QUESTION
What are the state and federal laws on transferring money state to state?
Asked on Dec 27th, 2013 on Entertainment Law - Nebraska
More details to this question:
I know I need to claim it on taxes but what are the laws on sending ticket money from one state to another state? I am in an organization that helps young music artists get up and running and when they sell tickets to the shows, half goes to the manager and half comes to me, the CEO over a twelve state region.
2 ANSWERS
Susan Marie Basko
I think you might be asking the wrong question. The bigger question is whether a pay to play scheme is ethical or acceptable. I think it is not. If you are planning a multi-state pay to play scheme, please be aware that acts with a manager or agent are not likely to be involved. In fact, acts with musical skill or brains are not likely to be involved.
Answered on Jan 02nd, 2014 at 3:46 PM
The laws for sending business income are the same as the laws for transferring personal funds. Anything over $10,000 needs to be reported by the bank or financial institution. Check with your own bank for details.
Answered on Dec 30th, 2013 at 9:15 PM