📢 Tax season is here

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Last week, Elton John parted ways with Madison Square Garden for what might be the last time ever. Slovakia held a solidarity concert for the people of Ukraine, while Formula 1 has cancelled its Russian race. Meanwhile, Kanye West is staying more relevant than ever, releasing his newest album via a $200 stem player.

Credit: Pohoda FestivalConcert for Ukraine 🇺🇦 Slovakia’s biggest festival, Pohoda (Peace), organized a ‘Concert for Ukraine’ this past Sunday. Featuring over 20 artists in Bratislava’s Main Square, Pohoda encouraged attendees of the free concert to donate to charities like Save Life and Red Cross in solidarity with the people of Ukraine.

F1 Cancellation Formula 1 Russian Grand Prix, originally set for September 2023 in Sochi, has been cancelled following the country’s invasion of Ukraine. F1 released a statement concluding the sporting event could not take place in Russia, explaining “The FIA Formula 1 World Championship visits countries all over the world with a positive vision to unite people, bringing nations together.” 

Def Jam Brand Expansion Universal Music Group is launching Def Jam India, expanding the brand to India and South Asia. The new division is devoted to promoting “the best hip-hop and rap talent from the region,” following various UMG expansions with Def Jam South East Asia in 2019 and Def Jam Vietnam in 2020, among others.

Daft Punk is BackDaft Punk recently made a surprise reappearance on the internet almost exactly one year after announcing their split, streaming footage of a 1997 concert on Twitch - a viewing that will not be airing again, nor will it be on-demand. The group has also announced a 25th-anniversary vinyl/streaming reissue of their album “Homework.”  

446 Acres of Event SpaceThe Wireless Festival is taking place on the Nation Exhibition Centre (NEC) campus for 2022 in Birmingham, England, with performances from Dave, Cardi B, J. Cole, and more. The three-day event will be held at five of NEC’s car parks, forming a total of 446 acres of outdoor event space. 

$50 Million in Funding Welsh musician Ben Lovett of Mumford & Sons has announced that he and his brother Greg’s company, tvg hospitality, has earned $50 million in funding with hopes to expand throughout the UK and US. In London alone, the hospitality venture has three venues and plans to manage the Orion Amphitheater in Alabama along with further venues. 

First International Act in Australia The Foo Fighters are set to perform in Australia on March 4th, becoming the first international act to perform in the country at a full-capacity stadium since March of 2020. The concert will hold strict Covid restrictions in place, with Covid marshalls in attendance and proof of vaccination required. 

New Festival with 60,000 Capacity AEG Presents and Bristol-based Team Love are presenting Forwards, a new festival set to bring 60,000 attendees to Bristol in September. Headliners will include The Chemical Brothers and Jamie XX, featuring two main stages along with ‘The Information,’ a space for activism, debate, and current affairs. 

Lineup AnnouncementAftershock festival is returning to Sacramento, CA from October 6-9. The event has expanded to four full days and added a fourth music stage, featuring headliners Slipknot and Rob Zombie (Thursday), Kiss and Judas Priest (Friday), My Chemical Romance and Papa Roach (Saturday), and the Foo Fighters and Shinedown (Sunday).

People NewsBritish music industry pioneer Jamal Edwards recently died at 31 years old, with no further details on his death available at this time. Edwards created SBTV on Youtube in 2006, broadcasting the early work of emerging artists such as Ed Sheeran, Jessie J, Rita Ora, and more. He used his success to support mental health programs and charities and was also a practicing director, author, and designer. 

Kai Tak Sports Part is looking for a full-time Technical Project Manager in Hong Kong/remote to work in technology and digital departments.

Goldenvoice is holding a virtual job fair for Coachella and Stagecoach positions, including caterers, guest services, and venue operations. 

What is your stance on Kanye’s Stem Players?


Last Week's Results:

73% of BOH readers

were fans of the halftime show.

Elton John FarwellElton John made sure to bring the thunder for his final performance on his favorite stage, Madison Square Garden. After performing there over 70 times, the night was filled with emotions and love, even given the two-year tour delay due to Covid. Both nights at MSG were sold out, with Elton John playing his greatest hits from the ‘70s and ‘80s (plus a few exceptions, of course). His “Farewell Yellow Brick Road" Tour is certainly proving to be legendary, with Elton John’s consistent enthusiasm and gratitude shining through as he appreciates his final performances after what has been quite a successful career.  

In only 3 days, Kanye West managed to sell 10,000 of his Stem Players, making over $2 million in sales. How did he do it? By ensuring that the Donda 2 album would not be streamed anywhere else except via these little machines. These $200 handheld circular devices were unveiled in August of last year, created by Kanye’s own Yeezy Tech, allowing users to split West’s music, or their own, into isolated stems and create loops - essentially giving users the ability to use West’s recordings for their own tracks. After passing on a $100 million deal with Apple Music, Kanye West opted for his own streaming method that would allow him to make more money for the new album. As he said, “Today, artists get just 12% of the money the industry makes. It’s time to free music from the oppressive system. It’s time to take control and build our own.” The release is bringing about mixed reactions from fans, some of whom are enthused, and others who are less willing to pay $200 to listen to an album that may ultimately make its way to the public one way or another. Live Nation News

2021 was a year of improvements for the live event industry, and Live Nation Entertainment is no exception. Thanks to the return of concerts and live shows in the US and UK specifically, LN’s revenue amounted to $6.27 billion for 2021, dramatically up from 2020’s $1.86 billion. CEO Michael Rapino noted that the strong ticket sales reinforce his belief that “we will have a record year in 2022 that sets us up for growth over the next several years.” Compared to this point in 2019, LN’s ticket sales have grown by up to 45%, with 2022 looking more promising than ever.

Live Nation published their financial results for Q4 along with their 2021 full-year report. Their Q4 revenues soared, along with quarterly revenues of $2.7 billion across all divisions. This includes ticketing, concerts, and advertising & sponsorships. Rapino wants investors to know, “this is just the start of what will be the strongest multi-year period ever for the concert industry”.  

Tax Season Q&A with Miguel Williams With Tax Season quickly approaching in the US, we reached out to our friend Miguel Williams of Williams & Associates, a tax preparer who specializes in taxes for live event professionals. Miguel filled us in on some changes to be aware of for this year and answered some of our questions about working from home, grant and stimulus money, and side hustles. 

Born and raised in New Orleans, Miguel has always been around the entertainment industry and started his accounting career working under the Live Nation umbrella at the House of Blues New Orleans. He’s been preparing taxes since 2010 while attending Xavier University of Louisiana as an undergrad accounting student. Miguel has since started his own accounting firm, Williams & Associates, where he has worked with numerous individuals and small businesses around the country with tax planning, tax preparation, business consulting, payroll, and bookkeeping. Miguel has continued knowledge of the sports and entertainment industry as well as other business industries throughout the country which makes Williams & Associates well versed in the business world. 

What's new this year? Any changes to filing taxes from last year? 

What’s new for the 2022 tax season (2021 tax year) is mainly the Advance Child Tax Credit, Cryptocurrency taxation, and unemployment. 

  • Advance Child Tax Credit: If any taxpayer received payments throughout 2021, they should have received a 6419 letter from the IRS stating how much was given to them. The IRS is also sending 6475 to detail what has been given to taxpayers in Stimulus funds and will help qualify for Recovery Rebate Credit (if applicable). These are similar to tax forms such as W2s, 1099s, etc. except these letters are from the IRS, not an employer and are for informational purposes only. These letters will be useful when filing your 2021 taxes accurately and timely.   

  • Cryptocurrency (and stocks) were hot in 2021 and the government knows this so they are working with companies to make sure that they provide 1099s (and other forms) to taxpayers who traded throughout 2021. Be aware that you may or may not receive any tax forms for 2021 depending on the trading site. It has gone into law for 2022 that they must provide this information going forward and some companies have already began doing so. 

  • Unemployment will be taxable on both the federal and state levels, unlike last year where up to $10k wasn’t taxed if you made less than $150k income.

I received stimulus, grant, or PPP money. Do I pay taxes on any of those? 

No, No, No!! (But yes to unemployment, see above.)

I have a fulltime job and work 100% remotely. Can I deduct home office expenses? How much?

 After ten years of sponsorship, Pepsi’s deal with the Super Bowl Halftime Show ends this month. Read up to learn more on the future - or lack thereof - for this deal.  Chipotle has recently upped its sustainability targets, increasing the executive incentive bonus tied to achieving these goals by up to 15%.

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