taxes

Tom Rooney, the president and chief executive officer of the National Thoroughbred Racing Association (NTRA), said Wednesday that the focus of his organization's current lobbying efforts in Congress is getting a recently enacted tax law reversed so horse race bettors can go back to deducting 100% of their gambling losses instead of the 90% that was imposed by passage of the sweeping One Big Beautiful Bill Act (OBBBA) signed into law July 4. The NTRA has estimated that the financial hit to the racing industry because of this tax change...

The National Thoroughbred Racing Association (NTRA) will collaborate with Dean Dorton, a Top 100 CPA and advisory firm, to host a deep dive on the One Big Beautiful Bill Act and its tax implications affecting Thoroughbred racing, the group announced Friday afternoon. Set to take place Thursday, July 24 at 1:00 p.m., the webinar will feature insight from Jen Shah and Joe Daugherty, Lexington-based certified public accountants with Dean Dorton, and the firm's equine tax leaders. The CPAs will provide specifics of the new laws and answer questions regarding topics...

Rep. Dina Titus, a Democratic Congresswoman from the gambling mecca of Nevada, has introduced what is being called the FAIR BET Act, which would restore a gambler's right to deduct 100 percent of his or her losses from gambling winnings. Titus is the co-chair of the Congressional Gaming Caucus. The latest version of the Trump bill stunned gamblers, racetracks, casinos and sports bettors when it became clear that a player could only deduct 90% of their losses from the winnings. Under the scenario, a gambler that won $1 million and...

Len Green, the founder of The Green Group, joined this week's TDN Writers' Room to share what breeders and owners can do before the close of the year to save money on taxes.

If you are someone who always had the dream of owning a Thoroughbred racehorse and have room on your wall for a few coveted winner's circle photos, there are some important things to consider in order to maximize your experience and avoid some of the pratfalls that can leave a new owner's confidence crippled. As the Executive Director of the Minnesota Racehorse Engagement Project from 2019-2022, I was able to direct over 300 first time owners into Thoroughbred racehorse ownership. The secret sauce in making this happen was providing a...

Len Green joins this week's TDN Writers' Room to discuss DJ Stables' Breeders' Cup-winning filly Wonder Wheel and to advise on changes that will have implications for horse owners' taxes in 2022.

By Len Green, CPA and John Wollenberg, CPA In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2021 taxes, we are here to tell you, it is not! With over 40 years' experience saving our clients taxes along with our knowledge of the new tax laws, we are confident the following information will help you as you approach the...

In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2020 taxes, we are here to tell you, it is not! With over 40 years' experience saving our clients taxes along with our knowledge of the new tax laws, we are confident the following information will help you as you approach the 2020 home stretch and allow you to hit...

COVID-19 has changed the way we go about our daily lives. It has also increased the number of individuals who are self-employed and have no other employees, also known as independent contractors. The formal definition of an independent contractor is a person or entity contracted to perform work for, or provide services to another entity as a nonemployee (meaning that the employee is "at will" and not eligible for an employer's health or retirement benefits). The general rule is that an individual is an independent contractor if the payer has...

Kentucky CPA firm Dean Dorton and the NTRA will host a webinar Feb. 20 focusing on key federal tax reform items for horse and farm owners. The webinar will be hosted by Dean Dorton's Jen Shah, Director of Tax Services and Equine Team Leader, through NTRA.com and will run from 1-2 p.m. EST. "The NTRA is pleased to collaborate once again with the experienced equine tax accountants at Dean Dorton," said Alex Waldrop, President and CEO of the NTRA. "Dean Dorton's team is among the best at communicating the insights...