SBC News Voice of the Sports Betting Industry
Irish racehorse and stud rights magnet John (JP) McManus is seeking to $5.2 million from the US government, claiming that gambling winnings of $17.5 million were wrongly taxed.
McManus one of Ireland’s richest businessmen (ranked 12th richest Irishman according to the Sunday Times), has filed a federal claim with US courts, seeking to recover the money on gambling winnings made in the US in 2012.
The businessman’s representatives claim that the payer of the winnings erroneously sent the $5.22 million to the US IRS, who have further withheld the winnings from McManus.
McManus claims he filed a US non-resident income tax return regarding the money owed, which should have entitled him to be excluded from taxes, due to a duties treaty between the two nations
Speaking to Forbes, McManus’ lawyer Terry Giles claimed his client had been stonewalled by the IRS, and that he had no choice but to take court action.
Giles informs that McManus will seek to have the IRS return the full amount including interest on the sum plus additional court and lawyer fees. The IRS has until 30 October to respond to McManus’ charge or to file for a court extension.
