Refund Management Services (RMS) (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, is congratulating Halifax native Eric Place for coming in second at the $1,500 buy-in Monster Stack event at the World Series of Poker and walking away with almost $800,000. The company is also warning that Canadians and other non-American players at the World Series of Poker are subject to a 30% withholding tax on winnings.
Thirty-one-year-old investor Eric Place of Halifax battled to a second-place finish at Event #28 of the World Series of Poker, the famed $1,500 buy-in Monster Stack. The seventh-largest poker tournament in history with 7,192 entrants, Place walked away with US$796,834 (CAN$990,000) from a total prize pool of US$9,709,200 (CAN$12,037,583). (Source: Cousins, B., The Chronicle Herald, “Halifax man wins almost $800,000 at World Series of Poker,” June 18, 2015; http://thechronicleherald.ca/metro/1293899-halifax-man-wins-almost-800000-at-world-series-of-poker.)
“It’s important for those visiting the U.S. to take part in the World Series of Poker to know that the IRS considers winnings over $1,200 to be taxable income and subject to a 30% withholding tax,” says Brooke Sacks, Vice President of Marketing and Business Development at Refund Management Services. “Place might have won almost $800,000, but he had to leave $240,000 of that behind.”
Some of the countries that have not signed a U.S. tax treaty and are subject to the withholding tax include Canada, Australia, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and United Arab Emirates. (Source: “United States Income Tax Treaties – A to Z,” Internal Revenue Service web site; http://www.irs.gov/Businesses/International-Businesses/United-States-Income-Tax-Treaties—A-to-Z, last accessed June 25, 2015.)
“If a person has been to the U.S. and had 30% of their poker winnings held back by the IRS, Refund Management Services can help them reclaim a portion or all of their taxable winnings,” Sacks concludes. “RMS is the most reliable and experienced gaming and casino tax refund provider for non-U.S. residents. Our track record speaks for itself, as RMS has never been refused an eligible refund.”
Founded by a Canadian Chartered Accountant in 1998, Refund Management Services is the most reliable and experienced gaming and casino tax recovery provider for Canadian and non-U.S. residents. Only Refund Management Services has the One Simple StepTM process. Their Customer Service Agents take care of the rest. For more information about Refund Management Services and their One Simple StepTM, visit www.RefundManagement.com or contact the company toll-free from the United States and Canada at 1-888-272-5559.