Threshold Archives - Keno Wizard https://kenowizard.com/tag/threshold/ The Ultimate Keno Destination for Odds, Tips & Tricks Fri, 16 Feb 2024 10:09:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Threshold Archives - Keno Wizard https://kenowizard.com/tag/threshold/ 32 32 230792155 Lawmakers Support Raising Tax Threshold on Slot Winnings https://kenowizard.com/2024/02/16/lawmakers-support-raising-tax-threshold-on-slot-winnings/ https://kenowizard.com/2024/02/16/lawmakers-support-raising-tax-threshold-on-slot-winnings/#respond Fri, 16 Feb 2024 10:09:38 +0000 https://kenowizard.com/2024/02/16/lawmakers-support-raising-tax-threshold-on-slot-winnings/ For nearly a decade, lawmakers such as Rep. Dina Titus have continuously urged the Internal Revenue Service (IRS) to raise the existing threshold on slot winnings that require a W-2G tax form. The current regulation requires anyone with winnings of $1,200 or more to submit a W-2G tax form. This policy was established back in [...]

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For nearly a decade, lawmakers such as Rep. Dina Titus have continuously urged the Internal Revenue Service (IRS) to raise the existing threshold on slot winnings that require a W-2G tax form. The current regulation requires anyone with winnings of $1,200 or more to submit a W-2G tax form. This policy was established back in 1977, a time when Nevada was the only state where gambling was available.

But much has changed since then, including the statewide expansion of casino gambling via commercial and tribal operators across the United States. As a result, the existing regulation creates a burden not only for the IRS but for casino operators and their players, Titus said.

Titus, along with Rep. Guy Reschenthaler introduced the Shifting Limits on Thresholds Act, a legislative proposal that called to update the tax threshold for slot winnings, increasing it from $1,200 to $5,000. The proposal marked the latest effort of lawmakers to increase the threshold, updating the policy.

In November, the IRS Advisory Council (IRSAC) supported the proposed change to raise the tax threshold on slot winnings. It suggested the threshold for the required W-2G tax form to be raised to $5,800, which is even higher than the Representatives’ proposal. Considering this support, Titus and Reschenthaler urged the IRS once again to update the policy earlier this month.

In a recent interview for the Nevada Independent, Titus revealed that the policy update can be completed via a change in the regulations without a requirement for legislation. She encouraged Danny Werfel, IRS’ commissioner, to follow the recommendation of the IRS Advisory Council. Rep. Titus explained that it looks like the proposed legislation helped push forward the whole process.

AGA Supports the Proposed Change

The proposed change is important as it will reduce the burden on the customers and the gambling industry. What’s more, the IRS will have much fewer W-2G tax forms to process, considering the potential raising of the threshold. The American Gaming Association (AGA), the premier national trade group for the US casino industry, also showed support for the proposed change.

The antiquated slot tax threshold creates unnecessary burdens for consumers, casino operators and the IRS.

Bill Miller, CEO of the American Gaming Association

AGA’s CEO, Bill Miller, called the current policy “antiquated,” saying that it brings unnecessary burdens for the IRS, the consumers and the casino industry. “The AGA commends Representatives Reschenthaler and Titus and other Congressional leaders for their dedicated efforts to modernize this long-outdated policy and join them in urging Commissioner Werfel to raise the threshold,” he explained.

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