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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.
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.
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.
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.
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.
, Gusto Remote Work Experience: Y Salary: $150k, FTE, $55-$70/ PTE Time Zone: Central Sign up to learn more about this candidate FTE Tax and Accounting | Candidate ID #22655166 Certifications: CPA, QBO ProAdvisor Education: BA, MBA Accounting Experience (years): 5 years in public accounting Preparation and review experience Financial reporting and (..)
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.
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.
ACCOUNTING CANDIDATES FTE Accounting Senior / Manager | Candidate ID #24311574 Certifications: QB ProAdvisor, CPA in process Education: BS Accounting, MS Experience (years): 15+ years accounting experience Work experience (detail): 10 in public accounting Month / year end close and financial reporting for SMB clients Supervised and trained accounting (..)
Insurance, Beverage, Professional Services, Medical Practices Tech Stack: TaxSlayer, UltraTax Remote Work Experience: Y Salary: $75-$85k Timezone: Eastern Sign up for FREE to learn more about this candidate FTE Tax Senior / Manager | Candidate ID #5306426 Certifications: IRS CCA, CPA CA Education: BA Accounting, MS Accountancy Experience (years): (..)
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.
TAX & ACCOUNTING CANDIDATES FTE Tax and Accounting Senior | Candidate ID #24143645 Certifications: EA Education: BA Accounting Experience (years): 9+ years accounting and tax experience Work experience (detail): All in public accounting Currently a tax senior 200+ SMB and HNWI returns per season Review of 40%, prepares more complex returns Tax (..)
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.
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.
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.
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.
TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting Senior / Manager | Candidate ID #23923930 Certifications: CPA Education: BS Accounting, MBA Experience (years): 14+ years accounting and tax experience Work experience (detail): 10+ in public accounting Full cycle accounting, led bookkeeping team of 5 Financial reporting and year end work papers (..)
Authors : Alex Holderbaum , Team Leader, Theatre and Entertainment | aholderbaum@withum.com and Ryan Flash | rflash@withum.com Contact Us For more information on this topic, reach out to Withum’s Theatre and Entertainment Services Team today.
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes” by Alan Lo. The post Cashflow Strategies for the Sports & Entertainment Industry appeared first on KROST. CPA, MAcc & Randall Poe.
Deducting Meals and Entertainment Expenses While the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated many deductions for business meals and entertainment, there are still some deductions available. The post Deducting Meals and Entertainment Expenses appeared first on CPA firm in Orange County, CA | CAPATA.
Holmes on their list of Business of Entertainment Visionaries for 2024. His clients in the entertainment industry include global artists, business management firms, and established and growing companies across the country. Times B2B Publishing honored Business of Entertainment Visionaries in its June 18, 2024 edition.
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Client Accounting Service Strategies for Success in the Sports & Entertainment Industry” by Stacey R. The post Client Accounting Service Strategies for Success in the Sports & Entertainment Industry appeared first on KROST.
Loan-out corporations are widely used by sports and entertainment professionals as a tax and financial strategy. The post Loan-Out Corporations – Maximizing Tax Savings & Financial Flexibility for Sports & Entertainment Professionals appeared first on KROST.
Basic rules Despite eliminating deductions for business entertainment expenses in the Tax Cuts and Jobs Act (TCJA), a business taxpayer could still deduct 50% of the cost of qualified business meals, including meals incurred while traveling away from home.
The post The Accountant Shortage Isn’t Bad Enough For NASBA to Entertain Dropping the 150 Hour Requirement appeared first on Going Concern. If we can’t tinker with the 150-hour rule then all that leaves is increasing salaries and…well…we know how firms feel about that.
The publication explained that “streaming services providers” supply entertainment (music, movies, video games, etc.) For streaming services, a consumer has purchased “access to curated entertainment content in the streaming service’s catalog but has not procured a right to any specified digital product.
Here are some common examples of unallowed expenses: Alcohol – the government will not reimburse alcohol even though it is a legitimate business expense for entertainment of potential or current clients. These costs must be recorded in separate general ledger accounts to be easily identified and excluded from any billing.
Top 25 accounting firm Carr, Riggs & Ingram (CRI) CPAs and Advisors has added ProSport CPA—a New Kent County, VA-based firm that specializes in tax and accounting services within the sports and entertainment niche—to CRI’s family of companies.
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