Volume 24 - Number 6 | September 2008
| September 2008 Issue in PDF Format … |
| Advances to Talent By Robert M. Jason In yet another example of the lunacy of the tax laws as they apply to compensation for personal services, it is possible that the advance payment made to talent might be subject to a 40% penalty — 20% under Sec. 409A of the Internal Revenue Code of 1986, as amended (IRC), and 20% under the laws of those states, such as California, that have conformed to Sec. 409A. This could push the effective marginal tax rate on the advance to over 80%. Needless to say, this result is disastrous, and extreme care must be taken not to run afoul of the rules. |
| IRS Regulations For Song Sales Tax Treatment By Mark L. Silow The Internal Revenue Service (IRS) has issued proposed and temporary regulations specifying the time and manner for electing to treat the sale or exchange of "self-created" musical compositions or copyrights as the sale or the exchange of a capital asset resulting in a potential capital gain. |
| Production Lawyer’s Guide to Obtaining E&O Insurance, Preventing Litigation By Debra Hodgson Previous installments of this article discussed errors and omissions insurance coverage and clearance guidelines for vetting dramatic works. This final segment will wrap up the clearance guidelines discussion, including music and film clips. |
| Upcoming Events Texas Bar 18th Annual Entertainment Law Institute: Legal and Business Aspects of Film, Music, Sports and Digital Media, Austin, Oct. 2-3. For further information: 800-204-2222 Ext. 1574 or 512-427-1574; www.TexasBarCLE.com. American Bar Association Annual Forum on the Entertainment and Sports Industries 2008 Annual Meeting, Los Angeles, Oct. 16-18. For further information: 312-988-5658; www.abanet.org/forums/entsports.… |
