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April 10, 2019
Question

Reporting Expenses for Artist

  • April 10, 2019
  • 1 reply
  • 0 views

I have a C-Corp that manages talent and we decided to sign an artist late in 2018.

 

We agreed to advance him any money that he needed, because at the time because he was based out of the Philippines. Rather than send him a lump sum, we have expensed all of his costs for the past 6 months through the company account.


These costs will all be getting recouped next week, however, I'm not sure how to categorize them in Quickbooks. I currently have all grouped together under Reimbursable Expenses.

 

Also are these tax deductible?

1 reply

Rustler
April 11, 2019

Recouped how is the key.

 

Being paid back for the advances is income, and on the P&L income is reduced by expense so it will be a wash.