NFFC Payment Plans For 2008

Greg Ambrosius · Post by **Greg Ambrosius** » Wed Dec 03, 2008 4:25 am

I know that folks are excited about the NFFC playoffs, but some folks have already secured some valuable prize money and I'm sure they want to see that as soon as possible. Well, here's the plans for payments:

** First of all, we have to wait until our Thursday scoring change deadline this week to finalize all winners. We have done everything internally to connect the W-9's on file with the winning owners and now it's a matter of watching for scoring changes or snafus and correcting them by Thursday. So don't celebrate just yet.

** We have almost 200 people to pay initially and our goal is to get all paperwork to our accounting office in Cincinnati by the first of next week. With the holiday's coming up, I'm not sure what day checks will get processed, but I'll post here when they go out. We obviously want to get these out by the holidays and have these dated in 2008 for tax purposes.

** Another set of payments will go out after the Championship Round and Consolation Round. Because of the holidays it will take a few extra days to get everything to Cincinnati (plus Elias scoring changes aren't final until Dec. 25th), but we should still be able to get payments out before the end of January. Again, I'll update this thread when I know the exact dates those are going out.

If for any reason you want to delay your payment to 2009, please contact me or Tom immediately and we'll pull out your form. To each his own.

Also, if you want to transfer any of your winnings to sign up early for 2009, we can now do that for the NFFC and NFBC. You'd just need to sign a form allowing us to do this and recognizing that we'll still file those winnings with the IRS. It's not a tax break, just a way for you to sign up for 2009 without having to pay again next year. This is the first year we're offering this, but we'll gladly pay you all in a check if you'd like.

Congrats to all of our winners and it's our goal to get you paid as soon as possible. It takes some time, though, so be patient with us and let's get these Week 13 stats finalized first. Thanks all.

Sack · Post by **Sack** » Wed Dec 03, 2008 4:56 am

Greg:

So any NFFC/NBC winnings can be applied towards March Baseball?

Nice option. Helps to leave Cincinnati out of the equation!

Ted's Cracked Head · Post by **Ted's Cracked Head** » Wed Dec 03, 2008 5:13 am

I wonder if it would be posible for each player to have an "account" that could remain funded with winnings?

Example: I sign up for a league and instead of charging a card for the league, my account would be debited.

The next step would be to make it like a christmas club thing whereby us losers could send in a hundred or two a month instead of paying that one large bill in August?

This would be the next level of service and something I have been thinking about for some time.

In the long run this could make it easier for both parties and establish a unique bond with the players.

Inf4life · Post by **Inf4life** » Wed Dec 03, 2008 5:17 am

I definitely like Rob's idea about the Christmas club thing.

King of Queens · Post by **King of Queens** » Wed Dec 03, 2008 5:19 am

You can apply your winnings as a credit towards a future contest, but the full amount is still reported to the government?

Is there any perk to this interest-free loan other than "convenience"?

Greg Ambrosius · Post by **Greg Ambrosius** » Wed Dec 03, 2008 5:21 am

Originally posted by Sack:
Greg:

So any NFFC/NBC winnings can be applied towards March Baseball?

Nice option. Helps to leave Cincinnati out of the equation!

Yes, and I agree!!

You just need to sign a form allowing us to transfer that money and we'll do the rest. Again, the IRS will still hear about it, but this saves a lot of time and hassle.

You're doing baseball again?!!

Glad to hear that.

Quahogs · Post by **Quahogs** » Wed Dec 03, 2008 5:22 am

Originally posted by Sack:
Greg:

So any NFFC/NBC winnings can be applied towards March Baseball?

Nice option. Helps to leave Cincinnati out of the equation!

Cincy's Postmaster

Greg Ambrosius · Post by **Greg Ambrosius** » Wed Dec 03, 2008 5:24 am

Originally posted by Rob B:
I wonder if it would be posible for each player to have an "account" that could remain funded with winnings?

Example: I sign up for a league and instead of charging a card for the league, my account would be debited.

The next step would be to make it like a christmas club thing whereby us losers could send in a hundred or two a month instead of paying that one large bill in August?

This would be the next level of service and something I have been thinking about for some time.

In the long run this could make it easier for both parties and establish a unique bond with the players. It's a great idea and there now is no problem with you allowing us to keep your winnings on file and applying them where you see fit. Work with Tom and me on that and we'll get it done.

We are doing our baseball registration page right now with a four-payment plan and that will follow for football. We also agree that allowing you to pay in payments is better for some folks than one lump sum in August. We've always pushed back the time for payment as a service to you folks. Anyone who wants to pay in more installments should just call me or Tom and we'll obviously take care of that personally for you. No problem at all.

Quahogs · Post by **Quahogs** » Wed Dec 03, 2008 5:24 am

Originally posted by King of Queens:
You can apply your winnings as a credit towards a future contest, but the full amount is still reported to the government?

Is there any perk to this interest-free loan other than "convenience"? '08 tax deductions on 08's winnings ?

Ted's Cracked Head · Post by **Ted's Cracked Head** » Wed Dec 03, 2008 5:25 am

Winnings above a certain level will be reported to the IRS, no matter if you get paid now or apply it somewhere else. There is no way around that for the providers.

KOQ - pure convenience to the player if they choose that option and no other benefits.