IRS drops proposals for tax reporting of slot winnings
The Internal Revenue Service has dropped two tax proposals for reporting slot winnings. The IRS was considering mandating electronic player tracking as well as cutting the slot jackpot reporting threshold from $1,200 to a possible $600.
The American Gaming Association claims the final regulation is a win for the gaming industry.
AGA President and CEO Geoff Freeman said in a statement that states and local governments would have received fewer gaming tax dollars as a result of “what would have been burdensome federal requirements.”
The AGA had been in conversations with the IRS since 2015 working to oppose mandated electronic player tracking as well as a lowering of the jackpot reporting threshold.
“We look forward to continuing to work with the IRS and our federal partners to modernize regulations and protect millions of casino customers around the country,” Freeman said.
