Last summer, when the IRS suggested lowering jackpot reporting thresholds from $1,200 to $600 the entire casino industry spoke out in opposition. The gaming industry was concerned that lowering the reporting threshold would create more paperwork for customers and employees, which would cause more downtime for machines, resulting in lower revenues. Due to the vigilance of the gaming industry, the American Gaming Association and other gaming industry leaders were able to organize and present a well researched testimony in opposition at the public hearing. The IRS has seemed to back away from the proposed changes and hasn’t released any statements regarding the issue since the public hearing in June 2015.

The National Law Review Article

Joshua Peukert’s Indian Gaming Article on the Proposed Changes

© 2020 BlueBird Certified Public Accountants | 5585 Kietzke Lane | Reno, Nevada 89511 | Phone: 775-827-5999 | Fax: 775-827-2104