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, will address proposed changes to regulations on the taxing of pari-mutuel wagers at a June 17 hearing in Washington, D.C.
After a slow start that required a push for broad industry participation, the NTRA June 3 said more than 11,600 comments were submitted to the United States Department of Treasury on wagering tax changes.
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.
Tax court opinion will help owners who aren't living alongside their horses. read blog
A motion has been filed in a Kentucky federal court asking to convert the bankruptcy protection of former broodmare lease operator ClassicStar LLC from Chapter 11 business reorganization to Chapter 7 liquidation.
The New York Racing Association can add the Internal Revenue Service to its list of obstacles, as the federal agency wants NYRA to pay it $1.6 billion to settle past tax bills.
After months of having fingers pointed at them, the principal parties involved in the ongoing ClassicStar legal saga are now taking shots at each other.
A federal judge in Lexington signed an order Oct. 24 that allows parties to make selected evidence confidential in the lawsuit involving the controversial ClassicStar broodmare leasing program.
Individuals claiming they were bilked out of millions of dollars by ClassicStar's high-profile mare lease and breeding program are awaiting answers to a recent complaint filed on their behalf
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