IRS may lower threshold for reporting slot winnings
By J.D. Morris, Las Vegas Sun
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.