US tax recovery. US tax recovery sounds as interesting as US bank reconciliation, or US refund management services. US bank reconciliation sounds like something out of an advanced accounting textbook. Refund management services sounds like something that helps tenants recover security deposits. Yet US tax recovery is something that is very useful for Canadian gamblers. To put it simply, US tax recovery is a term for a gambling tax refund. Are you still befuddled? Has this already bored you? If you are a Canadian who has gambled, or will gamble in the US, you may require US tax recovery services.
The Internal Revenue Service (IRS) levies a casino winnings tax on US jackpot winners. If you are a Canadian who gambles in the United States, there is a good chance you will eventually be hit with the casino winnings tax. The casino winnings tax is set at 30% of the jackpot. 30% is close to the top marginal tax rates in the United States. The minimum threshold for the casino winnings tax is $1200 for slot machines and bingo, and $1500 for keno. There is no casino winnings tax on table games in general. But table game tournament winners (e.g. poker tournament winners) are hit with the casino winnings tax.
Luckily the US-Canada tax treaty explicitly states that Canadians are subject to the same treatment under US tax laws as Americans. Americans are eligible to partially or fully offset their casino winnings tax by deducting their gambling losses from their gambling wins. American gamblers file for a refund of their casino winnings tax in their annual IRS tax return. While Canadians are eligible for a US tax recovery, refund management services, etc. Canadians are generally not allowed to file US tax returns. Canadians who are aware of their rights to reclaim their casino winnings tax are often unsure of the casino tax refund procedures, or go to the IRS, only to be given the runaround, or asked to send in the ORIGINAL passports for several weeks in order to verify the casino tax refund applicants identity. The casino winnings tax collected from Canadian gamblers is very high. The IRS really has no incentive to make the casino tax refund process easier.
The US government has licensed certified acceptance agents to act on behalf of Canadian gamblers in their dealings with the IRS. Certified acceptance agents are verified to have the utmost in professional knowledge and objectivity. Firms like US Gambling Refund will deliver the fastest, most thorough, and most timely casino tax refund to their clients.