The American Institute of CPAs (AICPA) has called on the US Department of the Treasury and the Internal Revenue Service (IRS) to issue clearer guidance on how taxpayers should calculate and substantiate gambling gains and losses.
The request came in comments on proposed regulations, REG-113229-25, which address Section 165(d) and rules governing Form W-2G.
The AICPA said the proposals do not explain how taxpayers should measure, document, or report wagering gains and losses under the session method.
The institute said further direction could make the rules easier to administer and reduce uncertainty for taxpayers.
It also urged Treasury and the IRS to define a gambling session for calculating wagering results and to introduce a related safe harbour.
