The Internal Revenue Services said a rule that went into effect last requires that casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service.
The guidance, the IRS says, is designed to clear up confusion about the tax reporting rules that apply to poker tournaments.
Beginning March 4, the IRS will require all tournament sponsors to report tournament winnings of more than $5,000. Tournament sponsors who comply with this reporting requirement will not need to withhold federal income tax at the end of a tournament, the IRS said.
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