NFFC Payment Plans For 2008

Jersey Dawg · Post by **Jersey Dawg** » Thu Dec 18, 2008 2:33 am

Originally posted by Shrink Attack:
quote:Originally posted by Rob B:
You cannot take a "loss" but you can wash your winnings with the entry fees and expenses or so I am told by my accountant. Yes, but Rob...is your accountant treating these earnings/expenses as:

1) A hobby
2) A self-employed business
3) Gambling

It can't be gambling as the 1099 is misc income, not gambling winnings. I use "hobby" which I believe only allows me to deduct the expenses in excess of 2% of my income (thus reducing my expenses by 2% of my total income). I suppose you can use self employment if you are set-up as a business. Most likely you need to do some work to get that started and some year-round tax filing for the business.

Pete

This is REALLY the important question at hand here. [/QUOTE]

Jersey Dawg · Post by **Jersey Dawg** » Sat Dec 20, 2008 5:13 am

Just for giggles, let me ask again if Cincy has what they need to start sending checks?? I know they only do Friday mailings and there is only one Friday left in 2008 - the day after Christmas. If I had to guess, not much of anything will happen next week if it didn't happen this week.... If I get a 2008 1099 I would like to at least get a check in hand sometime in 2008. If not, might as well date the checks Jan 2nd and give us a chance to defer taxes for a year.

Thanks,

Pete

Diesel · Post by **Diesel** » Sat Dec 20, 2008 10:37 am

Greg, please make sure that you correct the High Points winner of the NBC Auction ($650)...The NFFC Newsletter said Don THompson won that. But I won it. Thanks.

Marc

Greg Ambrosius · Post by **Greg Ambrosius** » Sun Dec 21, 2008 5:50 am

Originally posted by Diesel:
Greg, please make sure that you correct the High Points winner of the NBC Auction ($650)...The NFFC Newsletter said Don THompson won that. But I won it. Thanks.

Marc Did Tom fail to correct that even after apologizing to you via e-mail??

That does it, I'll slap him alongside the head on Monday morning. I'll let him know that's from you.

Now let's hope he has the check going to the right person.

Jersey Dawg · Post by **Jersey Dawg** » Tue Dec 23, 2008 6:42 am

I really hate to keep asking.... but do we know when Cincy will/did mail the first batch of payments for the regular season? Living hand to mouth, week to week... Pete

Merry Christmas and Happy New Year to all.

Pete

SteveUD98 · Post by **SteveUD98** » Fri Dec 26, 2008 8:17 am

Not to continue to piggy back here, but since the regular season money wan't sent yet, will the post season and regular season amounts be combined and sent together now for those lucky enough to win both?

Greg Ambrosius · Post by **Greg Ambrosius** » Fri Dec 26, 2008 1:19 pm

Originally posted by Jersey Dawg:
I really hate to keep asking.... but do we know when Cincy will/did mail the first batch of payments for the regular season? Living hand to mouth, week to week... Pete

Merry Christmas and Happy New Year to all.

Pete I was told checks for regular season champions and winners were going out on Monday, Dec. 29th. I will confirm with Cincinnati on Monday, but that's the goal. We definitely will get those checks out as dated in 2008 for tax purposes, so look for those in the mail in the next week.

We have compiled the rest of the playoff winners this week, but obviously we weren't able to submit those to accounting before the Thursday scoring deadline was final. Tom and I will submit those winning entries on Monday and get them to accounting in Cincinnati next week and I would hope those checks go out around Jan. 26th. We do everything we can to get these checks out quickly, but it does take 2-3 weeks to get everything done correctly with the W-9 forms and checks, etc.

Thanks all and congrats to all of our 2008 winners.

Greg Ambrosius · Post by **Greg Ambrosius** » Fri Dec 26, 2008 1:21 pm

Originally posted by SteveUD98:
Not to continue to piggy back here, but since the regular season money wan't sent yet, will the post season and regular season amounts be combined and sent together now for those lucky enough to win both? No. The regular season payments have been submitted and should be processed first thing next week. The next batch of payments will be submitted next week, produced in January and dated 2009. Those are definitely being done separately from our first batch of checks.