Refund Management Services (www.RefundManagement.com), the number one choice of Canada’s biggest winners for U.S. gaming and casino tax refunds, reacts to Canadian-owned Nyquist winning the Kentucky Derby and the $124.7 million wagered on the race. RMS also explains what non-U.S. residents need to do to get their pari-mutuel 30% withholding tax back.
“Congratulations goes out to Canadian-owned Nyquist, who won the 142nd running of the Kentucky Derby on May 7 in front of 167,227 people, the second-largest crowd in Derby history. The attendance was just shy of the record 170,513 who watched eventual Triple Crown winner American Pharoah win the Derby in 2015,” says Brooke Sacks, vice-president of marketing and business development at Refund Management Services. “Nyquist’s win was worth $1.63 million and improves his record to a perfect to 8-0 heading into the Preakness Stakes on May 21 at the Pimlico Race Course in Maryland.”
The amount wagered from all sources on Derby Day races was $192.6 million, a slight one percent decrease from 2015’s record total of $194.3 million. The amount wagered from all sources on the actual Kentucky Derby was $124.7 million, a 10% decrease over the record $137.9 million in 2015. At the end of the day, Churchill Downs returned $151.8 million to bettors from the Kentucky Derby program. (Source: “Second-Highest Attendance in Track History as 167,227 Fans Watch Undefeated Nyquist Win the 142nd Kentucky Derby,” kentuckyderby.com, May 7, 2016; https://www.kentuckyderby.com/horses/news/second-highest-attendance-in-track-history-as-167,227-fans-watch-undefeated-nyquist-win-the-142nd-kentucky-derby.)
Sacks explains that non-U.S. residents who travelled to Churchill Downs and bet on the Kentucky Derby or placed a sportsbook wager need to understand that pari-mutuel winnings over $1,200 are subject to a 30% withholding tax by the Internal Revenue Service (IRS). But, if you live in a country like Canada, which has signed a U.S. tax treaty, you may be eligible for a refund.
There are also a number of countries that currently do not have a U.S. tax treaty, however, residents of the following countries may still be eligible for a refund. The countries include: Australia, Bahrain, Barbados, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and the United Arab Emirates.
“At RMS, we understand that a large number of people from Canada and worldwide travel to the U.S. to watch the three stages of the Triple Crown,” Sacks concludes. “Founded by a Chartered Accountant, RMS is Canada’s most reliable and experienced pari-mutuel, gaming, and casino tax refund specialist. Over the years, RMS has helped thousands of people recover a portion or all of their pari-mutuel withholding taxes. Best of all, we’ve never been refused an eligible refund.”
To find out how Refund Management Services can help with your 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 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 expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any eligible refund is successfully recovered. RMS only gets paid for successful gambling tax refunds. RMS is a member of the Better Business Bureau and the Las Vegas Metro Chamber of Commerce.
Contact Refund Management Services toll free from the United States and Canada at 1-888-272-5559, or email RMS at [email protected]