Important Tax Information for U.S. Open Competitors

At this year’s U.S. Open 9-Ball Championships, Accu-Stats is required to follow when dispersing prize monies.  The following is important for those who are approved and verified entrants in the event:

U.S. Internal Revenue Tax Policy Regarding Prize Winnings:

For U.S. Players or Players with a U.S. Social Security or Tax ID number:

These players will be given IRS form W-9 which must be completed and returned prior to check disbursement.  No withholding taxes will be deducted, but all winnings in excess of $600.00 will be reported and a 1099 form will be issued to the player at the end of the year.

For Foreign Players Without a Valid U.S. Tax ID Number:

IRS Form W-8BEN will be given to all non-US citizens, non-resident aliens, and foreign persons who are not in possession of a valid U.S. Tax ID number. This form must be completed and returned prior to check disbursement and an amountvequal to 30% of the prize money will be withheld and submitted on the player’svbehalf to the IRS. The player will also be given a copy of the IRS form 1042-S which will be filed with the IRS accompanying the withheld amounts.

If any player has any questions or concerns, contact Pat Fleming.  He will also arrive in Norfolk on Friday, October 23, 2015.

Pat Fleming
cell: 973-615-3519
office: 800-828-0397