IRS shift could be bad news for Las Vegas

[Vman96]

Won $10K in a "closed" poker game - no G statement.
Bet big on the NBA finals - won - no G statement.

Just saying....

The key is for each of us to contact our Congresspersons and let them know the unfairness of taxing the average working person while letting the wealthiest off....

Doug McMillion - WalMart CEO $12,800/hour = $25.6 M/year

I had to google to check you on this one...it's McMillon...pretty damn close though since he is making Millions!!! And a way more successful Doug than I am.      Although his first name is technically Carl...I probably would go by Doug too (middle name: Douglas) in that spot.

[alpax]

Better records, and for quarter players or even dollar JoB/Bonus players, it doesn't change much. Now a royal will give you a W-2. Dollar DDB players or $5 players will get dinged a lot harder, and records will be much more important.

And FYI, this is still just a proposed change. Although I have a bad feeling it will be changed.

I also feel it will be changed, not sure how much regard or weight will these petitions carry.

I might have to switch to dime video poker to avoid W2G since the RF payout will be $400. Means no more gold membership for myself anymore.

[FloridaPhil]

I don't think the taxes themselves are what's bugging most recreational gamblers.  It's the nagging feeling that you may be more likely to be audited if you have gambling revenue on your tax form. I've had W2Gs on my tax forms for many years and except for one year was able to offset it all with loses and it's never been questioned.  The IRS has better things to do than audit you for a few thousand dollars in slot machine winnings.  Keep good records with machine numbers, dates and loss/revenue and you will be fine.  I do think the casinos will take a hit on this big time.  If nothing else, it's going to mean they will have to employ more slot attendants. I'm not looking forward to waiting 30 minutes for a W2G after a $600 win...

[Tedlark]

It could also mean a resurgence of table games in casinos too...

[rascal]

The article he linked to is just a rehash of the same proposal that the IRS has floated for a while. It's still just a proposal and I doubt it will be enacted. In addition to the extra effort required for casinos and players, there is also extra effort projected for the IRS, and currently the IRS is overwhelmed --- not enough manpower/computer power to handle the existing load, much less the projected additional load this change would require. So I predict that after a while the proposal will quietly fade away. Maybe there will be some very minor changes, but not many. Certainly not a change that will more than double the number of W2G's issued by casinos.

[notes1]

The article he linked to is just a rehash of the same proposal that the IRS has floated for a while. It's still just a proposal and I doubt it will be enacted. In addition to the extra effort required for casinos and players, there is also extra effort projected for the IRS, and currently the IRS is overwhelmed --- not enough manpower/computer power to handle the existing load, much less the projected additional load this change would require. So I predict that after a while the proposal will quietly fade away. Maybe there will be some very minor changes, but not many. Certainly not a change that will more than double the number of W2G's issued by casinos.
 "those who have knowledge, do not predict. those who predict, do not have knowledge."Lao Tzu

[Tedlark]

I'll try Chinese Proverbs for 600 Alex.....

[MPD001]

The article he linked to is just a rehash of the same proposal that the IRS has floated for a while. It's still just a proposal and I doubt it will be enacted. In addition to the extra effort required for casinos and players, there is also extra effort projected for the IRS, and currently the IRS is overwhelmed --- not enough manpower/computer power to handle the existing load, much less the projected additional load this change would require. So I predict that after a while the proposal will quietly fade away. Maybe there will be some very minor changes, but not many. Certainly not a change that will more than double the number of W2G's issued by casinos.
I do not know what will happen, but "vices", like gambling, are prime pickings for revenue. Even if the IRS did not add one additional audit, the Feds would gain revenue from the folks that believe they owe taxes.

[Minn. Fatz]

[QUOTE=Lucky Larry] Won $10K in a "closed" poker game - no G statement.
Bet big on the NBA finals - won - no G statement.

Just saying....

The key is for each of us to contact our Congresspersons and let them know the unfairness of taxing the average working person while letting the wealthiest off....

Doug McMillion - WalMart CEO $12,800/hour = $25.6 M/year

I had to google to check you on this one...it's McMillon...pretty damn close though since he is making Millions!!! And a way more successful Doug than I am.      Although his first name is technically Carl...I probably would go by Doug too (middle name: Douglas) in that spot.[/QUOTE]Somebody worked out that if you considered just the bonuses paid to executives and employees in Wall St. firms in 2014 you could double the salaries of all those casino dealers, hostesses and everyone else in the US making minimum wage.

[spxChrome]

Well I never thought they would Ban smoking in a casino but they did just that at the Harrahs in New Orleans.