still accepting? If so, I want 5%.

Give me details please.

Thank you and GL

yes I am still accepting. You will have to send quickly though I will pm details.

money shipped via paypal. Please confirm.

UPDATE


Reserved:

SA16 = 5% (shipped)
GrimeRat420 = 5% (shipped)
darthsikle= 5% (shipped)

Good Luck tomorrow!!

I'll will be playing event #1 also.

shipping now for 5%, take them all down plz

UPDATE


Reserved:

SA16 = 5% (shipped)
GrimeRat420 = 5% (shipped)
darthsikle= 5% (shipped)
RAW_FORCE= 5% (not shipped)


not much time left make sure you get it shipped. I am heading out soon anyone else that is interested you have about an hour tops

UPDATE


Reserved:

SA16 = 5% (shipped)
GrimeRat420 = 5% (shipped)
darthsikle= 5% (shipped)
RAW_FORCE= 5% (shipped)


and for some reason as I send out the last message and refresh paypal it is shipped. Very nice

UPDATE

Event 1..... No Cash, busted on level 6 with 33.... had about 25k in chips which was equal to the starting stack. Hadn't been able to get anything going thusfar and had AA cracked for about 8k, so I was fine with my stack and was still much more then workable. I raise in with 33 get 2 callers and the board comes KK3...... I get it AI on the turn for a bit less against AK on a KK36 board and about 8k from another dudes stack who folded KJ...... needless to say the river was a 6 and I was crippled to 2500 in chips. Couldn't make a comeback from there.


Also, I am sorry to say I have really bad news and I hope I can get through this and play in every tournament like I said, but as of last night I was leaving AC (after 2 terrible cash sessions no less playing 5/10) and my car spun out and it is possibly totaled. I am hoping I can get a ride down there for sunday's tournament and get a rental car from there on out until I figure out what to do with my car situation. If for some reason I miss a tournament I will refund you the correct amount for any and all that I would miss. I hope this doesn't have to happen, but I thought I would let everyone know because this is a really random and terrible circumstance for me.

Thanks for understanding and hopefully I can turn this new year around with a big tournament win.

UPDATE

Event 8 (2nd Tournament for me)

Once again no cash, sorry to say, with another garbage run of cards to start the tournament. Started out getting flushed to flushed for about -5k, followed by top 2 to a flush for about -3k. By level 4 I had another dream scenario on a KK4 board with 44...... got it AI on the turn for about 12k total again 10 10. Sadly a K came on the river and I had another early exit as a monster favorite in the hand yet again.

On a better note my car is in the process of being towed to a body shop and possibly being fixed/totaled I will find out soon. I should have a rental by tomorrow so I will most likely be able to finish out the tournament run and hopefully get some money from one of the remaining two.

Just lurking but GL op.

Thanks a lot hopefully I can push deep in this next tournament upcoming tomorrow.

UPDATE

Event 11(3rd Tournament)

OK well finally had a nice push in this one.... although not really where you want to be busting out I did cash at 34th place for $959 bucks in the $300 BI. Obviously the big money is just ahead, but I just couldn't get hot enough in the shove fest of the late tournament stages. Lost a big race with QQ vs AK that would have given me a very nice stack to do some work with and just could never get out of the critical mode sitting around 3M for my last 3-4 hours of the tournament. Was a solid run and hopefully I can finish of my tournament series with a bigger cash in the last tournament. Didn't get AA or KK the entire time, so was kinda hoping to get hot at the end there ;-)

On another note I do have a rental car now, so I will be fine to make the final tournament. Also, it looks like my car will not need to be totaled and will be fixed in a few weeks or so.

UPDATE:

Event 24 (4th and Final Tournament)

SHIP IT!!! Took down first place in this tournament for a much needed win. Don't have too much to say other then it felt great to run good in a tournament for once, although I still took a few nasty beats which almost cost me. Thanks for everyone who had action to get me motivated to play in these and I will be trying to get everyone paid out ASAP. As posted the taxes will be taken out of everyone's shares as you should know with the W2s being sent out for winning a large sum. If you have any questions on anything hit me up with a pm. I look forward to hitting up another few tournaments in the next upcoming series and maybe even some WSOP events in the summer...... ME time?

grats! sigh at my unreserve

TY. Not quite sure what made you change your mind ;-)

As for payouts I have it as this. 2 tournament cashes for 16994 and 959. That comes out to 17953.

I am going to end up being accountable for this on taxes in year end at 28%, so deduct that from the winnings.

This leaves 12,926. 500 of it was tipped out to the dealers so 12,426. 5% of the final number there comes out to 621 dollars for each 5% of action sold.

If you have any questions please pm me. I will be looking to pay this back to everyone via paypal the same way I was paid.

isn't the marketplace standard to pay out in full, and then issue investors 1099s?

you shouldn't be witholding money for taxes yourself. Also, tipping dealers (when Borgata already takes out 3% of the prizepool for dealer compensation), should be totally on your end, and investors shouldn't have to take the hit with you.

I think it is rather standard to tip dealers when you win, even with the 3%? Also with taxes I am def going to be taking the tax hit here and its not like I have my own personal accountant, so issuing 1099s seems a bit out of reach for me in this case. Just seemed like the easiest route to go with this situation and I am sure all parties with action would probably agree.

i wouldn't be so sure.

and no, it is not rather standard to tip dealers when you win, especially when 3% is coming out of the prizepool.

if your investors agree to the 28% withhold, then whatever---but to put them on the hook for your excess tip is ridiculous.

edit: people from Canada who sell action to live tournaments regularly struggle to sell in this marketplace, for no other reason then they auto withhold X% (30?) up front.

In this marketplace, people expect to get paid in full---and you are responsible for that unless you say otherwise in the OP that you will be withholding.

ok well first off take it easy this is my first time doing this.

As for the non standard to tip comment.... that sucks that there are that many people are too cheap to tip extra. Those people are working for a living and the tournament winner could toss a few over the 3% after a big score. If they don't want to be held accountable so be it, but don't try to act like it was some extravagant tip.

Secondly I did say that everyone with action would be held accountable for the taxes. Being new to this I was under the assumption that a big score would mean taxes would be witheld by me being that I am on the W2 and will be the one paying them at years end. I am not trying to shaft anyone just trying to take the easiest way to get payment done while being fair also. I know most of these guys, so I will just have to get a hold of them all to make sure its all fine with them taking this route. Hopefully all goes well don't really want to sour a nice moment.

Dealer tip comes out of your pocket, unless specific otherwise in OP.

Borgata takes 3% of everyone Prize Pool as Dealer Tip Pursuant Enacted by the State of New Jersey. How did you tip? When I shipped event #13 this series, I saw nothing on the paperwork to tip? However, I believe you did of course, but with 3% being withheld it's more than fair for the dealers, if you choose to tip extra thats on your own accord.

As for taxes, collect W9s from your investors, and also proof of ID. You can request investors to also fill out Form 5754 which is receiving of gambling winnings, however the standard is W9s and I also do proof of ID as well to make sure everything matches up correctly at years end when you file and issue 1099s.

Hope this clears some things up, congrats on the ship!

I think what Redirkulous is saying is 100% standard.

This is why more players seeking backers should take the extra time to be very specific when writing their original posts.
You said it best yourself, this is the first time you have done this and to assume things after the fact simply isnt fair to investors. Most backers here are super cool but you can never assume things when it comes to money.

Business is business, plain and simple.
As far as the claim that your extra tip was "extravagant" is missing the point. Borgata takes out 3% for a reason. I understand you felt compelled to toss the dealer some extra cash (you were in a very good mood) but this is still a business deal between multiple investors and you simply dont have all of their votes regarding giving any extra tips to dealers, waitresses,valet or strippers that night.

Money is money and it belongs to all parties involved at that point.

Great job by the way bro!! Im cheering for any and all 2p2ers. Congrats!!

Thanks for the help on the matter. The tip not being counted is fine, as I said if they have a problem with that then it makes no difference to me. I think the standard 3% is kinda of lame and the winners should toss a bit extra to them. Its the same way I feel about the standard 18% on big parties when its already put in at a restaurant.

As for the taxes I think only getting a hold of the people involved will be the best way to figure out exactly what to do. I just feel it is far easier for me to withold the money now then to have to go through the same process with far more work involved just to do the same thing.

You can't withhold for investors, they have to get the full share and file taxes themselves. Think about it this way:

Joe invests $500 in John, $500 in Bob and $500 in Frank. John is the only one who cashes, and Joe's share is worth $1500. If John withholds 28% from Joe, then Joe only gets $1080, for a net loss of $420. However if John gives Joe his full share, then Joe is even on his total investment, and doesn't pay any taxes. Basically, you can't assume that your investors are going to have to pay taxes on their share, since they could have offsetting investment losses. Also, I don't think your method would stand up legally if you or your investors got audited.