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eevb@i-2000.com

Updated 11/6/2009

Presented by

$15,000 AVPNext Wilson Grand Prix for All Divisions

(Grand Prix: a high-level sporting competition over a long & strenuous series)

NEW FOR 2009

·      The Grand Prix standings are now linked to the AVPNext results and. AVPNext National Standings: avpnext.com/grandprix.aspx

·      All players must have an AVPNext # in order to receive pts and end of season prize money

·      We have discontinued the Men’s & Women’s Double Elimination Bonus Pts

·      All divisions will now receive bonus pts based on the # of teams in a division:

o  1st receive bonus pts equal to the # of teams in the division

o  2nd receives the same amount of bonus pts – 2

o  3rd receives the same amount as 2nd minus 3

o  And so forth until you get to 0.

o  This makes larger tournaments worth more than weaker tournaments yet still does not penalize teams that win smaller events

 

1.     Players earn points every time you play and make the playoffs:

Place

1st

2nd

3rd

4th

5th

Points/Tournament

90

40

20

10

5

1 point for every team in the tournament

1 point for every player in Double Elimination Tournaments

Points awarded through the AVPNext Nationals in Siesta Key. Any additional tournaments after that will count toward the following year’s Grand Prix

  1. Earn Points at beach tournaments run by these AVPNext Organizations:

·         East End Volleyball

·         Newport Volleyball Club

·         SSOVA (Sunshine State VB Association in Fla.)

·         Volleyball Virginia

·         North Fork Volleyball

  1. Double points at the following EEVB tournaments: All Clearwater Beach tournaments plus all AVPNext Zone Championships, AVPNext nationals and $8,000 Big Shot Championships in Atlantic City. Prizes based on total points during season.

4.     All Divisions split cash & prizes at season's end, paid 12/1/09

5.     Follow Your Progress All Season: (Standings are based on a players finishes throughout the season to determine the highest-level competitors for each division)
http://avpnext.com/grandprix.aspx

Division

Sponsor/Prize Money

1st

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

13th

14th

15th

MO

$6,000 Native Eyewear

$1,000

$900

$800

$700

$600

$500

$400

$300

$250

$150

$125

$100

$75

$50

$50

WO

$3,000 Venus Swimwear

$700

$600

$500

$400

$250

$150

$100

$50

$50

$50

$50

$25

$25

$25

$25

MAA

$1,500 Rider Sandals

$300

$300

$250

$200

$150

$100

$75

$50

$50

$25

 

WAA

$1,500 Vincere Sand Socks

$300

$300

$250

$200

$150

$100

$75

$50

$50

$25

 

MA

$1,000 Hurricane Harbor

$200

$200

$150

$100

$50

$50

$50

$50

$25

$25

 

WA

$1,000 Spike Volleyball

$200

$200

$150

$100

$50

$50

$50

$50

$25

$25

 

MB

$100 Park & Sun

$100

Native Eyewear

Wilson VB

Wilson VB

-

-

-

-

-

-

 

WB

$100 Sweet Tomatoes

$100

Native Eyewear

Wilson VB

Wilson VB

-

-

-

-

-

-

 

6.     Teams that finish 1st, 2nd & 3rd in A & B divisions must move up a division the next season.

7.     Players may not win Championship Pool prize money in 2 divisions in the same year. Exception: if you start a season in one division and then move up a division you may earn prize money in both divisions. But once you earn points in a higher division you can no longer earn point sin a lower division. Your point total for the season in the lower division will be frozen at that point.

 

Caribbean Grand Prix Results

 

 

Tax info: Please note that the information listed below is meant as a guide to players and should not in any manner be considered as legal or tax advisor advice. If you have any questions about how this material or your winnings at EEVB tournaments applies to your taxes you should consult with a legitimate tax advisor or lawyer.

Refer to www.irs.gov/ to read the publications referred to below.

Please contact us if you have any additional suggestions or tips about how players should deal with their volleyball winnings.

 

  1. Prize money and prizes received during competition in EEVB tournaments are subject to the income tax laws of the US. All players who win prize money must submit a W9 form
  2. Players who receive over $600 from EEVB will receive a 1099-MISC form with the amount received listed in Box 7: Nonemployee Compensation
  3. Players may choose 2 ways to approach monies received:
    1. File as a professional volleyball player and treat yourself as a sole proprietor business. Note that you must show a profit in 3 out of 5 years. You will then be required to fill out and file

                                          i.    Form 1040, Schedule C (PDF), Profit and Loss from Business (Sole Proprietorship) or Form 1040, Schedule C-EZ (PDF), Net Profit from Business and Form 1040

                                         ii.    Schedule SE (PDF), Self-employment Tax.

                                        iii.    From IRS Publication 535: Presumption of profit. An activity is presumed carried on for profit if it produced a profit in at least 3 of the last 5 tax years, including the current year. The activity must be substantially the same for each year within this period. You have a profit when the gross income from an activity is more than the deductions for it. If your business or investment activity passes this 3- years-of-profit test, presume it is carried on for profit. You can take all your business deductions from the activity, even for the years that you have a loss. You can rely on this presumption in every case, unless the IRS shows it is not valid.

    1. Treat your volleyball activities as a hobby. From IRS Publication 529:

                                          i.    You can generally deduct hobby expenses, but only up to the amount of hobby income. A hobby is not a business because it is not carried on to make a profit. See Not-for-Profit Activities in chapter 1 of Publication 535

  1. According to IRS Publication 529, Deductions Subject to the 2% Limit, Other Expenses, you can deduct expenses for: “Hobby expenses, but generally not more than hobby income”
    1. To prove the deductions a record of expenses must be maintained
    2. Expenses that players would have that can be balanced against winnings would include entry fees, AVPNext membership fees, travel expense and food expenses. EEVB will supply upon request a record of entry fees received to any player who receives a 1099 form from us.
  2. Income received from EEVB should be reported as “Other income” on Form 1040 (PDF) line 21, where you list its type and amount.

 

From IRS Web Site Frequently asked questions:

How do you distinguish between a business and a hobby?

 

Since hobby expenses are deductible only to the extent of hobby income, it is important to distinguish hobby expenses from expenses incurred in an activity engaged in for profit. In making this distinction, all facts and circumstances with respect to the activity are taken into account and no one factor is determinative. Among the factors which should normally be taken into account are the following:

 

  1. Whether you carry on the activity in a businesslike manner
  2. Whether the time and effort you put into the activity indicate you intend to make it profitable
  3. Whether you depend on income from the activity for your livelihood
  4. Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business)
  5. Whether you change your methods of operation in an attempt to improve profitability
  6. Whether you, or your advisors, have the knowledge needed to carry on the activity as a successful business
  7. Whether you were successful in making a profit in similar activities in the past
  8. Whether the activity makes a profit in some years, and how much profit it makes
  9. Whether you can expect to make a future profit from the appreciation of the assets used in the activity

 

Additional information on this topic is available in section 1.183-2 (b) of the federal tax regulations.

 

 

References:

 

Treas. Req. 1.183-2 (b)

Publication 535, Business Expenses