Keyword: withholding

  • TwinSpires in Front of New Rules

    TwinSpires, an online horse racing wagering company, announced that its website will be implementing the new rules on withholdings Sept. 28, which will benefit horseplayers in the form of less reporting requirements.

  • XpressBet Set for Launch of New Reporting Standards

    We're excited to announce that beginning Thursday, September 28, 2017, we will implement the updated tax rules that were recently adopted by the U.S. Treasury Department and Internal Revenue Service (IRS).

  • Dozen Congress Members Support IRS Reporting Changes

    Twelve members of Congress have signed a letter delivered to the Department of Treasury requesting recently proposed IRS regulations relating to the way pari-mutuel winnings are calculated for tax withholding and reporting purposes be finalized.

  • NTRA Annual Report 2015-2016

    NTRA Report Points to Steady Organization

    One of the highlights of the National Thoroughbred Racing Association annual report for fiscal year 2015-2016 is the feedback generated in its efforts to update rules on reporting and withholding of big pari-mutuel winning tickets.

  • 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.

  • NTRA Awaits Consensus on Medication Issue

    Unless horse racing first reaches industry consensus on medication reform, the National Thoroughbred Racing Association does not expect Congress to move forward on federal medication legislation.

  • Bill Introduced to Eliminate Withholding Tax

    A bill was introduced in the U.S. House of Representatives April 28 that would eliminate the automatic 25% federal withholding on pari-mutuel winnings of $5,000 or more for bets that carry odds of 300-1 or higher.

  • NTRA Works to Eliminate Withholding Provision

    National Thoroughbred Racing Association officials met with President Bush's legislative team and key members of Congress the week of April 8 in an effort to promote legislation to eliminate the 30% withholding on foreign wagers into United States pari-mutuel pools.