Unions Ask Congress to Restore Business Expense Deductions for Hollywood Workers

A coalition of almost 20 entertainment unions, management organizations and associations on Monday urged Congress to pass legislation restoring deductibility of business expenses for entertainment workers, which was effectively eliminated in the 2017 tax revision championed by Republicans and President Donald Trump.

The tax code does take account of this dilemma already, but the so-called Qualified Performing Artist deduction is currently all but useless, since it caps eligibility at $16,000 in adjusted gross income, a figure that has not been increased in the three decades since the provision was enacted. The coalition sent a letter to Congressional leaders asking them to support raising the cap to $100,000 for individuals and $200,000 for couples filing jointly.

We write today on behalf of more than 500,000 workers in the entertainment industry. Like many during these uncertain times our workers have been devastated by the financial impact of COVID-19 with a complete shutdown of production and live performances. These are not celebrities on the red carpet. They are the working-class men and women in front of and behind the camera, on stage and off, who are the lifeblood of our industry. These taxpayers need tax relief now.

I hope H.R. 3121 passes. Unions Forever! 🇺🇸

Hollywood accounting hoping for a come back.

I could really have used them in Feb. but good on 'em.

Here's hoping it passes there are so many behind the scenes that work hourly and rely on overtime pay. It will be interesting to if film productions start to implement reduce on-set sizes and implement safety precautions to come back soon. It can be done, to the right script.

How can you deduct expenses when you're not working? How about putting everyone BACK TO WORK first.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

When Your Fund Beats the Market, Ask: Which Market?A Putnam Investments fund earned extra fees for beating an index that consisted of 50% bonds—even though most of the fund’s assets were in stocks. Not much to worry about Soon the Fed and their friends the Bankers will own the stock-marke. $6.5 trillion up to now the sky is the limit What is your financial forcast for the future with the $12 to $15 trillion addad to the national debt and record unemployment. 0% for 25 years U should know the benchmark. self responsibility, its like it is a concept from the 20th century
Source: WSJ - 🏆 98. / 63 Read more »