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How Important is Timing & Refund Filing Requirements?

Toronto, Canada, November 14, 2014 – Refund Management Services (www.RefundManagement.com), the number one choice for U.S. gaming and casino tax refunds for Canadians and other non-U.S. residents, is releasing its comments on the current state of the casino industry in the United States and weighing in on the importance of understanding time and filing refund requirements for submitting U.S. tax returns.

Commercial casinos in the United States generated approximately $39.0 billion in annual revenue in 2013. And the industry remains healthy. Between 2009, when the financial crisis rocked the U.S., and 2013, commercial casino revenue increased eight percent,” says Brooke Sacks, vice president of marketing & business development at Refund Management Services. “That doesn’t mean the entire U.S. gaming industry has rebounded.” (Source: Center for Gaming Research, “United States Commercial Casino Revenues,” April 2014; http://gaming.unlv.edu/reports/national_annual_revenues.pdf.)

Four of Atlantic City’s 12 casinos have closed so far in 2014, including three over the course of roughly two weeks: the Showboat on August 31; the Revel on September 2; and Trump Plaza on September 16. Most recently, the Trump Taj Mahal has run into trouble and could close its doors as early as December. (Source: Kramer, R., “Trump Taj Mahal plans early December closing; employees’ benefits extended,” pressofAtlanticCity.com, October 28, 2014; www.pressofatlanticcity.com/news/trump-taj-mahal-plans-early-december-closing-employees-benefits-extended/article_dba612c4-5eb2-11e4-9d26-7faa194c882e.html.)

Meanwhile, casinos in the rest of the country are going strong, says Sacks. Between 2009 and 2013, casino revenue in Nevada climbed 10% to $11.14 billion, accounting for roughly 30% of annual commercial gaming revenue in the United States. During the same time frame, revenue in Pennsylvania has soared 58% to $3.11 billion and is the second biggest market accounting for approximately eight percent of annual commercial gaming revenue. Both of these are popular destinations for Canadians and other non-U.S. residents visiting the United States.

Sacks explains that with U.S. casinos in the news and the end of the fiscal year just around the corner, now is the time for Canadians and other non-U.S. residents to make sure they are up-to-date and aware of time and refund requirements for filing U.S. tax returns and specific requirements of federal income tax returns related to gambling.

“Even though the tax deadline in Canada is still six months away, prepping now for income tax on gambling winnings can help people avoid stress in the spring. It can also give Canadians and other non-U.S. residents who have had 30% of their winnings withheld by the Internal Revenue Service a chance to recoup most of or all of their winnings,” Sacks adds. “Unfortunately, Canadians looking for a gambling tax refund have to navigate the confusing and frustrating world of the IRS and U.S. tax law.”

For starters, Sacks advises, it’s important for Canadians or other non-U.S. residents who have had gambling winnings withheld to know that they can deduct their gambling losses up to the amount of their gambling winnings. But there is a strict time limit, in order to qualify for a gaming refund Canadians must file detailed gambling tax refund forms within three years of winning. On top of that, says Sacks, to recover a portion or all of the tax on gambling winnings, Canadians need to substantiate their gambling losses with proper documentation, receipts, tickets, statements, or a player’s club card as proof or keep a diary of losses and winnings.

As registered agents of the IRS, the Canadian Chartered Accountants at Refund Management Services have helped thousands of Canadians and other non-U.S. residents successfully file their U.S. casino tax refund and recoup their winnings since 1998,” Sacks concludes. “In some cases, RMS can get gambling winnings back to clients in as little as 6–15 weeks depending on when they’ve won. In every case, we make the whole process much easier for our clients.”

To find out how Refund Management Services can help with U.S. gambling tax recovery, visit www.RefundManagement.com.

Founded and owned by a Canadian Chartered Accountant, Refund Management Services is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, Refund Management Services (RMS) helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to three years after their winnings have been withheld. With its expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled refund is successfully recovered. In most cases, RMS gets its clients’ withheld gambling winnings back in as little as 6–15 weeks. RMS only gets paid for successful gambling tax refunds. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce.

Contact Refund Management Services toll-free from the United States and Canada at 1-888-272-5559. Or e-mail RMS at [email protected]