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Uncle Sam's Tax Audit Assistant, Entertainment Industry Edition: Important 1040 Issues

Don’t Risk Your Public Image (Or Personal Assets) By Not Being Adequately Prepared For An Internal Revenue Service Tax Audit! No Matter How Long You’ve Been Involved In The Entertainment Industry, You Are Certain To Learn Something New And Exciting That Could Literally Save Your Assets!

This is the IRS MANUAL written specifically for Internal Revenue Service Audit Agents to use while conducting audits of taxpayers in the Entertainment Industry. Uncle Sam’s Tax Audit Assistant For The Entertainment Industry outlines material relative to the following taxpayers –

• Performers
• Producers
• Directors
• Technicians
• Other Workers In The Film Industry
• The Recording Industry
• Live Performers

The Internal Revenue Service has determined taxpayers in the entertainment industry are involved in three activities when engaged in their business for profit:

• Any Personal Performance For Compensation
• Searching For Work Through Auditions Or Any Other Reasonable Means Of Attaining Employment In The Entertainment Industry
• Maintaining Their Position (skills, image, etc.) Through Reasonable Expenditures For Education, Training, Public Relations, etc.

The purpose of Uncle Sam’s Tax Audit Assistant is:

1. To provide an overview of the activities encountered in audits of individuals in the entertainment industry.
2. To familiarize auditors with issues and terminology pertinent to individuals in the Entertainment Industry.
3. To assist auditors with their examinations by providing actual audit techniques.

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TABLE OF CONTENTS

• Introduction vii
• Chapter 1
  • Background
  • Professions 1-1
  • Unions and Guilds 1-2
  • Reimbursements 1-2
  • Copyrights 1-3
  • Period Covered 1-3
  • Copyright Infringement 1-4
  • Receiving Income 1-4
• Chapter 2
  • Planning the Audit
  • General Approach to the Interview 2-1
  • Information to Obtain 2-1
  • Allocation of Personal Expenses 2-1
  • Recordkeeping 2-2
  • Self-Employment Tax Considerations 2-3
  • Employee vs. Independent Contractor 2-4
  • Audit Techniques 2-4
  • Non-Filers 2-5
• Chapter 3 
  • Income Issues
  • Residuals, Royalties, and Other Income 3-1
  • Reconstruction of Income 3-2
  • Using Agent Commissions 3-2
  • Using Union and Guild Dues 3-2
• Chapter 4
  • Capitalization and Cost Recovery Issues
  • General 4-1
  • Internal Revenue Code Section 195 4-1
  • Internal Revenue Code Section 280 4-1
  • Internal Revenue Code Section 263A 4-2
  • Exemption from Internal Revenue Code
  • Section 263A 4-2
  • Cost Recovery 4-2
  • Abandonment 4-3
  • Simplified Flow Chart for Capitalization 4-4
• Chapter 5
  • Passive Activity Issues
  • Internal Revenue Code Section 469 5-1
  • Rentals of Equipment 5-1
  • Identifying the Issue 5-1
  • Law 5-2
  • Audit Techniques 5-2
  • Royalty Income 5-3
  • Identifying the Issue 5-3
  • Law 5-3
  • Audit Techniques 5-3
  • Other Activities 5-4
  • Identifying the Issue 5-4
  • Law 5-4
  • Audit Techniques 5-4
  • Conclusion 5-6
• Chapter 6
  • Travel and Transportation Issues
  • General 6-1
  • Travel 6-1
  • Tax Home 6-1
  • Employment Related Travel 6-2
  • Domestic Travel 6-3
  • Foreign Travel 6-3
  • Transportation 6-3
• Chapter 7
  • Recordkeeping Issues
  • Meals, Entertainment, and Gifts 7-1
  • Meals and Entertainment 7-1
  • Gifts 7-1
  • Educational and Research Expenses 7-2
  • Telecommunication Expense 7-3
• Chapter 8
  • Personal Expense Issues
  • Keeping Current 8-1
  • Cable TV 8-1
  • Movies and Theatre 8-1
  • Appearance and Image 8-3
  • Wardrobe 8-3
  • Make-up 8-3
  • Physical Fitness 8-3
  • Security 8-3
• Chapter 9
  • Other Issues
  • Office in the Home 9-1
  • Principal Place of Business 9-1
  • Employees 9-2
  • Personal Service Corporation 9-2
  • Multiple Business Activities 9-2
  • Employment Tax 9-3
  • Domestic Employees 9-4
  • Activities Not Engaged in for Profit 9-5
  • The Nine Factors 9-5
  • Audit Techniques 9-6
  • Job Search 9-6
  • Photo and Video Resume 9-6
  • Demos 9-7
  • Showcasing 9-7
  • Moving Expenses 9-8
  • Agent Fees and Commissions 9-9
• Glossary Terms G-1
• Abbreviations G-4
• Appendix
• Blackletter Law Outline A-1