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During these tough economic times, the IRS has agreed to lower the amount of tips which must be declared by casino service workers each week. A Nevada Union came into agreement with the IRS last week over a deal that will reduce the amount of tips which must be reported by casino workers automatically.
Previously, about 60,000 casino workers agreed to automatically deduct a certain percentage of their tips from their weekly pay, as estimated taxes. By automatically deducting a fixed percentage, the IRS in-turn, agreed not to ever audit these individuals.
As you know, service workers across the country who receive tips as a majority of their wages are known for cheating on their taxes. After a long, hard day, its very easy for them to simply stuff the cash into their wallet and forget about it. These workers never think-twice, until they are audited by the IRS.
The IRS created the automatic deduction program as a way to combat against the tax fraud. In turn, the workers would never have to worry about audits.
Now, with the Las Vegas economy down-and-out, these workers begged for a change in the policy so they can take home more money each week. According to reports, the IRS has lowered the figure by 20%.
“The workers are still required to pay the taxes by April 15, but the money will not be automatically deducted anymore”, says Roy Anderson, a tax-specialist in the Las Vegas area