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  • stlcardinals84

    Leading RG Analyst

    • 2018 DraftKings FBWC Finalist

    • 2018 DraftKings FBBWC Finalist

    FanThrowDown issuing 1099’s based on gross winnings.

    While most sites use “net winnings” or “net withdrawals” for their 1099 reporting, FanThrowDown has decided to use the brilliant method of “gross winnings” for their reporting.

    That means if you deposited $1,000 there, won $500 worth of contests, and lost $1,500 worth to go broke, they will still be sending you a 1099 form for $500. To me, this is the worst method of reporting DFS results and will cause a major hassle for people who played on FanThrowDown and also other sites.

    If you are going to use the winnings method instead of the withdrawal method, at least have the decency to net it out first for the user. That’s just common sense.

    As a CPA with a vested interest in this, it’s yet another mistake from a site that is quickly falling behind. Good luck reporting this on your tax returns. It’s a huge mistake and frankly is enough for me to stop 100% of my action there.

  • JL003

    • x3

      2016 DraftKings FFWC Finalist

    • 2016 DraftKings FBBWC Finalist

    @kaetorade said…

    The site Nigel is referring to is Draftstreet(they’ve confirmed it to me).

    Anyways, I think you’re a bit off in your example. You’re worried that you’d be taxed twice? On the balance in your account as of dec 31 and in 2014? I believe it’s safe to assume that since account balance is now factored in, the balance carried over will be treated as a deposit for 1099 purposes.

    So im going to be taxed on what was in my account on the 31st? sorry im not to bright

  • baseballs

    In what authorities believe is the first prosecution of its kind in Dutchess County, a man was jailed Tuesday after admitting he promoted prostitution through an online business called Hudson Valley Escorts.

    Prosecutors said Jonathan Licata ran the escort service from his home in LaGrange, and later from the City of Poughkeepsie after he moved there. Three women who worked for the 34-year-old Licata would respond to calls or e-mails from clients, meeting them in local motels where the johns paid between $250 and $350 per hour for sexual favors.

    http://www.poughkeepsiejournal.com/article/20060823/NEWS05/608230319/Online-pimping-admitted

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @dan72 said…

    3Q 2013. Revenue of only 40K. An operating loss of almost 3 million. And only 5 million in cash.

    Do the math. They will be out of cash soon unless they can hose some more shareholders.

    They just raised 8.5M. They’re good until at least Wednesday.

  • alsmizzle

    • 2013 RotoGrinders TPOY Champion

    • $1M Prize Winner

    @baseballs said…

    In what authorities believe is the first prosecution of its kind in Dutchess County, a man was jailed Tuesday after admitting he promoted prostitution through an online business called Hudson Valley Escorts.

    Prosecutors said Jonathan Licata ran the escort service from his home in LaGrange, and later from the City of Poughkeepsie after he moved there. Three women who worked for the 34-year-old Licata would respond to calls or e-mails from clients, meeting them in local motels where the johns paid between $250 and $350 per hour for sexual favors.

    http://www.poughkeepsiejournal.com/article/20060823/NEWS05/608230319/Online-pimping-admitted

    No truth to the rumor that his old brothel was named “FanGoDown”

  • lilprog

    • Blogger of the Month

    @alsmizzle said…

    No truth to the rumor that his old brothel was named “FanGoDown”

    I love how smizzle like quietly snoops the epic threads and then nails the one liner. Al your 2-2 on drama threads this month. Bravo….

  • dan72

    @rotokevin said…

    They just raised 8.5M. They’re good until at least Wednesday.

    From whom?

  • deactivated24336

    _

  • onehitquit21

    TEENTHROWDOWN

  • mrathburn

    @Fr33dom35 said…

    Nothing new. FTD is using the same accounting method that Daily Joust was! Same auditor? I remember fighting to get my withdrawal from DJ and pointing out that nobody else in the industry did it that way and that it was completely idiotic lol

    this wasnt a dig at FTD. private joke between me and JMB.

    this isnt the same accounting method as DJ, DJ was following FD on the tax stuff.

  • ajv89s

    • 2016 DraftKings FFWC Finalist

    if there was any doubt remaining that jonathan licata = jonathan mongero, this SEC filing shows jonathan licata was a founder

    http://www.sec.gov/Archives/edgar/data/1001601/000114420413024406/v342903_ex10-1.htm

  • easternmh

    • x3

      Blogger of the Month

    @baseballs said…

    In what authorities believe is the first prosecution of its kind in Dutchess County, a man was jailed Tuesday after admitting he promoted prostitution through an online business called Hudson Valley Escorts.

    Prosecutors said Jonathan Licata ran the escort service from his home in LaGrange, and later from the City of Poughkeepsie after he moved there. Three women who worked for the 34-year-old Licata would respond to calls or e-mails from clients, meeting them in local motels where the johns paid between $250 and $350 per hour for sexual favors.

    http://www.poughkeepsiejournal.com/article/20060823/NEWS05/608230319/Online-pimping-admitted

    Yeah this guy is who I want to trust my DFS $$ with… Dang you guys are good

  • jmbwngfn

    4x FSWA Writer Nominee, RG Admin

    • 2011 FanDuel WFBC Finalist

    @alsmizzle said…

    No truth to the rumor that his old brothel was named “FanGoDown”

    I believe it was FanBlowTown

  • easternmh

    • x3

      Blogger of the Month

    @jmbwngfn said…

    I believe it was FanBlowTown

    Lmfaoooooooooooooooooo

  • baseballs

    @easternmh said…

    Yeah this guy is who I want to trust my DFS $$ with… Dang you guys are good

    probably coded the website with one hand.

  • Fr33dom35

    rath, forgive me. first time ive used the forums. i didnt mean to quote you or comment on any other posts between you and JMB. i just meant to get your attention on my comment. thank you for clarifying my misunderstanding though on the dj/ftd/fd tax issue.

  • mrathburn

    @BobFTD said…

    Just spoke to MGT’s CFO. This is his official stance as of now:

    We will be reporting NET winnings. Our auditors gave us incorrect guidance.

    A fuller explanation and an apology will be posted in the morning.

    I hope you fired your auditors.

  • TwoGun

    • 154

      RG Overall Ranking

    • x3

      $1M Prize Winner

    • x5

      2019 DraftKings FFWC Finalist

    @jmbwngfn said…

    I believe it was FanBlowTown

    Am I the only one that would pay $250-$350/hour if it was called ‘SheGoDown?’ Don’t think the others are exactly making me reach for my wallet…

  • Putz

    @whits23 said…

    You know that no one wants the government to takeover this part of our life but because the sites cant do thing uniform they eventually will. Anyone not think with people complaining to UIGEA about condia gate and other screw ups on sites and then so many red flags with different ways of tax reporting they cant wait to get control over something like this.

    The best way is for us to hit legislation first. Anyone know a legislator who can help?

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @dan72 said…

    From whom?

    My bad, May have just been a registration to sell: http://www.sec.gov/Archives/edgar/data/1001601/000114420413069569/v364076_8k.htm

  • whits23

    2010 FFFC Finalist, 2010 DFBC Finalist, 2011 FFFC Finalist, 2014 DSBC Finalist

    • x2

      2010 FanDuel WFFC Finalist

    • 2011 FanDuel WFBC Finalist

    putz you would be surprised who some of the guys who play daily are and what they do for a living

  • jenbenners

    @whits23 said…

    putz you would be surprised who some of the guys who play daily are and what they do for a living

    so that’s what our legislature’s been up to?

  • dan72

    Read this about MGT before they acquired FTD. The company has major cash flow issues. That’s a red flag to me.

    http://www.shareplanner.com/featured-blogs/ryan-mallory/opinion/16531-mgt-capital-investments.html

  • jenbenners

    ftd chat = dead

  • Putz

    @DillingerFour said…

    Sounds like Bob is going to be busy for awhile. Will someone make me my avatar?

    +1

  • EmpireMaker2

    @dan72 said…

    Read this about MGT before they acquired FTD. The company has major cash flow issues. That’s a red flag to me.

    http://www.shareplanner.com/featured-blogs/ryan-mallory/opinion/16531-mgt-capital-investments.html

    This guy has come in and destroyed several companies and gets out. He’s what we call an arsonist and I don’t see MGT being any different. It seems to me from looking at graphs that they have big buy orders whenever the stock gets around 2.8 so it holds above that level. I think we should all make some money and short the fk out of it.

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