Executives of the American Gaming Association traveled to Washington last week to meet with senior officials of the Internal Revenue Service, to voice the gaming industry’s concern over the proposed lowering of the reporting threshold on slot winnings from ,200 to 0.
AGA officials outlined the industry’s current technology, which was built around the $1,200 threshold, and advised IRS officials of the negative impact lowering the threshold would have on gaming operations and gaming customers. The AGA also brought up the possibility of annual reporting of wins and losses, which are already tracked by casino management systems.
“Importantly, the AGA remains committed to ensuring that the IRS understands the technological and operational capabilities of our casinos before unilaterally mandating new reporting systems,” said the AGA in a statement. “We look forward to continuing the AGA’s collaborative, productive dialogue with all key stakeholders.
“Looking ahead, the AGA will continue to lead its task force of tax, operations and government relations experts in direct and meaningful engagement with IRS officials, lawmakers and other policymakers. Furthermore, we will proceed with drafting comprehensive comments to ensure that the industry’s position on these many important issues is effectively conveyed to the IRS.”
