I am looking for some LEAGAL info on club fishing

aNNieNsaLTIE · Post by **aNNieNsaLTIE** » Tue Nov 10, 2009 9:09 pm

Hello Guys,

My friends and I are looking into starting a club but we may want the option to fish for a little cash or prizes..

So I know fish n game has a form and fee. then i was told about the IRS getting a cut?

I need to now what i have to do to make everything legal and legit.

Thanks,
Steven

jsc11700 · Post by **jsc11700** » Wed Nov 11, 2009 6:59 am

I am the president of a club and I have never heard of the IRS getting a cut since bass clubs are non-profit organizations. However if you wish to hold an organized tournament, there are other things that must be considered. Tournament permits which can be purchased from DFG and also club insurance. You do not want to be liable if someone gets hurt while participating in one of your club tournaments.

george · Post by **george** » Wed Nov 11, 2009 8:28 am

You need to get a non-profit status. You will have to report all income and payouts to the IRS and Franchise tax board at the end of the year, you also need to send anyone who receives winnings via cash or check a 1099 to report on their taxes.
This is the reason you have to give these tournament organizers all your info; Social Security # etc.
Getting the non profit status is a fairly easy task and can be done via IRS web site.

Best of Luck

aNNieNsaLTIE · Post by **aNNieNsaLTIE** » Wed Nov 11, 2009 9:29 am

thank-you george.. with everything being registered with the irs and getting those 1099 forms in, will there be expenses i can write off at the end of the year due to this?

Steven

Lake · Post by **Lake** » Wed Nov 11, 2009 9:42 am

Make it a TBF Club. A lot of the stuff your thinking about goes away. Also you only have to 1099 anglers at a certain dollar amount won. EMAIL me and I will help you team_okuma@yahoo.com

aNNieNsaLTIE · Post by **aNNieNsaLTIE** » Wed Nov 11, 2009 10:01 am

Thanks Lake! I will send you out a email later with my questions and concerns I am going to brain storm first.

What is the MAX dollar limit before a 1099 is required?

Steven