Internal Revenue Service December 30, 2016 – Federal Register Recent Federal Regulation Documents

Withholding on Payments of Certain Gambling Winnings
Document Number: 2016-31579
Type: Proposed Rule
Date: 2016-12-30
Agency: Internal Revenue Service, Department of Treasury
This document contains proposed regulations under section 3402(q) with respect to withholding on certain payments of gambling winnings from horse races, dog races, and jai alai and on certain other payments of gambling winnings. The proposed regulations affect both payers and payees of the gambling winnings subject to withholding under section 3402(q).
Information Returns; Winnings From Bingo, Keno, and Slot Machines
Document Number: 2016-31575
Type: Rule
Date: 2016-12-30
Agency: Internal Revenue Service, Department of Treasury
This document contains final regulations under section 6041 regarding the filing of information returns to report winnings from bingo, keno, and slot machine play. The rules update the existing requirements regarding the filing, form, and content of such information returns; allow for an additional form of payee identification; and provide an optional aggregate reporting method. The final regulations affect persons who pay winnings of $1,200 or more from bingo and slot machine play, $1,500 or more from keno, and recipients of such payments.