IRS

NTRA Summarizes Benefits To Horse Owners Under Federal COVID-19 Legislation

As part of its ongoing work to help the industry navigate the hardships brought on by the coronavirus pandemic, the National Thoroughbred Racing Association (NTRA) compiled a summary of benefits available to owners under the latest federal COVID-19 legislation. “Given that every business and financial situation is unique, owners need to consult their tax and […]

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Tips To Recognizing Legitimate Horse Rescues

In June, 159 horses were seized from Scarlet’s Legacy Equine Rescue in Camp County, Texas. A 501(c)(3), the organization, based on 45 acres, was managed by Deanna Tierney. Local media covered the seizure extensively, and Horse Nation reported on how horse lovers can help horses in need, like those who were taken from Scarlet’s Legacy, […]

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IRS Reporting, Withholding On Winning Bets Take Steep Drop Under New Regulations

In the first year of operations under newly modernized U.S. Treasury and Internal Revenue Service (IRS) regulations, there was a $307 million reduction in the amount of winning pari-mutuel wagers reported to the IRS using form W-2G, according to statistics released today by the National Thoroughbred Racing Association (NTRA). This reduction in the amount of […]

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Veterinarians Qualify For New Tax Deduction

Small business owners in the veterinary world will now qualify for a “pass through” deduction on their federal income tax, according to the U. S. Treasury Department. The Treasury Department and the Internal Revenue Service released regulations last week explaining how sole proprietorships, partnerships, trusts and S-corporations can apply the deduction under Section 199A of […]

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U.S. Betting Handle Sees Continued Growth In Second Quarter

Wagering on horse racing in the U.S. continued to show an increase in June, the second quarter and year-over-year, based on statistics released Thursday by Equibase. The second quarter results came on the heels of positive numbers in the first quarter. Even though U.S. races, race days and starts declined by about 2 percent in […]

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American Horse Council, NTRA Analysis: What New Tax Law Will Mean To Horse Industry

The Senate hustled early Wednesday morning, December 20 to pass the Tax Cuts and Jobs Act of 2017 by a vote of 51-48.  Although the House passed the bill Tuesday afternoon, congressional budget rules required the Senate to return the bill to the House for a revote on Wednesday to address technical changes.  While details […]

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Longshot-Heavy Breeders’ Cup Sees Just 35 IRS Filings, Down 97 Percent Over 2016

Despite some of the longest-priced winners in Breeders’ Cup history, only 35 winning tickets at the Del Mar Thoroughbred Club triggered Internal Revenue Service (IRS) reporting or withholding via automatic W-2G filings across the two-day Breeders’ Cup World Championships. That represents a 97 percent reduction from the previous year, when 1,333 W-2G filings occurred on-track […]

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Del Mar, Breeders’ Cup Adopt Updated Tax Regulations In Time For Championships

Del Mar Thoroughbred Club – with the start of its fall race meet on November 1 – and the Breeders’ Cup – which is bringing its championship days to the seaside oval on November 3 and 4 – both will employ the updated U.S. Treasury Department/Internal Revenue Service (IRS) tax wagering rules put into place […]

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The Friday Show Presented By Woodbine’s Grey Stakes, Oct. 1: A ‘Fabulous Day’ For Racing?

The oft-maligned Thoroughbred business has every reason to celebrate a “Let It Ride/Richard Dreyfuss” moment this week. After more than a decade, the industry finally prevailed in its cohesive attempt to change antiquated regulations regarding IRS withholding and reporting for bettors. In this edition of The Friday Show, Scott Jagow and Ray Paulick discuss the […]

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