Casino Tax Rebate Can Help Wealthy Canadian Gamblers Subject to Refund
Delays by the IRS
Casino Tax Rebate can assist wealthy Canadian gamblers that are finding their tax refunds from the
IRS delayed due to delays in processing caused by withholding tax verification.
Thunder Bay, Canada, June 12, 2012 --(PR.com)-- According to Cameron McDougall President of
Casino Tax Rebate one of Canada's largest casino tax recovery firms tax refunds filed with the US in
excess of $10,000.00 are resulting in withholding tax verifications and long delays in obtaining tax
refunds on the tax deducted by US based casinos on gambling winnings.
In the USA gambling winnings are considered taxable income just like any other form of income and the
foreign winner only receives 70% of his casino winnings. The other 30% is taken in taxes and remitted to
the US government. Canadians, due to provisions in the US Canada tax treaty, can offset their winnings
with gambling losses and get either a full or partial tax recovery.
Mr. McDougall states that about two years ago he noticed an uptick in the audits of wealthier Canadian
gamblers. "We are seeing with our own clients about 25% of clients with refunds over $10,000.00 are
being subjected to audits that require them to substantiate their losses as well as get letters from the
casinos verifying the tax slips that the casino gave them showing their taxes withheld."
It seems the IRS has no way to verify the 1042-s slip that the casino gives the Canadian because there is
no information in their system. Since the tax slip has no US Social Security number or Individual
Taxpayer number on the slip they can not call it up in their system and are subjecting Canadians to delays
in obtaining this refund. Source http://www.treasury.gov/tigta/auditreports/2010reports/201040121fr.html
Mr. McDougall suggests using a professional tax service that has experience with these types of returns
as individuals usually cannot maneuver the audit process correctly and risk losing thousands of dollars in
refunds that they are entitled to.
Casino Tax Rebate
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