Friday, November 16, 2007

IRS Tournament Reporting Requirements

The IRS has made changes to the reporting requirements for poker tournaments. From what I can tell it seems that the IRS is not requiring the casinos to issue W-4G forms on your winnings as long as the casino keeps internal records of your winnings and does yearly reporting to the IRS.

If the casino does not have your taxpayer ID number on file and does not submit records to the IRS then they must issue w-4G forms to all tournament winners.

IRS Bulletinn: Poker Tournament Winnings Must be Reported to the IRS

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