Accu-Stats Announces Its Plans For The Collection and Payout of all entry fees and added monies for the 2015 event.
Beginning April 1, 2015, Accu-Stats will be the only authorized entity to accept the $1,000 entry fees for the 2015 U.S. Open 9-Ball Championship. The event will take place at the Sheraton Norfolk Waterside Hotel in Norfolk, Virginia on October 23-30, 2015. Accu-Stats will also be collecting the $75,000 in added money derived from ticket sales, sponsorships, and promoter Barry Behrman.
These monies will be deposited into a Bank of America bank account for the purpose of paying out the projected $188,000 in prize money. One of the reasons for this action is to guarantee that the event will be sanctioned by the WPA as a Tier 2 event which awards more WPA points to the high finishers.
Accu-Stats/Pat Fleming is the only person authorized to accept entry fees.
- There are several ways to pay your $1,000 entry fee. They are:
- Mail check or money order payable to Accu-Stats Video Productions to Accu-Stats, PO Box 299, Bloomingdale, New Jersey 07403
- Log on to accu-stats.com and pay your entry fee on line by check/money order, credit card or PayPal.
- Log on to Ticketfly.com and pay your entry fee on line plus applicable Ticketfly fees
- Pay on site with check, money order, or cash.
Accu-Stats/Pat Fleming is the only person authorized to sign the prize money checks.
There are several ways to collect prize money:
- Business check (no fee)
- Cashier’s check ($10 fee)
- Wire Transfer ($35 fee)
- Automatic deposit into your Bank of America bank account (no fee)
- Wire transfer (US Currency) to foreign bank (a fee is charged)
For 1099 Purposes:
IRS form W-9 (for those players having U.S. Social Security or Tax ID numbers) will be given to prize winners to be completed and returned before the prize money check is disbursed.
No withholding taxes will be deducted but all winnings in excess of $600.00 will be reported and a 1099 will be issued to the player at the end of the year.
Likewise IRS form 1042-S will be given to all non-US citizens, non-resident aliens, and foreign persons not in possession of a valid U.S. Tax ID number. This form must be completed and returned prior to the check disbursement and an amount equal to 30% of the prize money will be withheld and submitted on the player’s behalf to the IRS.
The local Bank of America (walking distance) will gladly cash your prize money checks provided you present proper identification. The “cashable” amount would depend on how much currency the branch has on hand. If you are a high finisher, you can accept two checks which will total your prize money. The smaller check could be an amount that can be cashed.
If by July 23, 2015, the total of $75,000 in added money is not reached (received by Accu-Stats), the WPA may take the event off its calendar and not sanction the event. At the same time (If that delisting should occur), an accounting of the monies in the account will be addressed and other decisions may be made.
It is this simple:
If the U.S. Open 9-Ball Championship occurs in ANY possible way, the entry fees will be paid out in prize money.
If the U.S. Open does NOT occur, or if any player whose entry fee Accu-Stats has received, decides to withdraw for any reason prior to the start of the event, we will issue a refund check to that player for that entry fee.