uod Posted June 10, 2016 Share Posted June 10, 2016 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. Link to comment Share on other sites More sharing options...
birdo Posted August 30, 2017 Share Posted August 30, 2017 [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. Link to comment Share on other sites More sharing options...
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