Audit Technique Guide: The Entertainment Industry (Completed)

Audit Technique Guides (ATGs) help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. While ATGs are designed to provide guidance to IRS employees, they are also useful to small business owners and tax professionals who prepare returns.

ATGs explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices, and terminology. Guidance is also provided on the examination of income, expenses, and recordkeeping.

Explore the ATG for the Entertainment Industry with Susan Harper, Certified Fraud Examiner, and former IRS Internal Revenue Agent for more than 30 years. With 20 years instructing CPE courses, Susan will deliver an “entertaining” and informative discussion involving the entertainment industry.

Topics Covered

• Overview
• Relevant Terms
• Income Issues
• Capitalization and Cost Recovery Issues
• Travel and Transportation Issues
• Recordkeeping Issues
• Personal Expense Issues
• Music Business
• Songwriters
• Publishers
• Live Performers
• Producers
• Managers
• Videos
• Specific Items may be Business-Related (maintaining skills, image, position; bodyguards, training, cost of owning and maintaining airplane, motorcycle, horses; physical fitness, wardrobe, grooming, extravagance, and more)

Learning Objectives

• To provide an overview of the activities encountered involving individuals in the entertainment industry
• To familiarize yourself with issues and terminology pertinent to individuals in the entertainment industry
• To understand the audit techniques which may be used by IRS examiners

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None