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Showing 5 posts in Sports.
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Promoters and Advertisers Beware: “March Madness” is a Trademarked Term
The NCAA Men’s Basketball Tournament is underway. As millions of Americans scramble to fill out their brackets and take strategically timed lunch breaks, it is critical that advertisers capitalizing on the frenzy proceed with caution. Just like the “Super Bowl,” “March Madness” is a trademarked term. (Read More)
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IRS Rejects Gymnastics Booster Club's 501(c)(3) Application and Orders It to Pay Back Taxes
The IRS's increasing scrutiny over parent-run booster clubs added a new twist on February 13, 2015 when the agency rejected a gymnastics booster club's ("Booster Club") Internal Revenue Code (“IRC”) 501(c)(3) application, and ordered it to pay back taxes for prior tax years, identifying potential tax liability for the gym as well. In IRS Private Letter Ruling PLR 201507023(IRS PLR),the agency determined that the Booster Club failed to establish that its income did not inure to the benefit of private individuals and shareholders, which is prohibited by section 501(c)(3). (Read more)
Operating an IRS-Compliant Gymnastics Booster Club
Marc Jacobs gave a presentation via webinar on “Operating an IRS-Compliant Gymnastics Booster Club” to gymnasts and their families, coaches, instructors, judges, club owners, administrators, and other members of USA Gymnastics. The presentation focused on the importance of creating a booster club and determining whether or not the club qualifies for nonprofit status. Attendees left the webinar with a better understanding of how to structure and manage their booster club so as to be exempt from taxation under Section 501(c)(3) of the Internal Revenue Code (IRC).
2014 USA Gymnastics National Congress Trade Show
Marc Jacobs delivered a presentation on “10 Business and Legal Tips to Help Your Gymnastics Club Thrive” at the 2014 USA Gymnastics National Congress Trade Show that took place on August 23, 2014, in Pittsburgh. Marc’s talk focused on the business management side of running a successful gym. In this segment, Marc reviews labor and employment issues gym owners need to keep top of mind when operating their facilities.
Tips for Avoiding Premises Liability Issues
On Sunday, August 17, 2014 Marc Jacobs presented “Top 10 Business and Legal Tips to Help Your Gymnastics Club Thrive” at the USA Gymnastics Region 1 Congress in San Jose, California. Hosted by USA Gymnastics, the event sought to educate and inspire young gymnasts and the coaches who train them. In this video clip, Marc discusses how gym owners can nip premises liability issues in the bud before litigation arises.