pari-mutuel tax rules

Santa Anita Compliant With New Treasury/IRS Regulations On Pari-Mutuel Betting

Santa Anita Park has announced that it will fully implement fan-friendly wagering regulations effective today, opening day of the track’s 19-day Autumn Meet. These updated regulations, enacted by the U.S. Treasury Service and Internal Revenue Service (IRS) this past Wednesday, will benefit players with regard to tax withholding and reporting of pari-mutuel winnings. Under the […]

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United Tote, Churchill Downs Set For New IRS Withholding, Reporting Regulations Thursday

United Tote, the provider of pari-mutuel tote services to more than 150 racing operations including Churchill Downs Racetrack, has implemented the necessary technological changes to begin processing wagers and payouts that will benefit horseplayers around the world. The positive changes will come into effect Thursday. Updated regulations regarding the withholding and reporting of pari-mutuel proceeds […]

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Yarmuth, Boustany Urge Treasury Dept. To Act On Pari-Mutuel Tax Rules

Two U.S. congressmen, Rep. John Yarmuth (D-KY) and Rep. Charles Boustany (R-LA), have submitted a joint letter to the U.S. Department of Treasury Secretary Jacob Lew urging finalization of proposed rule changes regarding withholding and reporting of pari-mutuel winnings. The letter to Treasury was submitted on July 12 and was posted today on the official […]

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U.S. House Passes Appropriations Bill Encouraging Modernization Of Pari-Mutuel Tax Rules

The U.S. House of Representatives approved the fiscal year 2017 Financial Services and General Government Appropriations bill Thursday evening that includes report language detailing Committee on Appropriations instructions for the U.S. Treasury to “expedite final consideration of the guidance which would modernize the rules governing pari-mutuel wagering.” The bill (HR 5485) provides $21.7 billion in […]

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IRS Urged To Modernize Pari-Mutuel Tax Treatment

The U.S. House of Representatives Committee on Appropriations today passed the Financial Services and General Government Appropriations Bill for fiscal year 2017. This bill makes appropriations for the United States Treasury, Internal Revenue Service (IRS) and certain other agencies and includes language that encourages the IRS to modernize regulations for withholding and reporting pari-mutuel winnings. […]

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Eng: Triple Crown Feat ‘Pales By Comparison In Importance’ To Modernizing Tax Rules

In a piece for the Las Vegas Review-Journal, Richard Eng writes about the importance of modernizing a withholding tax on pari-mutuel winnings, an issue that has received a lot of attention from horseplayers in the last several weeks. “On a level of horseplayer interest, this debate is a 1 compared to American Pharoah at 10,” […]

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Waldrop Emphasizes Unfairness Of ‘Cost Of Wager’ Calculation At Treasury/IRS Hearing On Pari-Mutuel Winnings

In an address to United States Treasury and Internal Revenue Service (IRS) officials at a hearing today, National Thoroughbred Racing Association (NTRA) President and Chief Executive Officer Alex Waldrop emphasized the “outdated, unfair and overly burdensome” nature of current regulations related to withholding and reporting of pari-mutuel winnings. Changes proposed by the NTRA would clarify […]

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NTRA’s Waldrop To Appear Before Hearing Regarding Pari-Mutuel Tax Rules

Alex Waldrop, President and Chief Executive Officer of the National Thoroughbred Racing Association (NTRA), is scheduled to appear before a June 17 Hearing conducted by the United States Treasury Department and the Internal Revenue Service to address proposed changes to regulations related to withholding and reporting of winning pari-mutuel wagers. Waldrop’s appearance on behalf of […]

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NTRA: Unprecedented Participation, Industry-Wide Support For Pari-Mutuel Tax Modernization

The National Thoroughbred Racing Association (NTRA) today announced upon conclusion of a 90-day comment period that nearly 12,000 comments have been submitted directly to the U.S. Treasury in support of a measure seeking to modernize tax regulations related to pari-mutuel wagering. The proposed changes would clarify withholding and reporting rules by redefining the “amount wagered” […]

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Beshear Submits Second Letter Supporting Modernized Pari-Mutuel Tax Rules

Governor Steve Beshear of Kentucky has submitted a second letter to the U.S. Department of Treasury in support of amending Treasury regulations regarding withholding and reporting of pari-mutuel winnings. The letter endorses the formal response submitted by the National Thoroughbred Racing Association (NTRA) last month on this issue and emphasizes the potential impact the recommended […]

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