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Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. The post When Can You Deduct Business Meals and Entertainment? Food and beverage costs.
The IRS has specific guidelines regarding the deductibility of wardrobe purchases for entertainers. Understanding these rules is crucial for entertainers who want to maximize their tax deductions while staying compliant with tax laws. This includes items like branded uniforms for a specific show.
DMCL is thrilled to share that Donna Branston , our Entertainment Accounting and Business Management Partner, was recently featured in CPABC’s Backstage Pass , a podcast exploring the unique stories of CPAs working in entertainment.
Colorado added “digital goods” to the statutory definition of taxable “tangible personal property” a few years ago (regardless of the goods’ delivery method), and Netflix just lost a drawn-out appeal in that state, claiming that its entertainment couldn’t be taxed because it couldn’t be physically touched.
On the other hand, farming (6%), franchising (3%), and arts and entertainment (2%) are seen as the most vulnerable sectors. And the oil, energy and mining sectors show 39% of respondents optimistic due to recent spikes in supply and demand for these resources.
Cohan claimed deductions for various travel and entertainment expenses, but said he was too busy with his hectic career to take the time to document all the expenses. Basic premise: The plaintiff in the landmark federal court decision was none other than legendary vaudeville and Broadway star George M.
a firm that specializes in profit participation and entertainment accounting and is also based in Los Angeles. Hacker Douglas dates back to 1970 and has handled motion picture and television audits, merchandising, publishing and estate valuation, and expert witness and litigation support services for the entertainment industry.
Sectors such as entertainment, charities, digital services, and property transactions come with complex VAT implications. Too often we come across missed opportunities for VAT recovery in the early stages of business. Beyond basic compliance, accountants should proactively identify VAT risks specific to their clients industries.
Monitor and Cap Discretionary Spending: Set limits on discretionary spending categories such as travel, entertainment, or office supplies, and monitor them to prevent overspending. Negotiate Service Contracts: Regularly review contracts with service providers to negotiate better terms or cancel services that are no longer needed.
The traditional entertainment industry of studio-based film, television, and music greatly shaped our society and economy over the last century. However, in just the past decade, social media has disrupted that studio-based tradition and shaped a new sector of the entertainment industryinfluencing.
The meals and entertainment deduction optimization integration addresses a common challenge for tax and finance teams: identifying and classifying deductible M&E expenses across large datasets, Ryan says.
Author: Michael Markgjonaj , CPA | mmarkgjonaj@withum.com Contact Us For more information on this topic, please contact a member of Withum’s Theatre and Entertainment Services Team. We look forward to expediting these refunds to production companies at a time when they need them the most.
This new solution enables organizations to optimize their meals and entertainment tax deduction calculation by leveraging IRS-approved statistical sampling, directly through their SAP Concur platform. Tax services solutions provider Ryan launched an integration with Concur Expense.
Holmes to its list of Business of Entertainment Visionaries for the second consecutive year in 2025. His clients in the entertainment industry include global artists, business management firms, and both established and growing companies nationwide. Holmes Recognized as Business of Entertainment Visionary by L.A.
While everyone else is selling out — excluding Big 4 firms, almost the entire top 20 has taken some kind of PE investment or is entertaining it — there will be some firms that proudly maintain control of their firms and advertise this as a big selling point to clients.
In 2023, it acquired New York-based Janover ; Bemel, Ross & Avedon LLP , a Los Angeles-based business management firm; and two entertainment-oriented firms , Royalty Compliance Organization, a music rights and royalty auditing firm in St. Louis, and Blue Sky Group, a music business management team in Nashville.
which specializes in profit participation and entertainment accounting. The Los Angeles-based top 100 accounting firm said on June 10 it has added fellow LA firm Hacker, Douglas & Co.,
Beyond work, I am a passionate amateur chef, historian, gardener, car enthusiast and collector with a deep commitment to continuous learning and expansion of knowledge. ” With the chief accountant appointment sorted, Acting Chief Accountant Ryan Wolfe will go back to his role as Chief Accountant in the Division of Enforcement.
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Dont forget travel, meals, lodging and general entertainment costs if the organization expects to send their staff! Some organizations are moving to virtual events, as it decreases the cost tremendously, and still allows them to make a profit.
In contrast, farming (6%), franchising (3%), and arts and entertainment (2%) are seen as the most vulnerable sectors, according to accountants. And the oil, energy, and mining sectors show 39% of respondents optimistic due to recent spikes in supply and demand for these resources.
This change, based on IFRS 16, will significantly impact businesses with large property or equipment leases—common in hotels, bars & restaurants, gyms, and entertainment venues. Lease Accounting Lessees will now be required to bring most leases onto the balance sheet, recognising a right-of-use asset and a lease liability.
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Kashyap Bakhai, a BDO partner with 35 years of experience advising wealthy individuals including sports stars and entertainers, was fired almost two years ago when the accounting firm was dealing with accusations that the employee dipped into client accounts for personal use, according to people familiar with the dispute and legal filings.
President Donald Trump's Hollywood ambassadors asked the White House to expand and extend tax incentives as part of an upcoming budget reconciliation bill.
Introducing Our 15 New Partners Conor Barnes is the Team Co-Leader for the Music Industry Services Team and the Theatre and Entertainment Services Team with a focus on tax services.
CALIFORNIA Adam Blaylock Rob Thomas Adam Blaylock was named the new office managing partner in San Jose at EY, where he has worked for 25 years and will continue to serve in his previous role of partner in the financial accounting advisory services practice and leader for the technology, media and entertainment, and telecommunications sector.
He used the money on personal expenses including meals, entertainment and gambling. He also embezzled from the city by submitting some $234,432.60 in personal expenses that the city unknowingly paid. He did not report the embezzled money on his personal returns and avoided some $119,972.60
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Author : Ryan Flash | rflash@withum.com Contact Us For more information on this topic, reach out to Withum’s Theatre and Entertainment Services Team today. Let’s Chat The post Massachusetts Unveils $7M Annual Tax Credit for Live Theater Productions appeared first on Withum.
Key digital advancements, include: Mobile check-ins for guests AI-powered chatbots for instant customer support Smart apps for controlling room settings, such as temperature and lighting Tailored services based on previous bookings and preferences of returning guests Custom hotel apps providing AI-driven local recommendations for guests VR headsets (..)
Thanks Kuya Mike for alerting us to this situation first thing in the morning in such an entertaining way. Morning, all. And an early Happy Thanksgiving to our fellow Americans!
The writ petition cannot be entertained when the SCN specifically reflects the allegations which the tax authorities feel to reflect fraud. Ruling The Honble High Court held that: The writ petition cannot be entertained when the SCN specifically reflects the allegations which the tax authorities feel to reflect fraud.
An accountant was charged for embezzling more than $1.9 million from film productions and used the funds to stay at Las Vegas hotels and pay various young women.
Intellectual because they encourage overconsumption of content without any real critical analysis; emotional because they create an ever-deepening dependence on stimulation and entertainment; and moral because we have fallen into passive acceptance of algorithmic decisions.
Points of interest in Cincinnati include: The revitalized riverfront entertainment district Cultural centers like the Cincinnati Zoo , Museum Center , Fountain Square , and Over-the-Rhine historic district. With rising small‑business formation, stability in elite sports (e.g.
2025 Withum Culture Video Since Withum’s Power in the Plus brand launch over the summer of 2024, the firm continues to lean into what makes it unique, which includes Withums distinct Theatre and Entertainment Services group, whose clients include Wicked, Hamilton, and many others.
MGM Resorts International and Caesars Entertainment, who collectively operate 17 casinos on The Strip, did not respond to questions about the reporting changes or whether they had received any notification from the IRS. The IRS has not yet commented on the changes, and the federal agency did not respond to an email seeking confirmation.
Here are a few ideas… Educate and entertain: Share free resources, helpful tips, or even just something funny. If you want them to keep buying, build a relationship so you move from “just a vendor” to essential partner. How do you do that without sounding salesy? Stay visible in a non-promotional way.
Antium : An automated solution that optimizes meals and entertainment expense deductions, including supporting audit documentation. These strategic partner solutions complement Bloomberg Tax’s existing suite of products, including the newly released Bloomberg Tax Workpapers.
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Stoute is age 54 and is one of the most sought-after and influential people in the entertainment, advertising, technology and political worlds. The second article is the Corner Office column profiling Steve Stoute, Chief Executive and Founder of UnitedMasters. Quite a portfolio of impact.
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