by Ellen Harvey, Harness Racing Communications

Freehold, NJ — The U.S. Treasury and Internal Revenue Service have requested comments from interested parties regarding proposed updates to regulations for withholding and reporting of winning pari-mutuel wagers that could have a positive impact on horseplayers and all segments of the horse industry.

The current withholding and reporting regulations need to be modernized to accurately and fairly reflect the realities of wagering today.

If such regulations are approved, it will change the tax withholding regulations for those cashing large bets to consider the value of all wagers on that race or races, not just an individual ticket or combination. Such an update would not only increase wagering revenue for horseplayers, racetracks and horsemen but also generate new tax revenue for government.

Whether you are a bettor or not, this change will benefit all forms of racing and those involved in racing are advised to let the IRS and Treasury know how they feel.

Use this link to send your thoughts to those government agencies.