06/02/2015 11:49AM

Last day to comment on proposed parimutuel tax rules


With less than a full day remaining for the public to comment on proposed rules on tax reporting for parimutuel wagers, more than 11,000 have already sent in comments to the IRS and the U.S. Treasury Department supporting the proposals, according to the National Thoroughbred Racing Association.

The latest results were tallied last Friday, according to NTRA spokesman Jim Mulvihill, so it’s possible that the number is much higher.

The NTRA set a goal of providing 10,000 responses to the proposal, and the organization aggressively ratcheted up its promotion of the goal as of two weeks ago – when 3,000 people had responded – by urging nearly every major organization in racing to reach out to their memberships.

The public-comment period, which opened six weeks ago, ends at the close of business today. The proposal would allow horseplayers to use the total amount wagered in a pool to determine tax liability for reporting and withholding, a measure that would dramatically reduce the tax liability of many bettors.

Anonymous More than 1 year ago
Rather than gain support from the irs on the tax calculation, why dont you seek support to stop horse race fixing and pool skimming. Wouldnt that be helping the horseplayer?
jackschil1 More than 1 year ago
Before you comment on race fixing you should learn some facts. When Hollywood tries to make a certain outcome on a race happen, sometimes they have to do it 5 or 6 times to receive their desired outcome. You cant get 2 jockeys to agree on the weather much less agree on fixing a race. Why would a jockey hold his horse when he could earn $5-10,000 for winning the race? He would have to bet thousands just to break even. In the most regulated industry on the planet just who is skimming money from the wagering pools?
rvraynmary More than 1 year ago
The unfair tax is collected whether the race is fair and square or not. So,let's get rid of that shameful tax on winnings. Ray
Anonymous More than 1 year ago
Whats the most regulated industry on the planet?