Example Of Accounting Summary Article Review

Through Notice 2015-21, the IRS has proposed new gambling tax regulations for slot machine. Its primary aim is to help gamblers engaged in electronically tracked machines to play an option of safe harbour method. The process will assist the sport's players to determine a wagering loss or gain from their slot machine play (Schreiber par.1).
Under the safe harbour option, if gains are more than their losses, and at the end of a play session, the gambler would realize a wagering gain. On the other hand, if total wagers exceed the payouts, it results in a loss. A session can only take a one-calendar day commencing on or after six in the morning and ending at a minute to midnight. One requirement for gamblers is to use the same play session if they stop and resume the same type of the game in the same gaming place, and or, during the same day. Rules prohibit gamblers, under this method, to offset gains and losses from separate play sessions. If they choose to go another gaming establishment, a new gaming session will begin; even it is on the same day. Besides, gamblers can sum up losses and gains made in plays by cashing out one gambling session, which is not specifically at the end of the day (Schreiber par.2).
According to IRS, this safe harbour option of gaming will not be applicable until after the publication of a final revenue procedure, which would direct the setting of the tax year dates. Consequently, gamblers will have to wait until January 1, 2016 to start filling in their tax return records on this treatment. Nevertheless, IRs still has to issue final rules for the method to begin working. Therefore, IRS is encouraging comments from taxpayers on an alternative definition of the term, “slot machine,” as well as other issues associated to this new development, to fasten the process (Schreiber par.4).

Works Cited

Schreiber, Sally P. ‘IRS proposes new slot machine tax rules’. Journal of Accountancy, March 4, 2015. Web. March 8, 2015. < http://journalofaccountancy.com/news/2015/mar/
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