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Insider sources for entertainment professionals. Trusted Advisor is an organization where you can get the latest entertainment news, and financial news today.
New Digital Asset Reporting Requirements Are on the Way. The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021.
It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage account, whenever you sell stock or other securities, you receive a Form 1099-B after the end of the year. Your broker uses the form to report transaction details such as sale proceeds, relevant dates, your tax basis and the character of gains or losses.
Recap: 2021 Trusted Advisor Summit - Trusted Advisor. We launched Trusted Advisor last August, in the middle of the pandemic, with our first virtual Summit.
After 15 months of operating virtually we were thrilled to host the 2021 Trusted Advisor Summit this last Wednesday, Nov 10th, at the beautiful Mayan theater in Downtown LA. With close to 30 speakers, the day was filled with insight from the most innovative and talented business managers, artist managers, entertainment attorneys, investment advisors, technologists and trusted advisors – speaking on a wide range of topics relevant to HNW entertainment, music and sports clients. Music Royalties and Where They’re Headed: Streaming and Social Media. Like everything else, the music industry has had to adapt to keep up with social media taking over.
Labels and publishing companies must constantly negotiate rights and royalties to ensure their artists are compensated fairly for their work, whether it be from tracks being streamed on Spotify and Apple Music or a viral video on TikTok or Instagram. Royalties from Streaming: A Brief Recap. The Future of Business Management 2021 - Trusted Advisor. With COVID-19 mashing the brakes on the entire live entertainment industry, business managers who are usually behind the curtains of an artist’s career have been placed in the driver’s seat to save, maintain, nourish and even grow a client’s career at a time when many clients have had their careers upended.
It is because of these success stories that we’ve been inspired to create the inaugural “Future of Business Management” list: a holistic and all-encompassing collection of the most inspirational, successful and innovative business managers in the country. They represent a talented, multi-faceted and pro-active business management industry that is changing as fast as our definition of “entertainment” changes. “This list highlights the new face of business management: a diverse, talented and ambitious group of professionals,” says Matthew Hoffman, Founder of Trusted Advisor.
A number of this year’s honorees will be speaking at the Trusted Advisor Summit next week in Downtown LA. The NFT Tax Guide is here! - Trusted Advisor. The NFT market is continuing to grow at a staggering pace each month.
There is ever-rising capital available and it’s growing so rapidly that not many professionals like lawyers and accountants have broken into the space yet. To help remedy this problem, The NFT Tax Guide created by Jacob Martin, Alex Roytenberg, Andrew Gordon, Dan Hannum from ZenLedger and Charles Kolstad from Withers Worldwide aims to demystify NFT taxes for their clients in the United States as well as publish a comprehensive guide to all things NFTs. Click This! Why Social Media Influencers and Streamers Need Business Managers Too. With a projected market growth of $13.8 billion in 2021, social media influencers and streamers on platforms like Twitch aren’t slowing down.
Behind this dramatic growth is a need for services for these influencers, like what business managers offer. It’s common knowledge that celebrities like movie stars, singers and professional athletes have business managers and management teams to handle finances and brand deals, but what’s the difference between a celebrity with a million followers on Instagram and a social media influencer with a million followers or a streamer who gets millions of views? Aside from the work they do outside of social media, probably not that much. “I know business managers can vary in what they do depending on the industry their client is in,” said Juan Rodriguez, founder and CEO of Lodgz Financial PLLC.
What to expect at the Trusted Advisor Summit - Trusted Advisor. Our second Trusted Advisor Summit 2021 is right around the corner, and we hope to see you there!
In-person for the first time ever, we’re excited to offer panelists ranging from business managers, CPAs, talent managers, entertainment attorneys, royalties experts, investment advisors and real estate professionals, as well as many more, in the beautiful Mayan Theater in downtown Los Angeles. This event will begin at 8am, Nov. 10, 2021, with check-in and breakfast and followed by opening remarks before topic panels begin. With more than 100+ top entertainment professionals, there will be a wide array of topics to learn about including the future of business management, investment and financial strategies, cyber security and why it’s important, how to leverage an audience off of name, image and likeness deals, influencers and how to maximize opportunities and talent-hunting workshops.
Please find the full agenda here. Suddenly Wealthy? Expert Advice on Where to Start - Trusted Advisor. What happens when someone suddenly comes into a lot of money?
Well, that depends, but finding and consulting with a financial professional is a great place to start. Becoming suddenly wealthy can happen in all sorts of different ways like, getting a first record deal, landing a big movie or an athlete signing with their first team. While it may be exciting, it can also be overwhelming to decide how to manage.
Dapper Labs Acquires Brud - Trusted Advisor. After taking non-fungible tokens (NFTs) and turning them mainstream, Dapper Labs has acquired Brud, a virtual startup focusing on decentralized autonomous organizations (DAOs).
Dapper Labs, which was recently valued at more than $7.5 billion, purchased Brud, a virtual influencer startup company consisting of a 32-person team. Brud was valued at $125 million, as its digitally rendered social media influencer accounts began to grow. One of its characters in particular, Lil Miquela, is highly recognized and has 3 million followers on Instagram. Only Few Affected by Proposed Democrat Retirement Tax Reform. Several retirement account changes have been proposed by House Democrats in an effort to fund a $3.5 trillion budget plan.
If passed, the changes would only impact retirement accounts with over $10 million, with most changes beginning in 2022. In 1997, Republican Sen. William Roth Jr., from Delaware established a law allowing “hard-working, middle-class Americans” the opportunity to save money, tax-free, in a Roth IRA for their retirement. Two things then happened. Some Americans used the accounts as intended, paying normal taxes and adding contributions to their retirement accounts as they could. Name, Image and Likeness — a Popularity Contest? Not Quite! Known legally as a “right of publicity,” name, image and likeness (NIL) is arguably one of the largest changes made to college athletics in years.
Under NIL, an athlete may make money off merchandise, commercials and advertisements that use their name and recognizability. The NCAA, which previously would pull eligibility if student-athletes made any income off social media or brand deals, changed its policy in July 2021 to allow student-athletes to benefit off their NIL, so long as “… NIL activities are consistent with the law of the state where the school is located.” As soon as these changes were made, certain people, including Mat Ishbia, jumped at the chance to help the way student-athletes were compensated.
Ishbia, a Michigan State University basketball alum and CEO of United Wholesale Mortgage, donated $32 million to the Spartans’ athletic facilities previously and announced a group NIL deal with MSU’s football and basketball teams. Latest Entertainment News Today - Trusted Advisor. Everything That Investors Need To Know About NFT Taxes. There has been a lot of interest in non-fungible tokens (NFTs) in the digital art world, where top-notch creations are being auctioned.
Many of these items have fetched tens of millions of dollars at auction. However, people have not paid attention to the impact they have on the tax implications for creators and purchasers. Let us today help you know more about the NFT taxes in detail! What is NFT? The term 'Non-Fungible Token' refers to a special kind of blockchain-based certificate authority designed to be distinct.