Poker Winnings Must Now Be Reported As Income

According to an IRS news release, casinos and other poker tournament sponsors will be required to report information on winnings to the IRS, starting March 4, 2008. The IRS hopes this rule clarifies the tax reporting rules that apply to poker tournaments and gain additional revenue from these popular gaming events. When the new rule takes effect, winnings exceeding $5,000.00 will require reporting to the IRS. The casinos will report the pay-out on an IRS Form W-2G. However, the IRS is reminding tournament winners that they must report all their winnings on federal income tax returns, regardless of the amount won. This rule has been in effect for years, and all tournament winners should currently be reporting all winnings. The IRS is hoping that with the new rules placed on tournament sponsors will help increase the number of winners who do report their winnings.

NBC To Launch Live Golf Webcast

Yesterday NBC Universal announced plans for live webcast coverage of the U.S. Open golf tournament (one of professional golf’s four major tournaments) later this week along with the launch of a new mobile sports channel. NBCSports.com will stream a live webcast of NBC’s coverage of the U.S. today and tomorrow in an effort to capture golf fans while at the office or away from home. The site will also showcase a highlight show – the Lexus U.S. Open Wrapup - along with video interviews from the event.