IRS Wants More Tax Money from Slot Players

table-game-gambling-75x75The gambling industry has a deadline until June 2, 2015 to give their comments on the proposal from the Internal Revenue Service (IRS) to reduce the reported casino threshold to $600. The $600 threshold proposal wants to bring slot winnings in line with the business requirements and trade revenue and because the improvements in technology have made tracking winnings easier. The currently reported threshold for slots is $1,200, while that of Keno is $1,500. They took effect in 1977. Once a player wins the threshold amount, they must stop playing and have to fill out an IRS tax form at the venue they have been playing.

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