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This easy-to-read guide explains copyrights, trademarks, protecting your work on the web, consignment agreements, and much more. Real world examples help you understand the law. Important for every artist!
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Articles
Surviving an IRS AuditFinancial records for artists and art groups are often somewhat haphazard, and the prospect of being audited is enough to terrify most artists. Oddly enough, IRS agents are also uncomfortable auditing unfamiliar types of businesses, and they may not do a very good job. For that reason, the IRS has a "specialization" program, under which agents are trained in particular markets, so that they understand the business practices. As part of their Market Segment Specialization Program (MSSP), the IRS produces internal training guides for auditing various types of businesses, and the are available to the public. These guides will tell you exactly what an IRS agent will look for when they audit your business, and fortunately, there is a specific guide for Artists and Art Galleries! Reading the guide will help you prepare for an audit, and may even help improve your accounting practices! (If you use an accountant, it's a good idea to make sure he or she reads the guide as well.) The latest update of this particular guide was in April, 1997. Click the link below to download the PDF file. |
