taxation

Beyer: Pari-Mutuel Tax Rules ‘In Desperate Need Of Modification’

In 1978, the Treasury Department mandated that bettors be required to fill out a tax form and that the IRS withhold taxes on pari-mutuel gambling winnings over a certain amount. As Andrew Beyer writes in his latest column for the Washington Post, those rules now “have become absurdly outdated but have undergone little change in […]

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NTRA Seeks Horseplayer Comments On Push For New IRS Rules

The following is a press release from the National Thoroughbred Racing Association: In response to efforts spearheaded by the NTRA, the United States Department of the Treasury and Internal Revenue Service (IRS) are considering changes to reporting and withholding requirements related to pari-mutuel winnings. The changes would positively impact all levels of horseplayers, regardless of […]

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The Friday Show: No Heavy Lifting Required?

Welcome back to The Friday Show, the Paulick Report’s look at leading stories of the week in the racing and Thoroughbred industries, plus some items you may have missed. In this week’s show, Scott Jagow and Ray Paulick talk about a weighty issue — the mysterious disappearance of significant pound assignments in events like this weekend’s Santa Anita Handicap featuring […]

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Pony Up: Tax Changes Could Deliver Big Punch to Horse Owners

Horse owners in Boone County, Ind., could have a nasty surprise waiting for them when they open their tax bills, if they haven’t already. The county’s tax assessor has started reclassifying land used for horse pasture from “agriculture” to “excess residential.” Indiana equine industry advocates say the editing of a few letters on a form […]

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Meadow: Horseplayers Face Even More Ominous Issues Than Takeout

This article is a sneak preview of the 6th Annual Track Ratings Industry Issue of Horseplayer Monthly e-magazine, to be released April 2nd.  To download the March edition of the e-magazine, free, with articles, interviews and more, click here. Yes, rising takeouts are a big problem, but there are a couple of other taxation areas […]

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French Protestors Say New Tax Will Send 80,000 Horses to Slaughter

Thousands of protestors (and their horses) gathered in Paris last weekend to speak out against a new sales tax that they say will likely put stables in the country out of business. The hike from the 7 percent sales tax paid by riding centers currently to the 20 percent sales tax that may be mandated […]

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Horseplayers Irate Over New Massachusetts Gambling Tax

Between takeout and taxes, it’s hard enough to beat this game. As horseplayers, we certainly don’t need states sticking their hands deeper into the till – so deep that we are discouraged from placing a $20 win bet. But that’s exactly what Massachusetts is doing. As a result of recent tax law changes, any winnings […]

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