26: Learning From Celebrity Tax Problems To Save You Time And Money

Most people love a little gossip and celebrities are often the best source, especially when they get into financial troubles. However, with the help of a good business manager and a little financial literacy, people can keep their names out of the newspaper, off the internet, and off the radar of auditors.

Business managers aren’t just for celebrities but you can learn from them

Joining us on this episode of the TaxGirl podcast is Greg Zbylut, in-house counsel and tax manager with Singer Burke. Greg has represented a variety of clients, including celebrities, athletes, and Fortune 500 companies in matters like tax filing, audits, and even daily business management. He brings his expertise to the show as we discuss everything surrounding business management and some of what he’s seen over the years representing clients that might just save you.

Listen to Kelly and Greg talk about business management:

• Business management definition
• What a business manager does
• Where do clients come from
• How little celebrities, athletes, and entertainers actually make after everyone else takes out their cuts
• The difficulty of working in the gig economy
• The need to learn financial literacy early in life
• Client anecdotes
• How some clients get into financial trouble because of an expectation they’ll cover tabs
• Second-generational wealth
• Some of the ways movies and shows get taxes, finances, and the law wrong
• If misinformation in entertainment is partially responsible for people’s financial problems
• Residency audits
• Privacy challenges when dealing with financial problems
• The correlation between how high-profile someone is and the likelihood interviews and articles can create audits and other financial issues
• How a firm and business manager’s reputation can have a major impact on audits and other dealings

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links mentioned:

Kelly’s Website – Taxgirl

Greg Zbylut’s website – Singer Burke