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What information is TwinSpires.com required by law to give the IRS concerning account activity?

April 26, 2017account activity IRS Law twinspires.com

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What information is TwinSpires.com required by law to give the IRS concerning account activity?

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TwinSpires.com is required to report to the IRS on Form W2-G all wagering transactions which return a payoff of $600 or more in gambling winnings if such winnings are at least 300 times the amount of the wager. TwinSpires.com will also withhold funds at the standard IRS rate of 25% from wagers where the aggregate total proceeds of identical bets exceeds $5,000 and if the winnings are at least 300 times the amount of the wager.