The gaming industry is asking the Internal Revenue Service to raise the information reporting thresholds on slot machines, calling current limits “outdated.”
In a letter released Thursday, the heads of the American Gaming Association and the National Indian Gaming Association wrote that the current $1,200 threshold, established in 1977, “imposes significant compliance burdens on both the IRS and the gaming industry.” The value of a $1,200 jackpot has decreased, and the number of jackpots hitting that limit and requiring reporting has increased, they said.
- As part of the Consolidated Appropriations Act of 2021, signed in December, lawmakers directed Treasury ...
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