Sam's Club National Tour - Mandatory W-9 Required

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huminie

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Just heard from the event director of my "local" event that all teams will be required to provide a fully filled out W-9 (i.e. with SSN) at the Friday cooks meeting. This is mandatory for all teams, not just money winners.

Is this a normal thing for contests? How do you guys feel about that?
 
We received the same e-mail this morning. We've had to do this at a couple other events before.
 
Hmmm I still don't have an email.

Tom, did it come from Mike Lake?
 
So, you guys think that is cool?

Just trying to gauge how other teams feel about this. As a victim of identity theft I am a little gunshy when it comes to this type of information. I expected to have to provide it if I won some cash, but being required to provide it before the contest starts took me by surprise.
 
huminie said:
So, you guys think that is cool?

Just trying to gauge how other teams feel about this. As a victim of identity theft I am a little gunshy when it comes to this type of information. I expected to have to provide it if I won some cash, but being required to provide it before the contest starts took me by surprise.
Click to expand...

I am sure it will speed the payout process to have it done ahead of time...
 
huminie said:
So, you guys think that is cool?

Just trying to gauge how other teams feel about this. As a victim of identity theft I am a little gunshy when it comes to this type of information. I expected to have to provide it if I won some cash, but being required to provide it before the contest starts took me by surprise.
Click to expand...

Were OK with it. We have an LLC set up, and will give them that Tax Id number.
 
I think this contest is a little different than most. With the event being sponsored by Sam's Club and occurring on Sam's Club properties I don't see them taking any chances when it comes to the IRS. What are there, 30 locals, 5 regionals, and 1 national contest? That's a lot of money and additional risk compared to a local charity throwing a competition. I have no issues providing a W-9 but I have started keeping all of my receipts related to competing this year.
 
Ok, cool. I know Ben is completely trustworthy...I just don't like my info getting too far away from me, but it looks like it's the only way to play in this particular ballgame.

Thanks for the information!
 
I think if the contest was being put on by the local Rotary Club, I might question their need for the information. However, since Sam's is, well... Sam's, I don't think it's probably all that big of a deal. Probably the wave of the future.
 
We are going to see more and more of this.

Obamacare has a provision to require a lot more 1099's than before.
And, 16K extra IRS agents to support it.
Stated reason is "to determine the amount of unreported income which should be taxable"--or close to that.

This provision has gotten a lot of heat and Obama has indicated he will "re-think" it and may be "ameiable" to the repeal of it.

Till that happens (if it does) we will see a lot more organizers collecting W-9 info and issuing 1099's.

I am keeping receipts and mileage records for every nickle and mile we spend competing.
Better safe than sorry.

JMHO

TIM
 
You can have my SS# when I when the money, seemed to work at the American Royal, they did not ask for mine it until after the awards...Like you, intil then I will keep it to myself. Are you gonna give me my W-9 back if I dont win any money?
 
This is far from unusual.

If you enter as team abc barbeque and the promoter pays a check to abc barbeque how have you dealt with that in the past?

I'm a novice at best, with no real resume to speak of, but I certainly have a tax umbrella for all of this. to include the write offs...

much ado about nothing.
 
If you think this is bad, credit card processors are being required to report the amounts processed for each busniness and, if they do not have proper matching SSN's with the IRS, withold 28% of the proceeds and you can get it back when you file next year. The reporting is starting this year with the witholding effective 1 January 2012.

Get a DBA, bank account and apply for an EIN (Employer Identification Number) which is tied to your SSN. Then use this number. It's free and it works.
 
It's all about making America competitive isn't it! Something about winning the future or some other meaningless slogan to make us feel good. With each regulation, someone connected to someone is making money or new government jobs are created. I see it first hand every day in the environmental industry.
 
huminie said:
So, you guys think that is cool?

Just trying to gauge how other teams feel about this. As a victim of identity theft I am a little gunshy when it comes to this type of information. I expected to have to provide it if I won some cash, but being required to provide it before the contest starts took me by surprise.
Click to expand...

Bentley said:
You can have my SS# when I when the money, seemed to work at the American Royal, they did not ask for mine it until after the awards...Like you, intil then I will keep it to myself. Are you gonna give me my W-9 back if I dont win any money?
Click to expand...


I always tell them, I will give it to you before you hand me my check, otherwise, no. I have no income if I don't get a call, so why give it to them....

I can see giving it to them if there is winning money involved, otherwise... NO.
 
So you are saying you would back out of the contest and not cook it?
 
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