S38-Taxation of Athletes, Artists & Entertainers

Friday, June 28 | 3:30 pm - 5:10 pm
Track: Individual
CE Categories:
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Jeffrey Schneider, EA, CTRS

Description: Athletes, performers, and artist have a myriad of special tax issues, including income specific to their industries, whether they are employees or independent contractors, and deductions that are allowable to them. Find out what these are and see what planning strategies might be available to maximize their deductions. Consider new planning options with the loss of the 2% miscellaneous itemized deductions, which can hit these taxpayers hard. Understand who is a specified service business and how these taxpayers may be in the “reputation or skill” category.

Learning Objectives
1. Discuss US taxation on non-residents and foreign taxation of US residents working abroad
2. Understand royalty income   
3. See how to report the sale of artwork                                           
4. See when and how to use a loan out corporation                   
5. Find out what the Jock Tax is

Learning LevelIntroductory

Prerequisites: None

Advanced Preparation: None