If You Win the Big Jackpot Expect the IRS to Coming Knocking

Many people from all over the country enjoy gambling. Whether it’s big time poker, playing the slots or betting on sporting events, there are a lot of people who enjoy games of chance and the idea of winning something for nothing. Of course, most of the time, the house wins and the player walks away empty handed. When a player does win, it’s usually cause for a celebration. However, the big victory can be short-lived when the winner discovers that the taxman wants his piece of the pie as well.
In fact, the IRS is looking to really crack down on gambling earnings. As it stands rights now, when a person plays the slots he or she has to report any earnings of $1,200 or more to the IRS. The machine even stops working as soon as someone wins. It won’t start again until after a casino worker has presented the lucky winner with the necessary tax papers. However, recently the IRS threw out the idea of lowering that threshold down to just $600.
To no one’s surprise, many gamblers hate the idea. Realistically, they have a good point, too, because most people who play the slots never win enough to make up for their losses, so why should they have to pay taxes if they get lucky once or twice? Time will tell if the IRS end up getting the threshold lowered or not, but gamblers and casinos alike oppose the idea. For small time gamblers the idea seems unfair, and casinos say it would only take the fun out of the game for players.
From the Wrestling Mat to Data Innovation: How Dr. Naveen Singh is Reshaping Tech
In the world of high-stakes tech entrepreneurship, background stories don’t get much more unique than that of Dr. Naveen Singh. A former Olympic-style wrestler turned telecom executive, turned Distributed Ledger Technology pioneer, Dr. Singh has woven seemingly disparate fields—sports, healthcare, and cutting-edge tech—into a singular mission. Now at the helm of Inery, a decentralized database management system…
Tanya Jones: The American Dream
Tanya Jones: The American Dream This week we sit down with Tanya Jones, host of The American Dream TV Show in Kansas City. Tanya shares her inspiring journey of transitioning from being a stay-at-home mom to helping manage her husband’s masonry business, pursuing a career in real estate, and eventually becoming a host for The…
5 Dynamic Philanthropy & Impact Investing Insights
The Power of Impact Investing: Bridging Philanthropy and Profit This article is based on an interview of Geoff “Chester” Wooley, Co-founder, Patamar Capital and current Board member of SKS Microfinance, India’s largest microfinance bank by Alan Olsen on his American Dreams show on behalf of Legacy Builder’s invitation only philanthropy events. Impact investing is more…
3 Powerful Leadership and Mentorship Pillars
This article about powerful global leadership and mentorship pillars is based on an interview of Lew Cramer by Alan Olsen, CPA on his American Dreams show on behalf of Legacy Builder’s invitation only philanthropy events. In an era where global connections and visionary leadership drive progress, few individuals embody these principles as effectively as Mr.…