http://www.irs.gov/newsroom/article/0,,id=172970,00.html
IRS Summertime Tax Tip 2010-05
Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. (more…)
LeBron James announced his decision to leave Cleveland and play for Miami. He agreed to a lower salary than he commands in the league for an opportunity to “win now and in the future.” Obviously, LeBron felt that the chance to play with Dwyane Wade, Chris Bosh and others gave him the greatest chance to win and it was worth it to accept less money. Many fans, and not just Cleveland fans, have criticized LeBron for an apparent lack of loyalty or appreciation to the city of Cleveland and the Cavalier’s organization. I don’t think that anyone can doubt that the city embraced him has an incredible talent, and a giving person. His contributions to the city have also been well documented. I have heard many commentators state that this perceived lack loyal to the Cavaliers is without merit due to the impact he has had on the organization. I can’t speak to that. I’m not a professional sports analyst. I can say that I think there is some merit to that opinion. However, I’m curious about the idea of loyalty being a two-way street between the employer and the employee. (more…)
http://thresq.hollywoodreporter.com/2010/07/millionaire-verdict-disney-loses-big.html
In sum, Disney was engaged in self-dealing practices with affiliates and sweetheart deals with power partners to keep the costs artificial down. Celador would have been entitled to receive more money had these costs not be kept in check and below market. The case interesting for many reasons, but one of the most interesting was the microscope that was directed on TV accounting. I can’t think of another instance where production costs and fees were so closely examined. Remember, entertainment accounting may not equal traditional accounting.
