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BTW, with both this and the story in MTTc about the Caesars MegaStack chop, it seems Harrahs has gone the ****** route of forcing people to claim taxes on the original amount of a certain place's finish even after a chop (i.e. if 2nd was $17k you chop and get $14k Harrahs still puts you on the books for $17k). This is pure bull**** and shouldn't be done in the spirit of the chop. The lazy mother****ers should write up new paperwork to clarify the exact amount everyone's getting in the chop.
From what I understand, Harrah's has an obligation to provide correct W2-G tax statements if they are given a completed Form 5754. However, it is up to the players to complete Form 5754 and provide it to Harrah's. In fact, the IRS instructs that you MUST complete Form 5754 if you receive gambling winnings for someone else.
Form 5754 is used to prepare the W2-G when the person receiving the winnings is not the actual winner or is a member of a group of two or more winners. The IRS's instructions for completing W2-G states that the PAYER is
REQUIRED to file Forms W-2G based on Form 5754, either immediately or by Jan 31 following the year of the payment.
Instructions for completing W2-G can be found at
http://www.irs.gov/pub/irs-pdf/iw2g_07.pdf. Further information regarding Form 5754 is located at
http://www.irs.gov/pub/irs-pdf/f5754.pdf.
Any ideas on how to get Harrah's to cooperate???
Last edited by AUDITOR NURSE; 06-25-2008 at 08:08 AM.
Reason: clarity