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By: David Yuri, Tue Jun 5th, 2007
Many U.S.A. states impose income taxes on gambling winnings. These governmental fees are extremely high. US tax recovery companies aim to help those lucky winners who gave up a part of their money to the government. The authority that raises gamblers' money is the Internal Revenue Service (IRS). The IRS cannot be aware of each winning. Certainly, considering the taxes, no gambler will willingly declare his or her windfall. Therefore, the casino staff became the IRS agents. Taxes for U.S. citizens are 28 percent of the proceeds. These taxes soared after 1992, when they were just 20 per cent. California and New York have different rules for casinos. If one is lucky enough to win, the money he or she gained will decrease substantialy. For example, if the windfall is $100,000, $50,000 will go to the state. What is more, aliens yield to the U.S government 30 percent. Particularly, if a foreigner wins $100,000, he will receive only $70,000.
The legislation states that the winners must fill in different forms, appropriate to their win: Form W2-G and Form 5754. The Form W2-G is specific for some types of gambling winnings: the gains worth more than $600 from lotteries or horseracing, the winnings more than $1,200 from slot machines or bingo and the proceeds more than $1,500 from keno. The Form 5754 is for lottery pool wins. The lucky gamblers will share both the prize and the taxes.
Each year, the IRS receives four million forms. That is to say, four million people wait for the taxation of their gambling winnings. On the other hand, US tax recovery companies struggle for their customers to obtain refunds. A US tax recovery company can state each winner's eligibility for a refund. Moreover, it lends support to the lucky gamblers to receive their taxes back. The tax recovery services will offer support particularly to foreigners. The company will make sure that all the necessary documents are ready for delivery to Internal Revenue Service for compensation.
There are three general rules when applying for a refund: you were not a resident by the time you gain the money, you won within the past three years and you must have all the necessary documentation (Form 1042-S or a Win Slip, from the casino).
The process of receiving the rebate is not so long; it takes from 12 weeks up to 18 weeks. A tax number for your file from the IRS is obtainable up to 8 weeks. After you have received this number, the cheque will reach you in another eight weeks. If you already possess the tax id number, you will get your refund much faster.
Each US tax recovery company works professionally, approaching every customer differently, according to its needs. Our agents are fast and efficient, because they have expertise that enable a rapid processing of documents and information. We have a large client-base, as our effectiveness and reliability trigger numerous clients.
In other words, as a US tax recovery company, we work for you to take back the percentage of the gambling winnings given to the government. All you have to do is to contact us, to complete the forms and to send us the papers. Our staff will work on your behalf and will do their best to support you.
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