2023 Entertainment Accounting and Tax Update Media Clips

What do entertainment professionals need to know to find financial success? On this episode of the Media Clips Podcast, Host and GHJ Entertainment Practice Leader Ilan Haimoff is joined by a panel of distinguished experts from across GHJ’s service lines:
• GHJ Entertainment and Media Tax Expert Dan Li shares what taxpayers can do now to reduce their tax bill in 2024. Click here to more about how taxpayers can save on taxes before the end of the year.
• GHJ State and Local Tax Practice Leader Frances Ellington breaks down key tax changes in the State of California and provides helpful guidance for people who faced unemployment during the labor strikes.
• GHJ International Tax Expert Andreas Koller points to the Foreign Income Tax Credit issued this year and an upcoming Supreme Court Case that may affect international tax regimes in the future.
• GHJ High Net Worth Practice Leader Rajpal Gibson offers update on IRS enforcement attempts, the Employee Retention Credit and estate planning.
• GHJ Media and Advertising Practice Leader Dan Landes explains the new Current Expected Credit Loss (CECL) accounting standard and reminds entertainment professionals to revisit their finances amidst work stoppages in 2023.
• Finally, Ilan shares how the scope and nature of profit participation audits continues to shift to accommodate new media reporting.

Each expert explains changes that may impact individuals and businesses in the entertainment industry and gives recommendations on how to prepare for financial success in the coming year.

This episode was recorded before the SAG-AFTRA strike ended on Nov. 9, 2023.

Follow the Media Clips Podcast on Apple Podcasts and Spotify to listen to past episodes and hear new episodes as soon as they become available.