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FDP Forum / Performer's Corner / Getting paid as a band?

riveraBry
Contributing Member
**********
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Great Lakes

All generalizations are false.
Feb 14th, 2019 08:35 PM   Edit   Profile  

Is an LLC required to get an EIN number?
We are getting paid more by checks now and are being asked to provide SS number at most shows for a 5 member band. We want to do this on the up and up, but easy as possible. Any help is appreciated.

themaestro
Contributing Member
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Wichita, Kansas

Drums = pulse, Bass = heartbeat
Feb 14th, 2019 08:43 PM   Edit   Profile  

One method is to use the SSN of one band member. That person will be on the hook for paying the income taxes on any 1099 forms that get sent out. That person could then (unofficially) ask the other band members to pony up their portion of the difference in the guys income taxes caused by band income.



Rick Knight
Contributing Member
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St Peters, MO USA

Busy doing something close to nothing
Feb 15th, 2019 08:35 AM   Edit   Profile  

In a former band, all checks were paid to me. I distributed the money and 1099'd the others. My biggest problem was that I didn't know that there is another form (1096?) that has to be filed, summarizing the 1099s. I couldn't find one, but a lady from the HR dept. at my wife's job bailed me out.

RicOkc

Nicoma Park, OK.

"Let the music do the talking"
May 6th, 2019 02:29 AM   Edit   Profile  

We never took checks....Cash only!

We took a partial payment by check once and got burned.



Juice Nichols
Contributing Member
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Panama City, FL

I'm just a dude, playing a dude...
May 6th, 2019 07:19 AM   Edit   Profile  

There are a few places that I play that pay with a check. The checks are made out to me and I pay everyone else. For tax purposes, I give them my SSN and file the taxes on the money made. I 1099 the band members if needed. So far I've never needed to.

larryguitar19
Contributing Member
*****

South Florida

larryguitar
May 6th, 2019 02:20 PM   Edit   Profile  

In the past we've done it like others. Checks to one guy who handles the books.

But it's not a big deal to register an LLC online. Most states have a user friendly site that does not require a lawyer.

You can also complete the SS4 and get your EIN instantly. The only catch is the IRS does require somebody attach their SSN as the 'responsible party' so you want to make sure everybody understands you will hold back a few bucks for the CPA. Usually $650 is the most for a simple LLC return with K1's.

(This message was last edited by larryguitar19 at 04:22 PM, May 6th, 2019)

FDP Forum / Performer's Corner / Getting paid as a band?




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