Critical Entertainment Tax Law Issues for 2020 with CPA Danny Sioni

In this recorded workshop, Danny Sioni, manager of CPS Tax Pros (https://www.cpstaxpros.com/) which specializes in supporting producers and other entertainment industry professionals, addressed major changes to State and Federal tax laws that create new tax liabilities in 2020.

New legislation in 2018 and 2019 have had a significant impact on when producers can deduct the costs of a production from their taxes, when investors can deduct losses, and how actors and contractors must be compensated. This workshop covers what you need to know.

To watch this 90-minute entertainment tax law workshop, click I Want This, provide requested information, then click DOWLOAD in the Confirmation Email. 

Topics addressed in this workshop include:

• The Completely Extinct Section 181 Tax Deduction & What Replaced it in 2018 and how it is very different from what came before. This covers Critical Issues that Impact Production Timing for Producers Currently Working to Produce Films
• Loan Out Companies and New Employment Laws and the Major Changes Hit Producers, Actors, and Others This Year 
• Big Changes for 1099 Contractors and Those Who Work With Them This Year
• Corporation, S-Corp, LLC, vs Sole Proprietor: Understanding the Tax Implications of the Production, Development, and Holding Companies You Create. It is not too late to form a company this year . . .
  
• Critical Crowdfunding Tax Issues You Need to Know Before You Launch a Crowdfunding Campaign
• What Entertainment Industry Employees Need to Know About Changes to What Training & Equipment is Deductible
  
• Carrying Forward Your Losses from Short Films, Documentaries, and Features That Don't Make a Profit
• What Structure Works Best for Producers, Actors, and Other Creatives
• Other Important Tax Deductions & When You Can and Can't Take Them
  
• Big Tax Deductions That Have Been Eliminated 

Tip: If you are working to produce a film, documentary, or web series you must make absolutely sure you understand the information that relates to when you are allowed to deduct film expenses and the rules regarding hiring them. There have been huge changes to both in 2018 and 2019. 

CPS provides a wide range of tax services to entertainment industry pros. They work with filmmakers, actors, writers, and crew to set up the right structures to minimize tax liabilities and manage deductions. They help pros share profits with investors, carry forward losses when a production goes south, and ensure their customers take deduction they are entitled to year after year.

They take a pre-emptive approach to solving tax problems and are already meeting with their clients to discuss how to minimize 2020 taxes by making the right decisions before December 31, 2019.

CPS also works with their clients to resolve existing tax problems. Entertainment Industry Pros have some of the most complex tax situations in the nation, because most people who work in the industry don’t have 9-5 jobs. They frequently work as contractors, part time employees, weekly employees, or are entrepreneurs in their own right. Many own and operate multiple businesses while working as employees and contractors for others.

People working in the entertainment industry also have royalty payments, rental payments, union dues, clothing expenses, and equipment expenses. All this means that it’s easy not to file the right forms, or pay the all the taxes owed at the right time.

CPS specializes in supporting entertainment industry pros so they are in a good position to help people fix tax problems that have stacked up over time. They can help release levies, reduce penalties, stop garnishments, and close old companies so they stop racking up new tax bills.

They handle bookkeeping, accounting, and payroll services quickly and cost effectively as well. 

If you have questions about this workshop, please email nancy@nancyfultonmeetups.com.