Blog

Three (Incredibly Simple) Rules To Keep The IRS Away

Posted by on Sep 11, 2012 in News | 0 comments

Avoid An Audit We all have to pay taxes and no one wants any trouble. Follow these three simple rules and you’ll reduce your chances of grief from the IRS:

1. Keep Good Records. You might think good records help only if you’re audited. Actually keeping good records can keep you out of trouble in the first place. See Keep Tax Records In The Vault! Most audits are by correspondence: your deductions will be disallowed unless you produce records substantiating them. To respond quickly and thoroughly, be prepared. See Got A Tax Notice? Here’s What To Do.

read more

Considerations in Selecting a Form of Business Organization

Posted by on Sep 11, 2012 in News | 0 comments

Business Classification One of the first decisions that an artist will have to make as a business owner is how the business should be structured. Until the artist sets up a formal entity, he or she is by default a sole proprietor. Most businesses begin as a Sole Proprietorship because it does not require any formal filings with a state or federal agency and requires no separate Federal Identification Number (FEIN) and most artist’s businesses begin without giving much thought to its legal form. However, if they have some degree of success and ownership and taxation become paramount factors, more consideration is given to the best form to conduct business.

read more

Independent Contractor or Employee

Posted by on Sep 11, 2012 in News | 0 comments

Independant Contractor or Employee The classification of workers as independent contractors or employees can be nebulous at best -- there is no bright-line test, but the consequences of misclassification, whether inadvertent or deliberate, can be severe. That’s why there is a safe harbor (Section 530 relief) and a Voluntary Classification Settlement Program.

read more

Entertainment, media and communications

Posted by on Jul 16, 2012 in News | 0 comments

June 2012 Taxpayers have struggled with the administrative requirements of complying with the rules for making a valid Section 181 election ever since the provision was enacted in 2004. An election under Section 181 allows a taxpayer to treat the cost of any qualified film or television production as an immediate expense. The election must be made by the extended due date of the taxpayer’s return which production costs are incurred. The IRS regulations contain detailed rule on the information that needs to be supplied to make a valid...

read more

State legislative analyst questions prod’n incentives: Report asserts California’s program doesn’t offset tax decline

Posted by on Jul 2, 2012 in News | 0 comments

California’s Legislative Analyst Office has poured cold water on the purported economic benefits of the state’s three-year-old tax credit incentive program. In an eight-page report sent to Lois Wolk, chair of the State Senate’s Governance and Finance Committee, analyst Mac Taylor said the program benefits are not generating enough ecoiddle class.” He can’decline of tax revenues. The study comes with the fate of the program up for debate in the California Legislature as the film business touts the benefits of...

read more