Not all payments made by a business require the issuance of IRS Form 1099. The determination of whether to issue a 1099 to artists working with an art gallery depends on various factors, including the nature of the payment and the relationship between the gallery and the artist.

In the context of...

In this two-part series, we'll explore how S-Corporations can help you save money and why they might not always be the best choice for every business.

Part 1: How S-Corps Save Money

Before we delve into the money-saving aspects of S-Corporations, let's understand your options when it comes...

Navigating IRS Rules on Client, Employee, and Vendor/Contractor Gifts – What You Need to Know

As your dedicated bookkeeping partner serving the creative sector, including galleries, art advisors, art dealers, artists, graphic design agencies, and more, we strive to keep you informed about...

Managing an art gallery involves a delicate balance of creativity and financial acumen, and bookkeeping plays a pivotal role in maintaining that equilibrium. In this blog post, we're shedding light on five common mistakes art galleries make when handling their own bookkeeping.

1. Neglecting...

In the intricate world of the art market, few words are as unsettling as "tax compliance investigation." While it might not be a topic that captures everyone's attention, tax compliance is a critical aspect of the art market that affects galleries, collectors, and auction houses alike....