The public and the industry have until June 2 to respond on the Internal Revenue Service (IRS) proposal to reduce the casino reporting threshold to $600.
The IRS has proposed the $600 threshold in March to bring slot winnings in line with the reporting requirements of business and trade revenue and because technological advances have made tracking winnings easier.
Currently, the reporting threshold for slots is $1,200 and $1500 for Keno winnings, which took effect in 1977. Some critics of the idea have questioned why the level isn’t being adjusted to 2015 dollars, which would reset the amount to nearly $4,700.
Once you win more than the threshold amount, you will be forced to stop playing and the venues— video lottery terminals (VLT) true odds video poker, slots at racetrack venues, bingo, or Indian casinos— are responsible for making the player fills out an IRS tax form.