This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes”. Passthrough Entity Tax Credit The Passthrough Entity Tax Credit, commonly referred to as the State and Local Tax (SALT) cap workaround, was introduced to mitigate the impact of the federal cap on Read the full article…
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes” by Brad Pauley, CPA Professional Athlete Taxation Professional athletes are subject to a complex system of taxation that can vary depending on their state of residence, the sport they play, and the Read the full article…
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. Korman, CPA, MST In the fast-paced and dynamic world of sports and entertainment, financial management plays a crucial role in the success of artists, performers, Read the full article…
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Protecting Your Assets and Legacy: Estate & Trust Management in Sports and Entertainment” by Brad Pauley, CPA & Richard Umanoff, CPA, MBA For athletes, actors, and other high-earning professionals in the sports and entertainment industry, managing assets and planning for Read the full article…
At KROST and KROST Wealth, we have many clients engaged in the entertainment industry who lean on us for our expertise. From accounting, tax, wealth management, and the like, we are in solidarity with our clients and understand the situation they are going through. Below are some timely tactical financial planning ideas that may help Read the full article…
Our Sports & Entertainment industry professionals, Stacey Korman, Brad Pauley, Alan Lo, and Andrea Bonilla, are attending the Trusted Advisor’s second annual Trusted X LA Technology Summit on June 8th. The exclusive one-day event is held in Santa Monica from 1:00pm-7:00pm and consists of opening and closing remarks, various panels presented by industry experts, and Read the full article…
Loan-out corporations are widely used by sports and entertainment professionals as a tax and financial strategy. These corporations offer a wide range of benefits to individuals, such as tax advantages and enhanced financial flexibility. Actors, athletes, musicians, and other high-income earners become an employee of the corporation, and the corporation is hired with services rendered Read the full article…
There are many factors in determining whether you are a California resident. However, if you’re looking to move out of the state, there are a few things to keep in mind. Do’s: • Either sell your California residence or make sure you can support the reason why you still own it for Read the full article…
This is one of the articles in the KROST Quarterly Sports & Entertainment Issue, titled “Tax Changes for the Entertainment Industry” by Alan Lo, CPA, MAcc. Immediate Expensing of Qualified Production Costs The Internal Revenue Code (IRC) Section 181, which allows immediate expensing of qualified production costs associated with a Television Series, Films, and Live Read the full article…
Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles based firm, has announced a new Principal, Stacey R. Korman, CPA, MST. Stacey has extensive experience in assurance & advisory and accounting services and since joining the firm she has led the accounting and audit departments. As an AICPA certified Fundamental Client Accounting Advisor, Stacey Read the full article…
