Use of personal vs club checking account for major matches

[uod]

Can someone please check me on this. It's my understanding that using a personal checking account for a major match would be a bad idea. This is due to the account being tied to the MD's SSN and the resultant tax liabilities that may be incurred. For example, Stripe generates a 1044-K to the IRS if you collect more than $20k (or something like that) in a year. It's always been my impression that the MD should be using an account tied to their club's EIN.

Can anyone comment / provide some insight on this. I am not an accountant / CPA --- so, I wanted to make sure I was thinking about this correctly.

[birdo]

[Let me preface this by saying that I am not a lawyer. However, I do know how to listen to them.]

 

I see that no one responded to you here, and I don't have a direct answer, but I can tell you that you need to ask your general counsel (or whoever is the go-to lawyer, or CPA, in your club). If your club operates under certain non-profit statuses, that is a huge no-go, to mix income and expenses outside of the club's control. That's why most of the clubs have us (the MD's) give them the income, and reimburse our expenses in a completely separate transaction. 

 

That's totally separate from the personal tax implications that could occur, but it could have far worse consequences.