Consistency: WSOP Still Not Accepting Form 5754

Back in 2007, I wrote this post regarding staking and the World Series of Poker. Five years have elapsed and nothing has changed. Caesar’s (Harrah’s changed their name a year ago), which operates the WSOP at the Rio Casino here in Las Vegas, still refuses to accept Form 5754. While this is an inconvenience to some, it can cause tremendous tax headaches for others.

For those wondering about the headaches, you can read this post I made last year. The three situations I noted regarding backing (staking) remain the same for 2012 as they were in 2011.

The only update isn’t a good one: The IRS is moving towards strict compliance regarding the issuance of Form 1099s and withholding requirements. I strongly urge anyone who is backed to have your agreements in writing. Further, if there’s a possibility you will need to withhold enroll in EFTPS and obtain an Employer Identification Number (EIN) as soon as possible. (Note: You can only apply online for an EIN from 7:00am – 10:00pm EDT on business days.)

Hopefully, Caesar’s will see the light and begin to accept Form 5754. After all, IRS regulations state they are required to accept the form. Until then, Caesar’s actions will continue to make sure that I’m fully employed.

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One Response to “Consistency: WSOP Still Not Accepting Form 5754”

  1. All it would take is one person refusing to perjure himself by signing the bottom of the W-2G where it states he is the sole beneficiary of the prize and they’d be forced to deal with the issue. I don’t envision myself getting backed but you can be sure I’d test it. What’s the worst they could do to me, 86 me for life from all their properties? Oh wait.

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