|Frequently Asked Questions of the Horsemen's Bookkeeper
The Texas Horsemen's Partnership is pleased to see the strong, early response to the new online account balance feature of its website. A large number of horsemen have already taken advantage of the feature and have signed up for a universal ID. There have been several questions, however, about the functions of the Central Bookkeeping System, and the following are some frequently asked questions and the corresponding answers:
Q. Can I request a check from my account made payable to my trainer?
A. The Horsemen's Bookkeeper can only issue a check from your account made payable to you, the owner of the account.
Q. Can I transfer funds from my account to another person?
A. Yes, you may transfer available funds to another account holder, with proper identification.
Q. Why does my jockey get paid before the purse clears, sometimes creating a negative balance in my account?
A. Texas Racing Commission Rule 313.409 states that the jockey fee is deducted from the owners account at the conclusion of the race. An owner must have the amount of the jockey fee on account before the race begins.
Q. What if I have questions about charges for photos or videos?
A. You should contact the track photographer concerning all photos and charges for photos.
Q. Can my trainer make transactions in my account such as stakes payments?
A. Your trainer may access your account only with a current TRC Authorized Agent's License, allowing certain applicable access to your account.
Q. What should I do to make a stakes/entry payment from my account?
A. You must make sure that you have submitted a nomination/entry form to the racing office for each horse you want to nominate. You should notify the racing office that the payment will be made from your horsemen's account and call the horsemen's bookkeeper to have the payment deducted from your account. Please make sure that you notify the bookkeeper on or before the date that the payment is due.
Q. Who should I call to request account information or to request a check?
A. You should call the horsemen's bookkeeper at a track running a live race meet.
Q. Why doesn't the credit amount on my statement match the amount on my 1099?
A. Your 1099 form only reflects the actual amount of purses you earned during the tax year in question. All deposits, claims and transfers as well as fees paid to jockeys should be itemized on your tax return as expenses.
Q. Does each person in a partnership receive a 1099?
A. No. The 1099 earnings statement will be sent to the general partner or owner of record on file with the horsemen's bookkeeper.
Q. Why don't I receive a statement each quarter?
A. You will receive a statement of your horsemen's account only if your account reflected activity in that period. You may request a statement at any time by calling a horsemen's bookkeeper at a live race meet.