You may have heard that the IRS is thinking of raising the reporting threshold for slot jackpots. But even if they don’t, the Handpay Reduction Act being could raise the reporting limit anyway. Representatives Dina Titus of Nevada and Guy Reschenthaler of Pennsylvania have brought forth a bill which would mandate a change if the IRS failed to act on the matter. Titus has been advocating for this regulatory change, introducing bills in 2020 and 2022, albeit without advancing past the committee stage. Recent developments, however, seem to suggest that pushing the Handpay Reduction Act  may be unnecessary. In November,…

What’s the only bad thing about winning a jackpot? The taxes! But now, the SLOT Act could help lessen some of that pain. Two Congressional Representatives, one from Nevada and the other from Pennsylvania, are pushing legislation to raise the reporting limit for jackpots. Currently, anyone who wins a jackpot at a slot machine or on video poker is required by the IRS to report amounts of $1,200 or more. However, the SLOT Act would raise that limit to match the rate of inflation, which would set the updated threshold at $5,000. Additionally, the legislation has a provision to keep…