2021 welcomed a flurry of new tax changes, expanding certain COVID-related stimulus and making permanent some of the tax benefits that were set to expire in 2020. In addition, California voters passed Prop 19, introducing significant property tax changes to real estate inheritance in California.
The provisions of the CARES Act are detailed and complex. We hope this summary provides some interim guidance specific to entertainment professionals and small businesses as we collectively navigate these challenging times.
Singer Burke’s Tax Manager and in-house tax counsel, Greg Zbylut, wrote a guest column in this week’s Hollywood Reporter to expand upon an interview he did earlier in the summer on California legislation targeting big business’s use of Independent Contractors. Are we facing the end of the loan-out? And is it too late to do anything about it? The short answer is that no one knows yet. But Greg does his best to shine light on the issues and dispel some of the fear and confusion that has been percolating in Hollywood over the last week.
Singer Burke’s Tax Manager and in-house tax counsel, Greg Zbylut, was interviewed for an article in today’s The Hollywood Reporter to discuss a new bill in California’s legislature that takes aim at California’s gig economy but potentially threatens Hollywood talent’s loan-out companies in the process.
Ok, so maybe – just maybe – the title is a bit facetious. But what’s not funny is the new partnership audit rules. A partner who bought a partnership interest in 2019 could find themselves on the hook for a liability that arose in 2018 – when they didn’t own the interest – a nasty surprise.
It’s that time of the year again – tax season. And with tax season comes fake IRS and Social Security Administration phone calls.
We are just midway through 2018 and already an array of new legislation has come into effect which will have a big impact on tax liability for both individuals and business. As expected, much of the new change in tax liability stems from the recently passed “Tax Cuts and Jobs Act” (otherwise known as the “Trump Tax Plan” or “TCJA”).
Singer Burke’s Managing Partner, Matthew Burke, recently sat down with the entertainment banking team at City National Bank to discuss tax strategies for athletes as part of CNB’s ongoing Building Your Team interview series.
The IRS issued another notice last Friday to remind taxpayers that they need to report any gains from the sale of cryptocurrency on their tax returns. While many people think of Bitcoin, Ethereum and the like as currencies, the IRS currently classifies them as property. This means that buying and selling virtual currencies has many of the same ramifications of buying and selling stocks. What’s more, “selling” may include more transactions than you think, including using cryptocurrency to purchase a product or a service.
Singer Burke’s Managing Partner, Matthew Burke, was interviewed for a recent article in The Hollywood Reporter to discuss how the new tax law’s heightened restrictions on entertainment and dining deductions affect our clients.