Financial advice from professionals who understand the intricacies of the entertainment industry is crucial for people in the community. Many artists starting out sign lucrative contracts that they may regret later when they realize what is actually involved. In addition, taxation issues can be more complicated for these clients than for those who bring home a regular monthly salary. Entertainment financial services provide advisors who can help performance artists get a sound financial footing.
There are a number of cautionary tales to make the point that performance artists need dependable financial advisors. The late Leonard Cohen’s former manager was sentenced to 18 years in prison for defrauding him of millions of dollars and depleting his retirement fund. His fans appreciated the fact he was back on tour in his 70s, but financial need played a large role in his comeback.The actress Uma Thurman along with other celebrities lost a total of $33 million to crooked so-called financial advisor Kenneth Starr who served prison time for his fraudulent activities. There is an abundance of stories like these, and it is important that all performance artists, not just famous celebrities, seek financial advice from reputable accountants who serve the entertainment industry.
A successful performance artist may see his or her name in the media. This can be a mixed blessing because it creates issues of privacy. Accountants who specialize in the entertainment industry understand the importance of balancing privacy and the need for publicity. Accountants at AccountingX view the privacy of their clients as a sacred trust.
Effective accountants are up-to-date on changes in privacy laws that affect their profession. In the U.S., the Privacy Act regulates the sharing and disclosure of personal financial records, and the E.U. established the European Union Privacy Initiative. These laws affect everyone depending on where they live, but performance artists can be particularly vulnerable, since more people may want to access their data. Accountants who focus on the entertainment industry take extra precautions when dealing with client data and guarding privacy.
AccountingX understand the specialized financial needs of the entertainment industry. Relying on ordinary accountants may cause headaches for artists in the long run. Many artists have lost significant sums of money relying on managers who swindled them. Getting the right financial advice from a third-party outside of a manager in the very beginning is essential for any artist.
For more information on how you can get started today with a specialized entertainment accountant, contact us today for your free consultation!
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