Q. What is a point worth?
A. One ASAP point can be used as $1.00 toward the Suggested Retail Price (SRP) of most of our products. For example, with 160 points, you can order a 1.0M Pair of Red River interconnect cables, which have a SRP of $159.95.
Q. What can I get with the points?
A. Any item you find on the ASAP website. Custom orders can be done as well.
Q. What if I don’t have quite enough points to cover what I want to buy?
A. No problem! Apply as many points as you have to the SRP. Additional points can be purchased with your credit card for 75% off the total, meaning you can purchase 100 points at a 75% discount. Before you check out, you will have the opportunity to add the points you need.
Q. Do my points ever expire?
A. Yes – ASAP points will expire after two consecutive years of inactivity on the individual account.
Q. Can I resell the products I have purchased?
A. Yes, but it must be after you’ve owned the products for at least twelve months. Buying products for the purpose of selling them will result in the termination of your account.
Q. What needs to be done to place an order?
A. Log onto your account, select the product(s) you want, add them to your shopping cart and submit the order.
Q. How much does shipping cost?
A. All ASAP orders will incur a $15 shipping & handling fee. Orders ship via US Priority Mail or standard ground shipping. AudioQuest reserves the right to charge additional fees to ship extraordinarily large or heavy orders. You will be contacted if this is the case.
Q. When will my order arrive?
A. Please allow 4 to 6 weeks for delivery. Occasionally, backorders may require more time.
Q. Can I return something I’ve ordered through ASAP website?
A. Yes, most items ordered through the ASAP program may be returned as long as they are in new condition. However, custom cables of 5 feet or less may not be returned and are considered a final sale.
Q. Does participating in ASAP affect my Income Tax? How?
A. It may. 75% of the item’s suggested retail price (SRP) has been determined to be taxable income. If your taxable income is $600 or greater in any year, we are required by law to report your total taxable income to the IRS. You will receive an email notification in January of the following year informing you that a 1099-MISC form has been made available for download from a secure, confidential web location. We suggest that you consult a tax preparation expert or accountant for additional information.
Q. Why did I receive a notification to receive an IRS 1099-MISC form?
A. Your ASAP taxable income from redemptions is $600 or greater during the prior year. We are required by law to report your total annual redemptions to the IRS. Please consult a tax preparation expert or accountant for additional information.
Q. I think I redeemed enough points to receive a 1099-MISC form, but I haven’t received one from ASAP yet. What should I do?
A. Call the customer support line. We will check the status for you. The number is (877) 500-ASAP. Typically, annual notifications about 1099-MISC forms are sent via email during the last week of January.
Q. Other vendor loyalty programs didn’t submit a 1099 form for me. Why is the ASAP program different?
A. We cannot speak for other CE manufacturers’ programs. Tax laws can be complex, confusing, and subject to differing interpretations. AudioQuest consulted a prestigious accounting firm in good faith, for an opinion on how we could offer the ASAP program in full compliance with federal tax laws. The arrangement currently in place is built on the expert opinion we received from the accounting firm.
Q. Why do you need to provide your SSN?
A. Participants are responsible for paying all applicable federal, state or local taxes that may be due as a result of their participation in the program. Following the end of each calendar year, Qualifying Participants will receive an IRS 1099 form if the annual value of the merchandise for which they redeem points meets or exceeds $600. Merchandise is valued at 75% of the Retail Price ($1,000 x 75% = $750 value).
For example, if the Merchandise for which you redeem points has a retail price of $1,000, you will purchase it for 75% off of retail, which is only $250. In this example, the discount totals $750. Because this is more than $600, you will receive an IRS 1099 form early in the following year.
To reiterate, the 1099 calculation is based on 75% of an item’s SRP, even if the SRP is lower than the item’s points value specified on the website. For example, NightHawk headphones have a value of 838.6 points and a retail price of $599. For 1099 calculation, the $599 retail price is used. Since merchandise is valued at 75% of the retail price, in this example, the 1099 value would be $449.25 ($599 x 75% = $449.25). The amount of $449.25 is under $600 and therefore there would be no 1099 issued based on this purchase.
More information on the 1099 form can be found on the IRS website here.
Q. What if I have additional questions?
A. No problem. Just contact us.