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Posts tagged business compliance
What is the HITS Act all about? (Why it matters to independent music creators)

What it means for independent music creators

After 5 years, the Help Independent Tracks Succeed (HITS) Act is finally signed into law! Here's what you need to know:

Tax Break!

The HITS Act provides tax relief for you (independent artists, songwriters, and labels) by allowing up to $150,000 in music production expenses to be deducted in the year they are incurred.

Parity with other Creative Sectors

It aligns the music industry with other creative sectors, such as film, television, and live theater, which already benefit from similar tax incentives.

A Win for Independent Creators

It is a victory for independent music creators like you, who struggle to compete against the market power of big tech platforms.

Let's spread the word to your independent music artist/engineer/producer communities - share this post!

Thoughts or questions on the HITS Act? Drop them in the comments.

Sources: The Recording Academy, American Association of Independent Music, National Independent Talent Organization, Pollstar



newsDave Ratnerbusiness compliance, music, music business, creative businessComment
Corporate Transparency Act: Important Update on BOIR Filing

If you are a business hoping to catch the deadline for Beneficial Owner Information Report (BOIR) filing, read this:

In light of a recent federal court order:

  • reporting companies are NOT currently required to file a BOIR with FinCEN

  • they are NOT subject to liability if they fail to do so while the order remains in force

However, reporting companies may continue to *voluntarily* submit their BOIRs.

(Source: FinCEN)

To file or not to file is up to you, but note that the filing requirement could be reinstated at any time. If you need help with your filing - or have any questions - please contact us!

Dave Ratnerbusiness compliance, corporate transparency actComment