Registration Terms: It is mandatory for all participating teams to stay at the Westgate Hotel the official hotel partner of the LVI (the hotel) . Once your reservation is confirmed at the hotel, you must provide Steve Albrechtsalbrecht@unitedworldsports.com with the hotel confirmation number so the registration fee can be verified. The registration deadline to enter a team into the Las Vegas Invitational is February 8, 2019.
Any team that has not provided USA Sevens with the hotel confirmation number by February 15, 2019 will be deemed ineligible for competing in the Men’s Elite Division.
Winner Terms: A $20,000 cash prize will be awarded to the winning team. The second place team will receive a cash prize of $5,000. Note: cash prize amounts are awarded on a pre-tax basis. Winning teams will be required to pay requisite taxes.
Refund Terms: Teams will be issued a full refund if USA Sevens is notified of their withdrawal from the Las Vegas Invitational prior to the Registration deadline of December 31, 2018. Any team that withdraws after the December 31, 2018 deadline will not be issued a refund.
Terms of Payment(s):
Teams will be presented a representative check immediately following the competition, which will be for illustrative purposes only. Within 30 days following the tournament, the Las Vegas Invitational, LLC will send the winning teams checks made out to the assigned entity or representative.
Prior to receiving payment, teams must complete W-9 forms. Prize winnings to be treated as ordinary income for tax purposes and the winnings are reportable to the team on form 1099-MISC. For amounts over $5,000 the requirement is to withhold 25% in federal taxes. Winning teams could be subject to state specific taxes as well.
If a team resides outside the US, then form 1042 (US Source Income by Foreign Persons) must be completed and a Form W-8BEN is to be completed by the foreign national prize winner. There is a 30% withholding tax unless the country of the winning team(s) has a tax treaty with the US. In this scenario, the withholding tax rate is reduced specific to the tax treaty guidelines.