the time about how the money situation, the haves as opposed to the have nots in this country is going to end. It's truly scary. History could easily repeat itself, only this time it will not be the North and South, it will be far, far more frightening.
    Sookie likes this.
  14. irishgilly

    irishgilly WELL KNOWN MEMBER

    I knew nothing about this, ty for the post, I will put it on Face Book, already tweeted it. This is just so wrong. Did you read the entire page on the IRS? Talk about double speak, who talks that way??
    Sookie and Mben like this.
  15. Mben

    Mben No Deposit Forum Admin Staff Member

    I didn't read the entire page but I did just sign the petition and posted it on FB too.
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  16. chillymellow

    chillymellow WELL KNOWN MEMBER

    Good luck to them I hope they get to take tons of money from me. Means I am winning tons more.
    Sookie, Mben and irishgilly like this.
  17. irishgilly

    irishgilly WELL KNOWN MEMBER

    LOL!!! True story Chillymellow!
    chillymellow, Sookie and Mben like this.
  18. wyldgirl

    wyldgirl WELL KNOWN MEMBER

    Actually I thinkl when we win on any gambling it should not be taxed. Hell does the Government pay us back a % of our losses for the year?? Why should they get a share of something they are not vested in at all! I really wish more young people would start voting and we might have a chance of outvoting a lot of this BS. Cus Sorry Seniors (and I can say this wo prejudice because I am one) but a lot of you just fall for w/e the suits want without question.
  19. PMM

    PMM No Deposit Forum Moderator Staff Member

    I have a quick story.
    Friend dropped me off at home, I said I was going to bed so she left. Headed to the casino with 50 bucks. Everything I touched that night I won, it was incredible. However they were smaller wins than $1200 so no jackpot bull**** where they take taxes. $400 here, $200 here, etc. I just kept shoving it into my pocket. Actually lost count of what I had won.
    Finally....I had played all of my favorite games, and headed home. I couldn't wait to get home to count my winnings. All in total I made $2600 that night. Smaller wins, so the government didn't get a penny of it. hehehe.

    On the way back to my car which was in the parking garage a couple of shady looking characters ask me in the elevator if I had won anything that night. I said, "Aww, nope, I sure didn't. They commented they had not either. All the while my pocket was full of $2600 bucks. hahahahhahaha. Seriously, who would say they won when they are alone, in the middle of the night, in a parking garage. NOT ME.
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  20. Sookie

    Sookie Mother of Cats

    Smart girl! :nod:
  21. Mben

    Mben No Deposit Forum Admin Staff Member

    And to find out you won $2600! What a thrill that must have been! WTG Pam!
    Sookie and PMM like this.
  22. krystalkitty

    krystalkitty Greedy Gambler

    WTG pmm...that must of been soooo fun! I work, so put my money into savings....then the government wants me to claim the interest!! I think NOT! My savings is now in a lockbox! Just like getting taxed again from gambling winnings? Wasn't it taxed already??? Just don't get it and never will!!!! Most of the young people I know, just don't seem to give a shit. Their attitudes are "live in the now"!
    Mben, Sookie and PMM like this.

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