Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, reacts to record revenue generated by Ohio’s seven racinos in March. The company also explains how non-U.S. residents can reclaim a portion or all of their gaming winnings withheld by the IRS.
In March, Ohio’s seven racinos (racetrack and casino) set a combined winnings record of $78.6 million. The record numbers added in March continue the momentum that started at the beginning of the year. For the first quarter, Ohio racinos reported combined winnings of approximately $220 million, a year-over-year increase of 11.0%. (Source: “Ohio racinos set revenue records in March,” mydaytondailynews.com, April 7, 2016; http://www.mydaytondailynews.com/news/business/ohio-racinos-set-revenue-records-in-march/nq2KQ/.)
“On top of that, Ohio’s four casinos reported their third-best month in March, with combined revenue of $73.3 million. During the first quarter, revenue from the four casinos increased 3.0% to $211.3 million,” says Brooke Sacks, vice president of marketing & business development at Refund Management Services. “Together, Ohio’s 11 gambling destinations are on pace in 2016 to generate $1.7 billion.”
Ohio is a popular destination for Canadians. Each year, 853,000 Canadians visit Ohio where they spend $159 million while on vacation. Since the state’s first casino opened in May 2012, Ohio is also a top gambling destination for Canadians. (Source: “Ohio,” Government of Canada web site; last accessed April 13, 2016; http://can-am.gc.ca/business-affaires/fact_sheets-fiches_documentaires/oh.aspx?lang=eng.)
Sacks explains that it’s important for Canadians and other non-U.S. residents that visit Ohio (or any other state) and win a substantial amount of money at a casino, horse track, the lottery, or game show, their winnings could be subject to a 30% withholding tax by the IRS. Sacks also states that these Canadians and other non-U.S. residents may be eligible for a refund and should inquire further with RMS to find out if they qualify.
“Unlike in Canada, where the government doesn’t tax casino winnings, in the U.S., the IRS levies a 30% withholding tax on gaming winnings over $1,200. Fortunately, there is a way for Canadians and other eligible non-U.S. residents to retrieve a portion or all of their withheld winnings,” Sacks concludes. “Founded by a chartered accountant, Refund Management Services has successfully completed the most U.S. gaming tax refunds for Canadians and other non-U.S. residents. RMS has never been refused an eligible refund.”
Refund Management Services is the most reputable casino and gaming tax recovery service in the industry. As registered Certified acceptance agents, 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 the expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled 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 Chamber of Commerce.
Contact Refund Management Services toll free from the United States and Canada at 1-888-272-5559. Or email RMS: [email protected]