Dear New York Breeders, Owners and Stallion Owners,
If you breed or race NY-breds in a partnership, we have an important update for you. Beginning with the award payments for the first period of 2016 (January and February), all partnerships under the same TIN (tax identification number) will be paid with one check to the IRS name associated with that TIN.
In other words, the payee name on award checks will be single-party and will be either the individual’s name (line 1 of the W-9) or the business name (line 2 of the W-9) of the managing/tax matters partner.
If you believe that you and your partners operate under exceptional circumstances wherein neither option suits your partnership, you may request that you be allowed to create a “check name” under which you will be paid awards. Please note, however, that all partnerships under the same TIN will be paid to the same check name. For our Check-Name Authorization Form, visit the NY Thoroughbred Breeding and Development Fund’s website at NYBreds.com and click on Registration -> Mail-In Forms. Print out the form, complete it and return it to:
NY Thoroughbred Breeding and Development Fund
One Broadway Center – Suite 601
Schenectady, NY 12305
The Fund has long had a policy of “one horse, one check.” Changes in banking regulations made following the attacks of 9/11 have made it increasingly difficult for our clients to deposit or cash multiple-party checks. We believe that tying the awards to the IRS name associated with the TIN will simplify that process for our award earners.
Please be sure to save the memos that come along with your checks, as they provide the same level of detail you’ve been receiving. That is, you will know what horse(s) generated award money for each partnership by race, date of race, finish position and award amount.
Tracy Egan, Executive Director