Newtown, PA --- Larry Rosenblum, President of the Equine Tax Group today reminded horsepersons that many of them who race in more than one state have tax obligations to each state they race in. "With most states in precarious budget situations they are looking for ways to raise revenue. It’s becoming clear to them that many out of state residents who earn 1099 income in their state never report the income.
New York in particular has become extremely aggressive in this regard. We currently have three or four cases with that states tax department and in one instance the case was actually assigned to a field collections person which means they can and will come out to the track or your farm to find out why you have not filed or paid.
This is a departure from the typical 'why haven’t you filed letter' and should be taken seriously. By sending out field personnel the tax departments get a better view of one’s assets such as equipment, trucks, horses etc. I think the message is clear, file your taxes, pay them timely or set up a payment plan but don't pretend it will go away by itself. For further information contact the Equine Tax Group at 888-338-2999 or visit www.equinetaxgroup.com.”