IRS Accepting Comments re: W2G

Hey Gang,

I know this has been discussed already but I don't know if the link for comments to the IRS has been put up. I know we are all hoping to avoid more paperwork. The bullet points below are from the AGA. Below that is a link to the IRS for comments.



The IRS could soon force casino guests to dramatically increase the level of paperwork, which would severely undermine the customer experience.
Specifically, the IRS may consider lowering the tax reporting threshold on slot machines from $1,200 to $600.
Not only has this $1,200 threshold existed since 1977, but when accounting for inflation indexing the threshold should actually be nearly $4,700 today.
This potentially burdensome requirement, for taxpayers and for the IRS, would cost states and cities significant tax revenues that pay for vital public services, such as teachers, firefighters and road improvements.
Please tell the IRS not to reduce the slot gaming winnings threshold from $1,200 to $600 because it would severely harm the customer experience and reduce state revenues.


The link below should take you directly to a page where there is a button on the left in blue that says "Comment Now". Comments can be made up until June 2nd. Let them hear your voice!

http://www.regulations.gov/#!documen...2015-0006-0001 If the link doesn't take you right there, search for IRS REG-132253-11 at the site

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Originally Posted by Warren

Hey Gang,

I know this has been discussed already but I don't know if the link for comments to the IRS has been put up. I know we are all hoping to avoid more paperwork. The bullet points below are from the AGA. Below that is a link to the IRS for comments.



The IRS could soon force casino guests to dramatically increase the level of paperwork, which would severely undermine the customer experience.
Specifically, the IRS may consider lowering the tax reporting threshold on slot machines from $1,200 to $600.
Not only has this $1,200 threshold existed since 1977, but when accounting for inflation indexing the threshold should actually be nearly $4,700 today.
This potentially burdensome requirement, for taxpayers and for the IRS, would cost states and cities significant tax revenues that pay for vital public services, such as teachers, firefighters and road improvements.
Please tell the IRS not to reduce the slot gaming winnings threshold from $1,200 to $600 because it would severely harm the customer experience and reduce state revenues.


The link below should take you directly to a page where there is a button on the left in blue that says "Comment Now". Comments can be made up until June 2nd. Let them hear your voice!

http://www.regulations.gov/#!documen...2015-0006-0001 If the link doesn't take you right there, search for IRS REG-132253-11 at the site

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Thanks Warren. When are you hearing this ongoing issue will we changed for the better, changed for the worse, or simply left alone?

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Originally Posted by seemoreroyals

Thanks Warren. When are you hearing this ongoing issue will we changed for the better, changed for the worse, or simply left alone?

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I'm fairly certain it won't be for the better, if we're lucky it will stay the same. On that link it says a public hearing will happen on June 17th. I'm not aware of any other deadlines and these things do tend to take time...

This will just be new regulation imposed by the IRS? Not going thru Congress I assume.

To the IRS brain trust this seems like low hanging fruit to increase revenue. Do you think the input is merely a formality at this point and minds are made up?

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Originally Posted by treyster

This will just be new regulation imposed by the IRS? Not going thru Congress I assume.

To the IRS brain trust this seems like low hanging fruit to increase revenue. Do you think the input is merely a formality at this point and minds are made up?

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I don't know if their minds are already made up, but I think we have to try!

You would think they would adjust the w-2g threshold to allow for inflation but their overriding concern unfortunately is to figure out away to put more food in the trough. It is going to be a tough fight but I think you are right we can at least try. I will be keeping a close eye on the June 17th hearing. I sure hope the IRS does the right thing but their track record is not necessarily logical.

I provided my comment.

I think they need to adopt the same policy as Canada. No tax at all on gambling wins.

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Originally Posted by dwwright12

I think they need to adopt the same policy as Canada. No tax at all on gambling wins.

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It should be the same way here. Especially if you use a players card and can show that overall you put in more than you take out. However that makes too much common sense for the politicians in this country to allow that to happen here.

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Originally Posted by dwwright12

I think they need to adopt the same policy as Canada. No tax at all on gambling wins.

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That money I'm taking to the casino has already been taxed. Would be nice to have a gov't that would let the free market stretch it's legs from time to time instead of stomping on its' throat.

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Originally Posted by seemoreroyals

It should be the same way here. Especially if you use a players card and can show that overall you put in more than you take out. However that makes too much common sense for the politicians in this country to allow that to happen here.

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Yeah. The IRS won't accept the win/loss statements provided by the casinos as proof of losses here. Doesn't make sense. They seem to want to make it as hard as possible.

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Originally Posted by treyster

That money I'm taking to the casino has already been taxed. Would be nice to have a gov't that would let the free market stretch it's legs from time to time instead of stomping on its' throat.

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Agreed. They seem to do the opposite of what it takes to get the economy rolling again. This bubble we're in now will soon burst. It might be bad next time.

I think we have got to do something. Don't know if IRS will listen to us but this would be a huge problem if this change is made to the $600 threshold for hand pays and nothing else. It would be a nightmare for casinos and players alike. I have been reading that one thing they are considering is a combination of this and cumulative play, tracked by players card, and if you get up by the $600 amount at the end of your play for any given day you will have a w-2g issued. I could live with that. In other words no more casino personnel coming over with their hands out every time you are fortunate enough to hit for $1200 or higher on an individual spin. I hope this is how it plays out and is probably the best we can hope for. The more of us that participate the better chance that something like this may be what ultimately happens when they get through with this issue.

My biggest fear with the IRS is sticking their noses into the comps that we all get. If you add up all the free airfare, food, drinks, rooms, concert tickets, free play, and everything else, imagine the IRS issuing each of us a w-2g for all that. How nice would that be to get a big fat w-2g from them for that. Think it can't happen, think again. If it wasn't for the lobbying action over the years on the part of the casinos it probably would have already happened.

So please, like Warren said, everyone take the time to participate in this process and let the IRS know how changing the hand pay threshold will affect you. The more collectively we contribute to the process, the greater the likelihood we will get an outcome we can all live with.

I posted mine. Went down the road of unintended consequences to bricks and mortar casinos if the reporting threshold is lowered.

Although this is a little off topic - I put in my info to the IRS in February for a refund from the taxes withheld from hand pays. We are still waiting for a letter or the refund....the recorded message said it may take 6 months. When I try the online search..."Wheres my refund", it says that I may not receive any or all of my withheld tax back. Excuse my language but WTF? Any other Canadians having this issue? I did have a certified IRS approved accountant do the work for. It has never been a problem before.

I've submitted my comment on this very bad idea.

I commented about what a horrible idea this is.

Got your email from Coushatta and filled out the form.

Ang

Adding link to a page on our site that includes the link to the AGA petition, links to find your Congressman, etc... http://www.coushattacasinoresort.com...l-on-winnings/

Thanks! I just posted.

Added my comment that it should be indexed up like everything else 401 limits, SSI, etc....

Thanks Warren for posting this link. Just finished posting my comments. It is just not right to even think about lowering the level of issuing w2g's to $600. Like almost everyone, year in and year out overall we lose money gambling at the casino. The IRS knows this and I find it bothersome that they are trying to tighten the screws on us even more. The way it is now every year we have to report the few lucky hits we get over $1200 as ordinary income but we are only allowed to offset these wins with losses to the extent of these wins on our schedule A. The problem is we do not have enough other itemized deductions so we end up getting screwed every year and have to effectively pay taxes on at least part of these phantom wins. Thank you to everyone that is posting their comments. Now that we have this link to work with it is very easy to do. Don't know if anyone will even take the time to look at any of our comments but at least I feel better because at least I tried to do something.

Thanks everyone! We only have a few days left! Please repost to your social media networks!

I commented on all except tweet and we signed the petition.

I commented on the IRS site and signed the petition. I also posted the link on my Facebook page.

Thanks to all who have commented! Not much time left!

I also signed the petition and commented on the IRS site.