Sports & Entertainment Insights

Los Angeles Based CPA Firm Announced New Principal, Stacey R. Korman, CPA, MST

Los Angeles Based CPA Firm Announced New Principal, Stacey R. Korman, CPA, MST

February 9, 2021

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 More

COVID-19 and the Sports & Entertainment Industry

COVID-19 and the Sports & Entertainment Industry

October 7, 2020

Ronique Davis, one of KROST’s Sports & Entertainment Industry experts, recently attended the Entertainment Industry Virtual Conference hosted by CalCPA. Below, she shares some of the insights she learned at the virtual event regarding how COVID-19 is impacting the industry. COVID-19 has had an effect on the lives of almost everyone we know to varying … Read More

IRS to Audit High-Income Tax Returns

IRS to Audit High-Income Tax Returns

August 26, 2020

The IRS announced on June 18th that they will be looking at hundreds of high-income tax returns between July 15th and September 30th. They are expected to be looking at not only the taxpayer’s individual returns but any business-related pass-through entities as well. These reviews create exposure for athletes and entertainers who have high income and … Read More

A Rare Day x KROST CPAs

A Rare Day x KROST CPAs

February 28, 2020

We are thrilled to announce that we are partnering with The Be Rare Foundation for their 3rd annual women’s summit: A RARE DAY — happening on March 7, 2020 (Int’l Women’s Weekend). A RARE DAY is a celebration and conversation about the future of females in digital media, fashion, beauty and beyond. We are excited … Read More

Loan-Out Corporations: To Be or Not To Be

Loan-Out Corporations: To Be or Not To Be

November 20, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Loan-Out Corporations: To Be or Not To Be” by Douglas Venturelli, Esq. with guest author Jonathan Louie, CPA. With the passing of the Tax Cuts and Jobs Act (TCJA) of 2017, many actors, writers, directors, and … Read More

5 Tips for Choosing the Right Business Manager

5 Tips for Choosing the Right Business Manager

November 5, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “5 Tips for Choosing the Right Business Manager” by Stacey Korman, CPA, MST. Professional actors, athletes, authors, and musicians have one thing in common: they are all typically high-net-worth individuals with complex financial needs. As a … Read More

Qualified Business Income Deduction and the Entertainment Industry

Qualified Business Income Deduction and the Entertainment Industry

October 29, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Qualified Business Income Deduction and the Entertainment Industry” by Ronique Davis, CPA. The Tax Cuts and Jobs Act (TCJA) has had an impact on many industries since it was enacted in December 2017, and the entertainment … Read More

Game-Changing Tax Matters for Athletes

Game-Changing Tax Matters for Athletes

October 23, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Game-Changing Tax Matters for Athletes” by Brad Pauley, CPA. There were many deductions professional athletes were able to take under the old tax law, however, under the new law, deductions taken in previous years are no … Read More

KROST Quarterly Magazine: The Sports & Entertainment Issue is Now Available!

KROST Quarterly Magazine: The Sports & Entertainment Issue is Now Available!

October 14, 2019

We are happy to announce the release of our newest quarterly magazine! The Sports & Entertainment Issue highlights some of the hot topics pertaining to sports & entertainment professionals such as tax issues for athletes, Loan-Out Corporations, Qualified Business Income Deduction, and more. What You’ll Find Inside this Issue: Game-Changing Tax Matters for Athletes By … Read More

Loan Out Corporations – To be or not to be?

Loan Out Corporations – To be or not to be?

February 27, 2018

With the passing of the Tax Cuts and Jobs Act of 2017, many actors, writers, directors, and other professionals in the entertainment industry will likely see their taxes increase beginning in 2018. The entertainment professionals who earn wages are being hit the hardest because employee business deductions will no longer be allowed in 2018 going … Read More