![]() Unnecessary contact between customers and employees That is especially important during these times. ![]() Raising the threshold to $5,000 would save casinos on labor. While this can be a source for tips for employees, it costs the casino money to pay slot attendants and compliance departments to perform this function all day. One that takes up a portion of their time is creating W2G tax forms for winners of jackpots that are at least $1,200. The American Gaming Association requests that the reporting amount go up to $5,000, which is in line with this figure. ![]() The $1,200 amount in 1977 is equivalent to $5,077 today, according to an inflation calculator. Inflation over the past 43 years has made that number obsolete. The intended purpose of the $1,200 threshold was to force reporting on large jackpots for tax purposes. The $1,200 W2G reporting may have made sense in 1977. The winning player receives a W2G for this transaction and must pay taxes on the winnings in most cases. In 1977, the IRS began the requirement for casinos to report a slot or video poker win of $1,200 or more. The American Gaming Association published its seemingly annual press release asking the IRS to increase the slot win reporting from the current $1,200 minimum to an amount that reflects inflation.
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