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.
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.