The demands of the music industry are hard enough without having to manage the often, multi-state or international tax compliance requirements, with differing arbitrary due dates, thrust upon them, with little to no guidance from the various taxing authorities. We take that burden from our clients.
LAS VEGAS (PRWEB) September 28, 2017
Notable names from the NYC reality TV and theater, Vegas music and Los Angeles film, as well as personal and small business tax industries, joined talents, banding together to form F-Sharp Tax Management Services. F-Sharp now has offices in each LA, NYC and Vegas, and serves self-employed, freelance and small business entertainment pros in need of specialized, expert tax skills, across the United States.
Personal, expert attention has long been available to high-net worth entrepreneurs, families and corporations, but it has been hard to locate affordable tax professionals skilled in the nuances of the life and work of a freelance professional in the entertainment world, who is often on tour, working in different states and countries, for many different entities, and responsible for keeping track of income and expenses, in order to pay taxes in each location.
F-Sharp takes the questions, time burden and fears of the entire personal taxation process off the shoulders of these professionals, both Americans working domestically and/or abroad and international individuals working and paying tax in the US, allowing them to focus on their creative work, rather than spending time on tax and other compliance requirements.
CPA, Richard M. Prinzi, Jr., music and sales/marketing expert Vincent “Vinny” Galante, Actor’s Taxes founder Marc Bernstein, and tax and small business financing specialist Michael Tedeschi, formed F-Sharp to serve the entertainment and self-employed industries that have been a large influence in their lives, and those of their friends.
“Proper accounting and tax management can add 20 to 30% to the bottom line of a contract, 1099 or loan out professional. Many of our clients have managers or agents that can help get them a better rate or contract, but often charge a percentage of the gross deal. Many times, I can help clients keep more of their earnings, in effect, giving them a significant raise in pay. Best part is, the artist rarely has to spend much time to earn this money, and it keeps the taxing authorities off their back,” says Prinzi.
Many of these freelance, self-employed individuals come to the team with years of tax debt or haven’t filed their taxes in several years, have racked up credit issues and don’t know how to start to dig out from it all, so instead have been ignoring the mounting problems, while continuing to build their creative careers, but getting more bogged down in financial problems, which affects their creative flow.
“When we came up with the concept of F-Sharp, we saw it as a way of helping those who work hard in the music industry, an industry that’s been a part of my life for the past three decades,” said Galante. “Being born and raised in LA, my love and passion for music started at an early age. Over the years, I got to know most musicians in the heavy metal hard rock scene in Hollywood, going to many concerts and parties, furthering my music connections. Whenever I had the chance I was traveling around the world to see my ‘friends’ play, leading to my promoting shows and managing talent. Since moving to Vegas, I have remained in touch with most of my friends from back in the day, and still see them every chance I get when they come through town.”
Galante’s friends from “back in the day” are now in essential roles of the music business, both on the creative and business/support sides – production managers, sound engineers, stage technicians, videographers, managers - and still very much in need of expert, reliable and trustworthy tax support from those who know all that’s involved in the life and work of a freelance, contract, self-employed creative professional.
Prinzi is a longtime CPA and early pioneer in providing specialized, full-service tax management to self-employed individuals and small business owners in the LA documentary film and NYC reality television industries. He and Tedeschi have been working across segments of the entertainment and creative support industries, with Bernstein, who is known for helping NYC actors deal with their taxes for decades, teaching courses at Juilliard and the City University of New York as the go-to expert on the subject.
“We provide financing and tax management support for shows, tours or films, but typically our primary focus is the support professionals who make the show happen, because the ‘A List’ talent usually already have a team of agents and managers taking a large cut of the contract to assist them with these same services. The rest of the crew get paid on day rates, with no tax withheld and find themselves in serious tax debt. The demands of the industry are hard enough without having to manage the often, multi-state or international tax compliance requirements, with differing arbitrary due dates, thrust upon them, with little to no guidance from the various taxing authorities,” said Tedeschi. “We take that burden from our clients and deliver results that translate to significant financial benefits. Over the years I have worked with Rich to get clients caught up on their taxes, and generate significant additional monthly cash surpluses, which have helped them finance other projects or purchases that are sometimes life changing.”
“The stories of the financial collapses of some of the most popular bands and artists are things of legends. Just like the TV industry in NYC, the music industry is full of freelance professionals that live job to job and have some success, punctuated with lean times. The support professionals suffer similar problems as the artists, however, their good years are not as big and they rarely make royalties. They earn a good wage, but have to stay under contract to make ends meet and avoid the debt spiral of taxes. That’s where F-Sharp Tax Management came from,” said Prinzi. “We brought together legendary tour professionals and former musicians to translate what we do into a language that is relatable to the modern day, music industry professional. Our teams redefined the way tax and accounting firms operate, to provide this service, to this market, at rates that cannot be compared to traditional firms.”
“Many of my friends have come to me, thanking me for just helping relieve the stress involved with paying taxes. Getting it off our backs was a huge relief, then actually seeing my cash flow improve by doing it was insane,” said Galante.
ABOUT F-SHARP TAX MANAGEMENT SERVICES
F-Sharp Tax Management Services is a full-management tax advisory firm for self-employed individuals and small businesses centered in the music, theater, film, television and other areas of the entertainment world. Founded in 2017 by entertainment veterans Richard M. Prinzi, Jr., CPA, Vincent “Vinny” Galante and Michael Tedeschi, F-Sharp provides self-employed, freelance professionals the same level of expert, specialized tax support long enjoyed by high net worth clients, but without the exorbitant fee structure. F-Sharp’s tax pros are all deeply enmeshed in the NYC, Las Vegas and Los Angeles entertainment industries and know how to problem solve and apply the changing tax laws to the specific nuances of self-employed and contract professionals, creative, sales and support freelance workers. F-Sharp takes pride in its relationships, the trust clients put in the F-Sharp team, earned by providing a convenient and reliable service, that keeps clients tax compliant with reduced stress, penalties and taxes owed. For more information about F-Sharp’s services in Tax Compliance, Company Management, Tax Resolution & Audit Services, Entity Formation Services, please visit: F-Sharp Tax Management Services