USA Fishing Tournament winning


Joined
May 5, 2022
Messages
1
Reaction score
0
Country
United States
Hello,

We run a statewide fishing tournament and have recently had to obtain LLC status due to requiring a separate business banking account. We were also informed that we would need to start supplying any winners of over $600 in cash/prizes a 1099. Our committee is just a bunch of volunteers with various background however no accountants, so we are not sure where, what and why when it comes down to tax related issues concerning the tournament winnings. Should we employee an accountant? If so what type are we to look for? If not then where is the best resource for us to educate ourselves on what is required by law. And please do not send us to the irs.gov site... its beyond our comprehension...lol Thanks in advance for any and all suggestions.
 
Ad

Advertisements

BIG E

VIP Member
Joined
Dec 19, 2020
Messages
132
Reaction score
16
Country
United States
What you need to do is consult with an attorney to determine what the best form of entity you should be.
It's possible that what you really are looking for is a not-for-profit entity status. Or consult with a licensed
CPA or Enrolled Agent who can advise you on tax matters.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top