The club itself does not pay Federal Taxes. Investment clubs file IRS form 1065 which is an informational IRS form, along with IRS forms K, K-1, Schedule D, and L, M and N if necessary. This passes the tax liability from the club to the individual members who each receive IRS form K-1 from the club treasurer. The individual members will then have the information to be able to report their club portion of the club income, expense and capital gains/losses on their own 1040 returns.
Unless an extension has been filed, all forms must be submitted to the IRS before March 15th.