SLOT Act introduced in the House.
March 5th, 2023 at 3:09:28 PM
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Congressman Titus has introduced a bill that raises the paperwork threshold to $5,000 from the current $1200. It sat in limbo during the last session of Congress as they waited for The Treasury to update their regulations. Now they will attempt it via an Act of Congress.
It was last updated in 1977.
It was last updated in 1977.
The difference between fiction and reality is that fiction is supposed to make sense.
March 5th, 2023 at 3:15:04 PM
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Quote: billryanCongressman Titus has introduced a bill that raises the paperwork threshold to $5,000 from the current $1200. It sat in limbo during the last session of Congress as they waited for The Treasury to update their regulations. Now they will attempt it via an Act of Congress.
It was last updated in 1977.
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That’s good. She’s a Dem so she’ll need a Repub to sponsor with her unless she already has one. I wish her well!
March 5th, 2023 at 4:10:29 PM
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I prefer for things to just stay how they are now. I believe if this happens there will be a bigger downside.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
March 5th, 2023 at 4:55:38 PM
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The paperwork reduction would free an awful lot of manhours and save the casinos a lot of money. I can see where it might not be good for the top couple of percentage of people, but it seems like a win for most people. It might be a win-win if the casinos give back some savings into payouts.
The difference between fiction and reality is that fiction is supposed to make sense.
March 5th, 2023 at 4:58:30 PM
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@AxleWolf: How so? An increase to $5000 doesn’t even cover the inflated value of 1200 1977 dollars.
“You don’t bring a bone saw to a negotiation.” - Robert Jordan, former U.S. ambassador to Saudi Arabia
March 5th, 2023 at 5:18:07 PM
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If you get 90% fewer W-2G's per year with this higher threshold, it does reduce the paperwork.
March 5th, 2023 at 5:54:52 PM
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Quote: BleedingChipsSlowly@AxleWolf: How so? An increase to $5000 doesn’t even cover the inflated value of 1200 1977 dollars.
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I don't really know how, but I don't think the IRS is just going to sit back and do nothing. it will probably be better for the general public and the casinos. You are supposed to report that stuff regardless of the amount.
As for Advantage Players, for the longest time, lots of promotions were based on that $1200 + amount.
There's always a chance it could turn out for the better in that aspect somehow, but most likely it will turn out worst in the long run with far fewer opportunities.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
March 5th, 2023 at 6:29:01 PM
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Quote: AxelWolfQuote: BleedingChipsSlowly@AxleWolf: How so? An increase to $5000 doesn’t even cover the inflated value of 1200 1977 dollars.
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I don't really know how, but I don't think the IRS is just going to sit back and do nothing. it will probably be better for the general public and the casinos. You are supposed to report that stuff regardless of the amount.
As for Advantage Players, for the longest time, lots of promotions were based on that $1200 + amount.
There's always a chance it could turn out for the better in that aspect somehow, but most likely it will turn out worst in the long run with far fewer opportunities.
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Sometimes you have to take one for the team.
The difference between fiction and reality is that fiction is supposed to make sense.
March 5th, 2023 at 7:02:05 PM
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Last session's bill appeared to have a fundamental flaw in it. (The current bill does not appear in the online database as of 3/5).
The bill added an exception for slot machines to the reporting requirement in 26 USC 6041(a).
However, the specific reporting requirement for slot machines is in 26 CFR 1.6041-10, which the bill does not amend.
The bill added an exception for slot machines to the reporting requirement in 26 USC 6041(a).
However, the specific reporting requirement for slot machines is in 26 CFR 1.6041-10, which the bill does not amend.
March 5th, 2023 at 7:17:58 PM
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I have taken more than I can count.Quote: billryanQuote: AxelWolfQuote: BleedingChipsSlowly@AxleWolf: How so? An increase to $5000 doesn’t even cover the inflated value of 1200 1977 dollars.
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I don't really know how, but I don't think the IRS is just going to sit back and do nothing. it will probably be better for the general public and the casinos. You are supposed to report that stuff regardless of the amount.
As for Advantage Players, for the longest time, lots of promotions were based on that $1200 + amount.
There's always a chance it could turn out for the better in that aspect somehow, but most likely it will turn out worst in the long run with far fewer opportunities.
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Sometimes you have to take one for the team.
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♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
