Well Bill I guess you are right, I did say it was comical, but the fact still remains, it was partly his fault for the delay, that is what I was getting across. I know you run this board, and don't like DA,and you are protecting your regulars, but what I said about it was fact, and being comical is not disrespect as far I know. If that's the case, more than half of the posts are disrespectful in some way or another.

[4wheelsinthekoosh]

Originally Posted by racers1020 Like Lloyd, I too called DA, like a grown up, not someone who gets on here and cries first. I was able to find out that part of the delay was the fact that several drivers gave incorrect Tax info on their sign in sheets. The names didn't match the SS # given. Mr. Puterbaugh was one of them, so you starting this thread is quit comical. He informed me they were going out the door when I hung up to the post office.

Originally Posted by racers1020 Well it's like this, I own a business too so I know all on my own. The IRS sends you notification when someones information does not match the SS # you send with it. This happens when people 1. have a car owner and want the money, but tax the owner. 2. Dodge the 1099 all together. The Puterbaugh "information" was posted on this public forum so I asked DA what the deal was. I'm not the one on here pitching a fit, so yes I would say I am a grown up.

Well since i did get my 1099 with everyone else i guess i didnt have the wrong info. Unless he was using a something from when i drove for paul hazen in 2005. And i am pretty sure that i have filled out new info. I was talking about my check. And what i was askin is if anyone else got paid. Considering Walls was the one that asked me at the HARF banquet if i had gotten paid yet. So before you start point a finger at someone remember there are three that are point back at you. And for me to believe they are in the mail i am not going to start counting my chickens.

[4wheelsinthekoosh]

I own my sprint car. So there is no confusion there. I got every 1099 from gas city, eastbay fl, little 500.

[Crankin]

Originally Posted by racers1020 Well it's like this, I own a business too so I know all on my own. The IRS sends you notification when someones information does not match the SS # you send with it. This happens when people 1. have a car owner and want the money, but tax the owner. 2. Dodge the 1099 all together.

So if I am reading this right, D.A. would have sent in the year 2007 1099 information to the I.R.S. before he sent out any point fund $???? Not only that, but they (the I.R.S.) would have already responded by telling him that "several" SS #'s did not match??.. All before the month of February? Is the point fund $ suppossed to go on 2007 or 2008 income?

I am confused. I hope someone can help me.....wouldnt the point money be for the 2007 season...and if so it should be added to the 1099 I just received....????.........because the winnings I took in match my 1099....so I find it hard to believe that DA would not put that as a write off....but there is a chance I am wrong. I am the owner, driver and mechanic so I KNOW MY TAX INFORMATION WAS CORRECT.....To clear up a few other things...since I spent my time and money at LPS last year and witnessed first hand how things went down...and after being told my check would be WITH my 1099 I feel I reserve the right (as a man not hiding behind a screen name) to cry, whine, swear, and speak my mind about the facts I witnessed and was told. I have never said I would never race at LPS again. I just wish like many others that it was ran and the racers and fans were respected like they are everywhere else in the state.(Gas City-Bloomington-Lawrenceburg-Paragon-Kokomo) Thats not asking to much....

Robbie Rice

I can only hope that he looses all the respect of everyone and they all decide to dump him and go else where until he is gone forever. I myself would love to see a great sprint program come open at both tracks again. I sure miss North Vernon racing. My fingers are crossed/ how about you all!

[Joey Woods]

Originally Posted by racers1020 Like Lloyd, I too called DA, like a grown up, not someone who gets on here and cries first. I was able to find out that part of the delay was the fact that several drivers gave incorrect Tax info on their sign in sheets. The names didn't match the SS # given. Mr. Puterbaugh was one of them, so you starting this thread is quit comical. He informed me they were going out the door when I hung up to the post office.

Its actually a 1099MISC form and it was due Jan. 31. Any that are reported to the IRS for being postmarked after Jan 31 are subject to fines and penalties. "They" being the IRS dont like this, subject is not an important word here.

[Joe Snyder]

Originally Posted by Racin4Fun I am confused. I hope someone can help me.....wouldnt the point money be for the 2007 season...and if so it should be added to the 1099 I just received....????.........because the winnings I took in match my 1099....so I find it hard to believe that DA would not put that as a write off....but there is a chance I am wrong. I am the owner, driver and mechanic so I KNOW MY TAX INFORMATION WAS CORRECT.....To clear up a few other things...since I spent my time and money at LPS last year and witnessed first hand how things went down...and after being told my check would be WITH my 1099 I feel I reserve the right (as a man not hiding behind a screen name) to cry, whine, swear, and speak my mind about the facts I witnessed and was told. I have never said I would never race at LPS again. I just wish like many others that it was ran and the racers and fans were respected like they are everywhere else in the state.(Gas City-Bloomington-Lawrenceburg-Paragon-Kokomo) Thats not asking to much.... Robbie Rice

The way I understand what you said, the 1099 you have already received includes the weekly purses collected and NOT what is owed to you from the points payout.





From the US Tax Code
http://fourmilab.ch/ustax/www/t26-A-1-E-II-B-451.html

Sec. 451. General rule for taxable year of inclusion
TITLE 26, Subtitle A, CHAPTER 1, Subchapter E, PART II, Subpart B, Sec. 451.
STATUTE
(a) General rule
The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under the method of accounting used in computing taxable income, such amount is to be properly accounted for as of a different period.

This is the Cash Method of accounting for revenue and it is one of the 4 methods allowed. See Section (c) http://fourmilab.ch/uscode/26usc/www...-II-A-446.html.

Most individuals use this cash method of accounting. Basically its taxpayers simply report items of income in the year in which they are received, not earned.

Example: Person X mails you a check December 26th 2007 for services performed but you do not receive the check until January 2008. The income is recognized in 2008 under the cash method.

-So if you do receive point fund money in 2008, even if it was earned in 2007, it will be included in 2008 income.


***Now if your race team is accounted for as a business things may be different as there are many more variables and different accounting methods are more likely to be used. I'm not a CPA, or atleast not yet. Plus I hate studying taxes. LOL

[torqueball]

That is a very good point as far as tax law goes but.....

I believe the drivers gripe revolves around getting stiffed, up to this point, of their year end money and not the tax implications.

I know for a fact that one car owner/driver is still waiting on their points check from a couple seasons ago at LPS....maybe its still on his desk

Wow...Now I am confused....LOL.....all I know is the weekly purses I won added up to my 1099. So who knows...I will wait and see if I get anything in the mail within the next week....Thanks

Robbie Rice