Irs Gambling Joke

Posted on3/19/2022by admin

The IRS isn’t leaving gambling reporting to chance. It has issued new final regulations clarifying and expanding the rules for payors of slot, bingo and keno winnings. Most notably, in response to an outcry from the gambling industry, higher ...

“Commentators overwhelmingly opposed the idea of reducing these reporting thresholds. Payors opposed lowering the thresholds because it would result in more reporting, which would increase compliance burdens for the industry,” said the IRS in the regulations. “In fact, many commentators suggested that rather than reducing the current thresholds, they should be increased to account for inflation. These final regulations do not change the existing reporting thresholds for bingo, keno, and slot machine play.”

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The IRS decided to audit Grandpa, and summoned him to the IRS office. The IRS auditor was not surprised when Grandpa showed up with his attorney. The auditor said, “Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling. I’m not sure the IRS finds that believable.”.

Public-health budgets, stretched tight by collapsing tax revenue and redirected to the fight against covid-19, are struggling to finance support services for gambling addicts.

For taxpayers, gambling winnings are treated as taxable income on federal income tax returns, but the tax may be offset by losses up to the amount of the winnings. For example, if you win $5,000 during the year and incur losses of $4,500 in the same year, you owe tax on only $500. The losses are reported on Schedule A, but aren’t subject to the usual 2%-of-AGI floor for miscellaneous deductions.

For businesses, information reporting is required for payments of $600 or more to a taxpayer during the year. While temporary regulations had boosted the reporting thresholds for winnings from bingo games and slot machines to $1,200 and $1,500 for keno games, proposals would have lowered these amounts back to $600.

The information is reported on Form W-2G, “Certain Gambling Winnings,” which must be filed by February 28 of the following year; March 31, if filed electronically.

Irs Gambling Expenses

Now the new regulations hold the line on the reporting thresholds for bingo, slots and keno games. The regs also retained the rules, with minor modifications, on identifying information that must be provided by gamblers. In addition, they adopted an “aggregate reporting” rule, with winnings for a single gambling session being allowed as an alternative to reporting each win that exceeds the required threshold. A single session is defined as the time between a gambler placing a wager on a certain game and completing the last wager on the game before the end of the same calendar day.

The IRS also agreed to allow gambling institutions to use “gaming days” instead of calendar days for reporting periods if its use is uniform. Gaming days are generally used for other accounting purposes.

Finally, the new final regulations did not include proposed rules that applied to electronically tracked systems for slot machines. The proposed regulations required reporting for winnings at least $1,200 within a calendar day session. However, the casino industry successfully argued that the technology would not support this and that it would “chill customer use.” Count this as a win for the casinos.

Irs And Gambling Man Jokes

See Also:
• Donald Trump Jokes
• Donald Trump Memes
• Donald Trump Cartoons
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