Method for meeting IRS reporting requirements related to an electronic gaming machine
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
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Apr 9, 1996
Grant Date -
N/A
app pub date -
Apr 19, 1994
filing date -
Apr 19, 1994
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
This invention relates to a new method for meeting the United States Internal Revenue Service's reporting requirements for electronic gaming machine devices such as slot machines. The present invention provides a separate storage means that keeps track of gross winnings on individual plays of a slot machine that exceed a predetermined amount (jackpots), and permits the accumulating jackpot winnings to be used by the player for additional play of the slot machine. The amount of winnings in the jackpot meter is then used to determine the amount of winnings to be included on an IRS reporting form called a W2-G Form. The present invention avoids the time consuming and error prone system currently used and provides the player with a more enjoyable gaming experience, and at the same time provides the IRS with more accurate information. Rather than numerous W2-G Forms for each jackpot exceeding the predetermined limit, only a single W2-G Form need be prepared at the end of a playing session.
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