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.
Upcoming Events & Seminars
- NIGC MICS Key Control StandardsMarch 7, 2019
- NIGC 2018 Fee Rate and Fingerprint FeesNovember 7, 2018
- NIGC Bulletin 2018-3: Guidance on the Class III Minimum Internal Control StandardsAugust 15, 2018
- 2017 Indian Gaming Revenues Increase 3.9% to $32.4 BillionJune 27, 2018
- NIGC Proposed Rule: Minimum Internal Control Standards Class IIJune 21, 2018