Regulations on gaming and gambling activities | KPMG | US

Regulations: Information returns, withholding on certain gaming and gambling activities

Withholding on certain gaming and gambling activities

The U.S. Treasury Department and IRS today released for publication in the Federal Register the following regulations:

1000

Related content

  • Final regulations [PDF 217 KB] (T.D. 9807) regarding information return requirements to report winnings of $1,200 or more from bingo and slot machine play and winnings of $1,500 or more from keno. These final rules update existing requirements regarding the filing, form, and content of the information returns; allow for an additional form of payee identification; and provide an optional aggregate reporting method.
  • Proposed regulations [PDF 281 KB] (REG-123841-16) with respect to withholding on certain payments of gambling winnings from horse races, dog races, and jai alai and on certain other payments of gambling winnings. 

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit