Personal Managers Association
If you have a client scheduled to work in the US, or clients who frequently work there, and file a US tax return (e.g. to get withholding back)â¦
The US Congress passed a new tax code yesterday. It does not allow writers, directors, actors, producers and the various crafts that use agents to negotiate their deals to deduct agent or management fees. Nor are they able to deduct union and guild fees. Nor are employees able to deduct unreimbursed business expenses. HOWEVER that does not apply to corporations.
Normally, the US, like most countries, would take a while to implement a new tax code, but this is scheduled to go into effect Jan 1.
Your clients who will be working in the US soon should consult their advisors on their situation under the new law. But give the advisors a few minutes to figure out what’s going on.
This mess (including the removal of 13 million Americans from health insurance) is a Christmas present from the Republican Party and POTUS (Donald Trump).