All NFFC Checks To Go Out Jan. 8th

Greg Ambrosius · Post by **Greg Ambrosius** » Thu Dec 24, 2009 2:19 am

Originally posted by Glenneration X:
Hello Greg....thanks for looking into this.
I can't blame you for following the advice of your attorneys & accountants.

I will say this though....the FFPC also is allowing this option.
I'm sure they and the WCOFF both sought the counsel of their attorneys & accountants as well.
If you want, I can get their contact info for you..... .

Not trying to bust balls here....just think this is an option that can only help the customers.

Talk to you soon & Merry Christmas,
Glenn Glenn, thanks for the offer but Alex is posting the advice of his personal CPA. Again, I have asked this of three different CFOs during my time at Krause's, F+W and Fanball and all have said this is not legal. Fanball and CDM give out millions of dollars in prizes each year. Don't you think they've looked into this as well? Don't you think they've asked Liberty's attorneys and CFOs about this?

The onus is on the game operator to report this accurately to the IRS, but ultimately it's on the winners who could get audited later. I'll just say that you should ask your personal accountant and do what you think is right. I know what we feel is legally correct and what won't get our customers involved with the IRS down the road.

Paying out this way is almost too good to be true for customers and even moreso for game operators, who don't have to pay out in cash or pay credit card charges the next year when entries get paid. It's just too good to be true, don't you think? If it's the right way, why isn't EVERY fantasy company doing this instead of just one or two?

Glenneration X · Post by **Glenneration X** » Thu Dec 24, 2009 2:45 am

Originally posted by Coltsfan:
Glenn,

I don't believe that the ffpc is allowing this. Alex made a fairly long post on his boards as to why he couldn't do it this way.

Wayne Hello Wayne....you misinterpreted Alex's post.

Glenn

Glenneration X · Post by **Glenneration X** » Thu Dec 24, 2009 2:47 am

Originally posted by Greg Ambrosius:
quote:Originally posted by Glenneration X:
Hello Greg....thanks for looking into this.
I can't blame you for following the advice of your attorneys & accountants.

I will say this though....the FFPC also is allowing this option.
I'm sure they and the WCOFF both sought the counsel of their attorneys & accountants as well.
If you want, I can get their contact info for you..... .

Not trying to bust balls here....just think this is an option that can only help the customers.

Talk to you soon & Merry Christmas,
Glenn Glenn, thanks for the offer but Alex is posting the advice of his personal CPA. Again, I have asked this of three different CFOs during my time at Krause's, F+W and Fanball and all have said this is not legal. Fanball and CDM give out millions of dollars in prizes each year. Don't you think they've looked into this as well? Don't you think they've asked Liberty's attorneys and CFOs about this?

The onus is on the game operator to report this accurately to the IRS, but ultimately it's on the winners who could get audited later. I'll just say that you should ask your personal accountant and do what you think is right. I know what we feel is legally correct and what won't get our customers involved with the IRS down the road.

Paying out this way is almost too good to be true for customers and even moreso for game operators, who don't have to pay out in cash or pay credit card charges the next year when entries get paid. It's just too good to be true, don't you think? If it's the right way, why isn't EVERY fantasy company doing this instead of just one or two? [/QUOTE]Again, not trying to bust balls here Greg....I just like the option.

You have to follow the recommendations of your legal & accounting teams. I do appreciate that you looked into this.

Now go drink some Corona spiked eggnog and have a very Merry Christmas....

Glenn

King of Queens · Post by **King of Queens** » Mon Jan 11, 2010 6:13 am

Tom/Greg -- any word on whether this happened?

Tom Kessenich · Post by **Tom Kessenich** » Mon Jan 11, 2010 9:42 am

Glenn, the checks were sent out on Saturday for everyone we had W9s from. So for those who submitted W9s or had one on file with us look for your check real soon.

boutrous11 · Post by **boutrous11** » Mon Jan 11, 2010 10:39 am

everyone you had W9s from and those that didn't need to fill one out... correct?

[ January 11, 2010, 04:40 PM: Message edited by: boutrous11 ]

Tom Kessenich · Post by **Tom Kessenich** » Mon Jan 11, 2010 10:42 am

Originally posted by boutrous11:
everyone you had W9s from and those that didn't need to fill one out... correct? We need social security numbers for all of the prize winners. So if you have not submitted a W9 form at any time you will need to send me your SSN. You can email that to me at [email protected] or call me at 715-445-2906.

King of Queens · Post by **King of Queens** » Mon Jan 11, 2010 3:06 pm

Originally posted by Tom Kessenich:
Glenn, the checks were sent out on Saturday for everyone we had W9s from. So for those who submitted W9s or had one on file with us look for your check real soon. Great news. Thanks for the update.