Latest news about the checks
- Thread starter rackmsuckr
- Start date
jimmyg said:
Yes.
In reference to the last IPT tournament in Reno, I know of many American IPT players who have received three IPT checks so far, as of the time of this writing, each check representing a third of a third. In this instance, I am only referring to the Reno tournament and not any other IPT happening.
I wonder if 1099's will be forthcoming soon. The due date is January 31, 2007. It will be interesting to see how they handle the players who gave up a part of their IPT earnings to other parties, as some IPT checks were issued to parties other than the pool player themselves. Mark Trainer's name comes to mind.
JAM
Not only that ...
but sorting out the details for the IRS on money earned vs. money paid for the taxable year is going to frustrate many 'Pool players' who often don't know their disposable income from month to month or whether they packed their toothbrushes for the tournament. Not to mention, if any of them have a slip of the tongue regarding gambling with their tax person, or end up filing false returns.
Somebody needs to force KT's hand. Some type of power play needs done to get more information to the players on whether they will be paid in full, a continuance of the IPT tour, or closing up of shop. This limbo has gone on long enough. These people need some type of order and closure to this situation.
JAM said:
but sorting out the details for the IRS on money earned vs. money paid for the taxable year is going to frustrate many 'Pool players' who often don't know their disposable income from month to month or whether they packed their toothbrushes for the tournament. Not to mention, if any of them have a slip of the tongue regarding gambling with their tax person, or end up filing false returns.
Somebody needs to force KT's hand. Some type of power play needs done to get more information to the players on whether they will be paid in full, a continuance of the IPT tour, or closing up of shop. This limbo has gone on long enough. These people need some type of order and closure to this situation.
Snapshot9 said:
I would venture to guess that a lot of players don't claim all pool earnings, but when you receive a 1099, it is a record of an earning.
Snapshot9 said:
Technically and hypothetically speaking, if an IPT player does not receive the tournament winnings in full, they can claim a loss against their earnings for the year. However, the only way to claim the loss to the IRS via the IRS Code is to provide proof of the loss, which for some may be legal recourse as proof of trying to collect any monies due.
The partial-payment IPT checks that were issued for the Reno tournament, as an example, had a stub attached to them. It listed all monies paid to date for the Reno tournament (one-third paid in three installments), and then there was another column which showed how much was still owed, i.e., two-thirds of the total amount. On paper, the IPT is acknowledging that there is two-thirds of the total tournament monies for Reno that are still owed.
JAM
30% of Thorsten's 350K was withheld by the IPT as well as 30% of Efren's 500K. Many other foreign players had 30% withheld from their checks as well. This money is supposed to go to the IRS.
I am curious to see if this actually happens. If not, there could be serious consequences for all involved at the IPT.
I bit my tongue on this one, and didn't say all that I was thinking for obvious reasons.
I am curious to see if this actually happens. If not, there could be serious consequences for all involved at the IPT.
I bit my tongue on this one, and didn't say all that I was thinking for obvious reasons.
it seems this IPT story is losing some momentum.
That hush money sure did calm a few people down.
And what about KT even if his business is losing a little volume wouldnt now be the best time to reinject some fresh blood into it.
Its like the guy isnt even trying anymore? When he was headhunting he'd say just about anything in a pre-recorded message.
Nowadays it seems like he is doing everything possible to avoid the billiard community.
KT isnt even listening to players anymore, as if he ever did. I really am rooting for the billiards community to take this upper hand and use it to their advantage.
As for the unknowning MS could you blame the guy, had it been any other player result wouldve been the same.
Maybe KT could use some strong armed partners to get fired by. I keep forgetting the "billionaire" such unnecessary use of the word was suppose to pick up on his end. I've known business owners willing to see their business to its last dollar before they pack up and find new grounds.
As for KT and his remarks to his critics if you cant handle the heat get out of the spotlight. Surely enough he did.
Has anyone even requested some formal players meeting with KT present. OR will he just wait for the bookbangers to talk to him?
Pretty soon it will be the players offering their sincerest apologies to KT because without them he doesnt have anything. At least nothing worth selling, no name brand recognition, unless he builds up some young guns.
When proven wrong the critics will calm down.
OP-ED: KT, Leave the pool promoting to the professionals, something which you may benefit from watching.
That hush money sure did calm a few people down.
And what about KT even if his business is losing a little volume wouldnt now be the best time to reinject some fresh blood into it.
Its like the guy isnt even trying anymore? When he was headhunting he'd say just about anything in a pre-recorded message.
Nowadays it seems like he is doing everything possible to avoid the billiard community.
KT isnt even listening to players anymore, as if he ever did. I really am rooting for the billiards community to take this upper hand and use it to their advantage.
As for the unknowning MS could you blame the guy, had it been any other player result wouldve been the same.
Maybe KT could use some strong armed partners to get fired by. I keep forgetting the "billionaire" such unnecessary use of the word was suppose to pick up on his end. I've known business owners willing to see their business to its last dollar before they pack up and find new grounds.
As for KT and his remarks to his critics if you cant handle the heat get out of the spotlight. Surely enough he did.
Has anyone even requested some formal players meeting with KT present. OR will he just wait for the bookbangers to talk to him?
Pretty soon it will be the players offering their sincerest apologies to KT because without them he doesnt have anything. At least nothing worth selling, no name brand recognition, unless he builds up some young guns.
When proven wrong the critics will calm down.
OP-ED: KT, Leave the pool promoting to the professionals, something which you may benefit from watching.
Last edited:
