Cash in your poker chips soon — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Cash in your poker chips soon

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The IRS is taking a seat at the table. Starting March 4, 2008, casinos and other poker tournament sponsors must report all winnings of more than $5,000 to the IRS.

Winning players will be required to provide taxpayer identification numbers to the sponsors. Note: Although these reporting requirements are new, gamblers were previously supposed to report winnings, which can be offset by losses.

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