Internal Revenue Service

Fishing: IRS Audit Techniques Guide Internal Revenue Service

A fishing business is defined as the conduct of commercial fishing via definitions detailed in the Magnuson-Stevens Fishery Conservation and Management Reauthorization Act of 2006, 16 U. S. C. §§ 1801-1884 (2011) ("Sustainable Fisheries Act"). Commercial fishing is fishing in which the fish harvested is entered into commerce through sale, barter or trade. Fishing income is defined as income from catching, taking or harvesting of fish (this includes all forms of aquatic life). The National Oceanic and Atmospheric Administration's National Marine Fisheries Service (NMFS), a division of the Department of Commerce, is the federal agency responsible for the management, conservation and protection of living marine resources within the U. S. Exclusive Economic Zone (water three to 200 miles offshore). Its six Regional Offices and eight Regional Fishery Management Councils have oversight of fishing activities and compliance with fisheries regulations.