Tax Resolution Expert, Attorney Lance Drury Says Taxing Gambling Winnings is Risky Business for the IRS.
Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” writes about an IRS proposal to lower the winning threshold to $600 from $1200 in casinos that promises to be a burden for everyone especially the IRS.
St Genevieve, MO, July 7, 2015:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “Will What You Win in Vegas Be Able to Stay in Vegas, and Out of IRS Control?” Drury paints a bleak picture for the face of gambling if the IRS passes its proposal.
Drury writes, “Winning at Vegas and casinos around the country, the racetrack, bingo or your friendly football or basketball bets are supposed to be reported to the IRS.” He continues adding, “Currently, if you play the slot machines and win a jackpot of $1200 or more, the machine will shut down until a representative arrives with the appropriate tax form.”
It remains to be seen if the IRS is going to have its way, as Drury states, “It is not clear yet if the IRS is going to lower the slot machine and bingo winning threshold to $600 or not. That is a proposal that was heard on Wednesday, June 17th.” He provides statements made after the hearing on the 15th, writing, “According to an article in The Review Journal, “Geoff Freeman, president and chief executive of the American Gaming Association, told a panel of IRS and Treasury Department officials the proposal is ‘far more complicated, onerous and unproductive’ than the government may have understood. Freeman said the change won’t necessarily bring in a lot more money to the government but it would create a big burden “for everyone involved, including the IRS.”
Drury states, “Nothing kills the thrill of a night at the casino or the bingo hall like knowing the IRS is looking over your shoulder. If this goes through, the IRS has to understand it is risky business.”
The entire blog can be found at http://www.lancedrurylaw.com/will-what-you-win-in-vegas-be-able-to-stay-in-vegas-and-out-of-irs-control/
About Lance Drury
Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006. With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues. He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems
About The Lance Drury Law Firm
Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.