IRS Accepting Comments re: W2G

[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

[seemoreroyals]

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

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

[Warren]

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

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...

[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?

[Warren]

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?

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

[seemoreroyals]

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.

[QueenB]

I provided my comment.

[dwwright12]

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

[seemoreroyals]

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

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.

[treyster]

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

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.