Originally posted by Greg Ambrosius:
... in fact I think the standard line should be "contact your local accountant" for more details. That is exactly the problem Greg, no one in the industry has stepped up on behalf of their customers.
If we, the players, are losing an extra 10-20% of our fantasy capital to the IRS because of poor/unclear tax decisions ... well, you're losing the same amount in potential revenue. An extra 10-20% of reinvested winnings could fund some very nice growth for fanball.
WERE REGULAR SATELLITE LEAGUES CUT?
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Greg Ambrosius
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- Joined: Tue Apr 06, 2004 6:00 pm
WERE REGULAR SATELLITE LEAGUES CUT?
Originally posted by KJ Duke:
quote:Originally posted by Greg Ambrosius:
... in fact I think the standard line should be "contact your local accountant" for more details. That is exactly the problem Greg, no one in the industry has stepped up on behalf of their customers.
If we, the players, are losing an extra 10-20% of our fantasy capital to the IRS because of poor/unclear tax decisions ... well, you're losing the same amount in potential revenue. An extra 10-20% of reinvested winnings could fund some very nice growth for fanball. [/QUOTE]Agreed. I think you know there's a fine line forn the game operator to give tax advice from a legal standpoint and as other folks have said you'll get a different position from each accountant you talk to. But you are correct and I'll see if our man Peter would be willing to do this. I think you met him with John out in Las Vegas. I can't promise anything, but it's a good idea.
And we want to retain that 10-20% for all of our customers, but we need to do it legally. We don't want you or us to be at risk later.
quote:Originally posted by Greg Ambrosius:
... in fact I think the standard line should be "contact your local accountant" for more details. That is exactly the problem Greg, no one in the industry has stepped up on behalf of their customers.
If we, the players, are losing an extra 10-20% of our fantasy capital to the IRS because of poor/unclear tax decisions ... well, you're losing the same amount in potential revenue. An extra 10-20% of reinvested winnings could fund some very nice growth for fanball. [/QUOTE]Agreed. I think you know there's a fine line forn the game operator to give tax advice from a legal standpoint and as other folks have said you'll get a different position from each accountant you talk to. But you are correct and I'll see if our man Peter would be willing to do this. I think you met him with John out in Las Vegas. I can't promise anything, but it's a good idea.
And we want to retain that 10-20% for all of our customers, but we need to do it legally. We don't want you or us to be at risk later.
Founder, National Fantasy Football Championship & National Fantasy Baseball Championship
Twitter: @GregAmbrosius
Twitter: @GregAmbrosius
WERE REGULAR SATELLITE LEAGUES CUT?
Thanks to all for the tax advice. I too think this would be a good live guest speaker at one or multiple sites of the live draft if possible.
Maybe someone who is a tax professional can make a little extra dough out here reaching out to some of us that don't exactly understand all the millions of tax laws out there.
Maybe someone who is a tax professional can make a little extra dough out here reaching out to some of us that don't exactly understand all the millions of tax laws out there.
Pat Sorge