Keyword: Internal Revenue Service

  • Alex Waldrop

    Waldrop Testifies on Wagering Tax Reporting

    The United States Department of Treasury and Internal Revenue Service were told June 17 that current regulations related to the tax withholding and reporting of pari-mutuel winnings are "unfair and totally burdensome."

  • Alex Waldrop, president and chief executive officer of the National Thoroughbred Racing Association

    Waldrop to Address Withholding Taxes in D.C.

    Alex Waldrop, president and chief executive officer of the National Thoroughbred Racing Association, will address proposed changes to regulations on the taxing of pari-mutuel wagers at a June 17 hearing in Washington, D.C.

  • Changes Possible on Federal Tax Withholdings

    Two federal agencies have issued a notice that opens the door to the possible addition of pari-mutuel gambling winnings to updated reporting and withholding requirements being developed for bingo, keno, and slot machines.

  • Lawmakers Back Change in Withholding Taxes

    The NTRA said June 3 members of Congress have asked the U.S. Department of Treasury to clarify regulations on the taxing of pari-mutuel wagers. The trade organization also is asking bettors to support an online petition.

  • Equine Equity Act Makes Progress

    The Equine Equity Act, which reduces the capital gains holding period for horses and shortens the depreciation schedule for racehorses, is part of the 2007 Farm Bill and could be approved by the United States Senate in a few days.

  • Special agents with the Internal Revenue Service were posted at the entrances to ClassicStar Farm Thursday.

    ClassicStar Operating a Day After IRS Visit

    A day after agents from the Internal Revenue Service were at ClassicStar Farm near Versailles, Ky., the horse operation is continuing, the farm manager said today.

  • Asmussens Put Plan for Laredo Racetrack on Hold

    The El Primero Fair Association backed by Cash, Marilyn, and Keith Asmussen and the Laredo National Bank has decided to withdraw its application to open a non-profit Class 3 racetrack near Laredo, Texas.

  • Appreciating Depreciation

    <i>By Robert R. Hill</i> -- On March 9, President Bush signed the Job Creation and Worker Assistance Act of 2002, which was a real income tax benefit for U.S. businesses. Fortunately, this tax act is also a significant boon to the horse industry, benefiting both racing and breeding operations.