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Increase in Threshold for Requiring Information Reporting With Respect to Certain Payees; Extension and Modification of Limitation on Wagering Losses
Plain English Summary
The rules for reporting payments made by businesses and for claiming deductions on gambling losses are changing. The new rules will raise the amount of money that triggers the need for reporting these payments and will also update how gambling losses can be deducted. This affects businesses that make payments and individuals who report gambling losses on their taxes. Agents should stay informed about these changes to help their clients comply with the new reporting requirements.
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This document contains proposed amendments relating to the dollar thresholds in regulations governing information reporting for payments made in the course of a trade or business and the corresponding backup withholding regulations. This document also contains proposed amendments to the regulations governing wagering losses. The proposed regulations reflect recent changes to the statutory law. These changes will affect persons who make payments in the course of their trade or business and those persons claiming a deduction for wagering losses.