Sports & Entertainment Insights

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 the full article…

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 the full article…

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 the full article…

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 the full article…

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 the full article…

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 the full article…

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 the full article…