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IRS Proposes and Issues New Rules for Gambling Winnings

from Accounting Today

The IRS and the Treasury Department have proposed new rules for withholding and reporting on gambling winnings from horseracing, dog races and jai alai pari-mutuel betting, and finalized regulations for reporting on bingo, keno and slot machine winnings. The proposed regulations on pari-mutuel betting affect both payers and payees of gambling winnings subject to withholding under Section 3402(q) of the Tax Code. more

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