Tag: IRS

New IRS Regulations for Horse Racing

The U.S. Treasury Department and the Internal Revenue Service (IRS) announced Monday that they will formally adopt modernized regulations regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association (NTRA) has long pressed for these updated regulations that will allow horseplayers to keep more of their winnings, thereby increasing the amount wagered…

IRS Abandons Ridiculous Gambling Tax Hike

American Gaming Association (AGA) President and CEO Geoff Freeman released the following statement after the Internal Revenue Service (IRS) today released its final regulation on its 2015 proposal for tax reporting of slot winnings. “Today’s final IRS regulation is a big win not only for gaming companies and millions of casino visitors, but also for…

Little Known IRS Plan Could Help Gamblers

While the casino world focuses on fighting an IRS idea to track slot jackpots starting at $600, a little-noticed companion proposal would benefit gamblers, a tax expert says. The proposed change in Internal Revenue Service procedure would establish a “playing session” concept, which could allow players to report less gambling income on their tax return…

The IRS Wants to Track your Penny Slot Play

The American Gaming Association has spoken out against a proposal by the Internal Revenue Service that would involve electronic player tracking on casino gaming devices. During a recent IRS hearing, CEO and President of the American Gaming Association, Geoff Freeman, testified that the gaming group is in disagreement with the recent proposal that involves player…

Players Should Challenge IRS on Jackpot Wins

Jerry Faychak wonders whether he’s already seen the best days of casino gambling — and whether the IRS soon will make things worse for players and casinos alike. An Internal Revenue Service idea to require reporting of slot jackpots of $600, half the current threshold of $1,200, “doesn’t reflect reality,” says Faychak, who retired after…

Regulation of online poker deals in IRS on winnings

Las Vegas Review Journal – Nearly a year after the launch of real money online poker in Nevada, there’s a new wave of players who must pay taxes on Web poker winnings from 2013. In the years before regulated online gambling, offshore sites that skirted the law to attract U.S. players may not have cooperated…

Court rejects U.S. tax practice on foreign gamblers

From Reuters Foreign gamblers cannot be taxed on every winning bet they make in U.S. casinos when they end up losing money overall, a federal appeals court ruled on Tuesday, rejecting current Internal Revenue Service policy. The U.S. Court of Appeals for the District of Columbia Circuit ruled that the IRS must treat foreign gamblers…