Heller Wants More from IRS to Modernize Reporting Requirements on Gaming Winnings “The recently finalized IRS rules regarding information reporting requirements for slot winnings, bingo, and keno are a step in the right direction.
BigNews.Biz - Jan 03,2017 - Heller Wants More from IRS to Modernize Reporting Requirements on Gaming Winnings
(Washington, DC) – United States Senator Dean Heller issued the following statement after the Internal Revenue Service (IRS) recently finalized its regulation on filing of information returns for gaming winnings, such as bingo, slot machine play, and keno:
“The recently finalized IRS rules regarding information reporting requirements for slot winnings, bingo, and keno are a step in the right direction. I wrote several letters to the IRS, as well as personally spoke to IRS Commissioner Koskinen, last year expressing my serious concerns over the potential increased labor costs and reduced business revenue if these thresholds had been reduced. With the gaming industry supporting approximately 1.7 million jobs, I am pleased to see the thresholds are not being further reduced. However, as I have stated to the IRS Commissioner, the outdated number should be modernized to a figure closer to $5000 to accurately reflect a dollar amount in today’s world,” said U.S. Senator Dean Heller.
Senator Heller wrote a letter to IRS Commissioner John Koskinen outlining opposition to the regulation last year. In it, Heller argued reducing the reporting threshold would unnecessarily burden both patrons and businesses in the gaming industry. Heller continues to advocate for an adjustment by the IRS to accurately reflect a dollar amount.