Artist Services

 

Every artist's situation requires a  thoughtful, individualized approach.  Most CPAs don't understand the  business of art.  The result is that many artists are missing out on  counsel and strategies that would help them.

The  partners of Walters & Sklyar LLP have been serving the creative  community for a number of years and have developed a thorough  understanding of the special issues that impact artists. Currently, we  are working with over 100 artists through every financial and tax aspect  of their career.

Don't wait for another year of missed  deductions, unnecessarily high taxes, or worse. After all, you’ve worked  hard getting where you are today.  Let us work for you.  It does not  matter if you are an early stage artist, emerging artist, or an  established artist, we have the necessary expertise to manage your  financial needs and bring professional resources to the table for each  growth phase.


Services for Early Career Artists:

  • QuickBooks Online
  • Excel Spreadsheet Development
  • Filing Systems for Accounting Documentation
  • Inventory Methods & Systems for Art Management
  • Business License & Audit Defense
  • Resale License & Sales Tax Return Preparation
  • Analysis of Deductible Expenses
  • In-House Bookkeeping versus Bookkeeping Services


Services for Emerging Artists:

  • Payroll Services, W-2, 1099
  • Analysis of 1099 versus W-2
  • Analysis of Deductible Expenses
  • Bank Financing, Real Estate Purchases
  • Strategic Gallery Planning
  • Costing of Art
  • Tracking Sales by Region & Country
  • Public Art Works & Tax Benefits
  • Proper Choice of Entities - C Corp, S Corp, LLC
  • Detailed Pension Plan & Analysis - 401(k), SEP IRA


Services for Established Artists:

  • Studio Management & Employee Structure
  • Employee Compensation Plans
  • Art Gifts to Non-Profits & Employees
  • Foreign Sales & Tax Benefits
  • Proper Analysis of Gallery Advances 
  • Controlling Excessive Travel & Entertainment
  • Trusts, Foundations, Estate Planning
  • Proper insurance of Artwork
  • Captive insurance Strategies
  • Life Insurance
  • Same Sex Tax Laws in Common Law States