A new measure that will make it more difficult for winners of poker tournaments to hide their winnings from the tax man will start today. The measure will require that casinos report winnings of $5,000 or more to the IRS, and will ensure that gamblers are given a tax form to report the payout.
The measure is a compromise from an old proposal which would have required that casinos withhold 25% of any winnings for tax purposes.
The gambling community protested against the other measure – Marissa Chien, a Las Vegas gambling expert, said "There was such an outrage and outcry from the community, to suck all that money out.” She said that “[...The new measure...] allows the IRS to keep track of poker players, because poker is real big now."
Casino managers believe that the new rule is an improvement over the old one, saying that it will be little more than a minor inconvenience. Gamblers have always been required to report all winnings, and the new rule will not affect people who do so as a matter of course, but for those winning large amounts, but trying to avoid taxation, the new rules will ensure that the tax man will catch up with them.
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