Posts In "Accounting"

Accounting




Meet Five Celebrities Who Have Had Worse Tax Days Than Yours

In celebration of Tax Day today, we here at Law Law Land offer tribute to our favorite celebrity/IRS run-ins.  Now, lest you think this is just another list airing dirty celebrity tax laundry, think again.  This is a classy publication, as you well know, so if you’re looking for dirt on which celebrities owe what, look elsewhere. . . like here, or here, or here.  Instead, on this national day of tax collection, Law Law Land is pleased recognize five (or more) of our favorite celebrity tax stories of all time… so far.

Honorable Mention:  Timothy Geithner

In our Honorable Mention category of “Really, Are You Kidding Me?,” we recognize former Treasury Secretary (i.e., head of the U.S. Treasury, the folks you make that tax check out to) Timothy Geithner, who underpaid his personal federal income taxes from 2001 to 2004 by failing to report and pay social security and self-employment tax on income received from the International Monetary Fund.  Mr. Former Secretary subsequently amended his returns since he “should have been more careful.”  We imagine he regretted his “unintentional” decision not to report that income when appearing before the Senate Finance Committee during his confirmation hearings to control the United States’ piggy bank.

Honorable Mention:  Nick Diaz

In our Honorable Mention category of “How Dumb Can You Be?,” the award goes to MMA fighter Nick Diaz, who recently announced during a post-match press conference that he has “never paid taxes in his life” and “is probably going to jail.”  Well, if Nick had only read about some of the other people on this list, then he definitely would have seen that coming! Continue reading the full story . . . »




“Where Are They Now”: Law Law Land Edition

This time last year, Law Law Land joined the hackneyed proud tradition of legal blogs offering year-end lists of cases to watch in the coming year (though in our defense, we did try to mix it up by reviewing totally absurd cases as well as totally important cases).  But “year in review” and “year to come” are cultural clichés that never held much appeal to me.  “Where are they now?” on the other hand?  That’s more my speed.  (Maybe that’s why I always adored the last five minutes of every episode of VH1’s Behind the Music, where the program would show the artist in their current, everyday life and tease the inevitable “impending comeback.”)  So what has become of those five big cases we told you to watch this year?  And did we pick good ones or not?  (Preview:  Yes, we did.  Oh shush, I don’t care if we’re biased.) Continue reading the full story . . . »




5 Important Cases You Should Watch in 2012…and 5 Totally Unimportant Cases You Might Not Be Able to Stop Watching Even if You Tried (Part 1 of 2)

‘Tis the season.

‘Tis the season to be jolly.  ‘Tis the season to go shopping.  ‘Tis the season for political gaffes.  ‘Tis for hilarious gifting of intentionally awful presents.  Yes, ‘tis the season for lots of things, but most of all, ‘tis the season for top-ten lists.

Ten best movies.  Ten best dressed.  Ten best pet gifts.  Ten best of everything.  Ten best top-ten lists.

It seems only fitting, then, to embrace the spirit of the season, and look ahead to 2012 in obligatory list form.  But let’s mix it up a little by breaking up our list into two parts.  Today, we bring you five important cases you should watch in 2012.  On Friday, we’ll follow up with five totally unimportant trainwrecks of cases you might not be able to pry your eyes away from. Continue reading the full story . . . »




Q&A: What Does My Deal for “Actual Proceeds” Actually Mean?

Q: Hello, I just read the article on what “defined net profits” is/means.  I’ve just signed a deal memo and am concerned with the wording…actual proceeds, no mention of gross or net (which may be a good thing).  Please let me know what might be next steps…

A: The basic difference between gross and net is the off the top deduction of expenses and fees in calculating net.  Speaking of off the tops, I just came from a bris.  It was a particularly good one.  Have you ever been?  If not, find one on Facebook or Craigslist, grab a few friends, and attend.  You’ll enjoy it.  Mohels tend to have a great sense of humor.

Anyway, your deal is probably with a production company that will not distribute the film itself.  And the term “actual proceeds” probably refers to the revenues received by the production company.  The blog about “defined net proceeds” focused on a distributor or studio definition of back-end, which is basically distribution revenues less distribution costs.  In your case, if in fact your deal is with a production company that will not distribute the film itself, you will be participating in the production company’s revenues.

Continue reading the full story . . . »




Q&A: For My Deal, the Producers Keep the International Distribution Rights and Sell off the Domestic…How Can I Profit?

Q: I am about to sign an option agreement with some of Hollywood’s best independent producers. I wrote the screenplay with a WGA writer. I own the source material. The screenplay is based on my life story. I think I should be entitled to backend profits. The producers keep the international distribution rights and sell off the domestic. I don’t think I have a chance of the domestic profits but it is the international profits that this question is addressing.

A: The good news is you should be able to get some backend. The bad news is the backend you’ll be able to get will most likely amount to bupkis. But bupkis is still better than completely nothing. Continue reading the full story . . . »




Q&A: How Legally Binding is a Producer’s Verbal Promise to Pay a Percentage of a Film’s Profits?

Q: Assuming a producer, verbally only, at the time of the shoot, promised a co-producer a percentage of the film’s profits, does the co-producer have any legal rights to demand anything, since there is nothing in writing to prove it?

A: “An oral contract isn’t worth the paper it’s written on.” Goldwyn was absolutely right but also very wrong. There are few contracts that must be in writing to be enforceable. We have a beautiful blog on this, but there’s always more to say. So let’s say more. Continue reading the full story . . . »




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