From NTRA WASHINGTON, D.C. (July 21, 2017) — A document outlining upcoming federal regulatory actions released Thursday, July 20, 2017 by The White House indicates that modernized tax guidance relating to withholding and reporting of pari-mutuel winnings is nearing enactment. The “Current Unified Agenda of Regulatory and Deregulatory Actions” describes the Amendment of 3402(q) Regulations providing new rules for pari-mutuel wagering as in the “Final Rule Stage.” The regulation, detailed by the Internal Revenue Service and U.S. Treasury in the December 30, 2016 Federal Register in a section titled “Withholding on Payments of Certain Gambling Winnings,” accomplishes goals started and spearheaded by the NTRA three years ago. “We are pleased to see this latest indication that the regulation continues to make its way toward final approval,” said NTRA President & CEO Alex Waldrop. “We take nothing for granted, though, and will continue to work closely with our allies in Washington, D.C., to get this important change completed. We urge Treasury and the IRS to act quickly so horseplayers, the racing... ...
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