EisnerAmper is a leading accounting firm offering film production incentive services to production companies.
We are currently experienced in providing film incentive services in the following states: California, Georgia, Hawaii, Illinois, Louisiana, Massachusetts, New Jersey, New Mexico, Ohio, Oklahoma, Pennsylvania, Tennessee, Utah, Virginia and West Virginia. Our professional team has worked alongside various states’ representatives (including Departments of Revenue, Economic Development Authorities and Film Commissions) to develop and customize the third party independent CPA procedures for their respective film production incentive programs. As a result, we have specialized knowledge of accounting principles and practices generally recognized in the film and television industry including certain Agreed Upon Procedures*.
To help production companies navigate the incentive program requirements, we offer consulting services targeted at budget executives, producers, production accountants and post-production accountants. Our services for production companies participating in film production incentive programs include:
- Consulting with budget executives and producers on the film production incentive program requirements
- Consulting with production and post-production accountants
- Providing the required independent CPA report
- Loan-out company consulting to assist with registration and withholding requirements
- Timely turn-around to accelerate the receipt of your credit/incentive
- Consult with the production company’s legal counsel, investors and lenders
- Consulting on revenue recognition issues
- Federal tax incentive consulting (Internal Revenue Code Section 181)
- Sales and use tax consulting
- Payroll tax/fringe consulting
- Income tax return compliance services
- Personal and corporate financial planning
In addition, for film production companies participating in an incentive program offering tax credits, we can make an introduction to placement specialists who help identify buyers for the tax credits and to consultants who assist in vetting the tax credit for lenders.
About Film Production Incentive Programs
Production companies consider several factors when choosing a location - availability of facilities and crew, location features, accessibility to services, etc. When evaluating these criteria in the past, producers found shooting outside the U.S. to be their most attractive and cost effective option. But now, certain economic trends coupled with state film production incentive programs have influenced the production companies’ decisions to shoot their projects in the U.S.
The film production incentive programs offer production companies an incentive, such as a tax credit or rebate, based on their qualified production costs incurred in a particular state. In exchange for the film production incentive, the state boosts its economy through the creation of jobs and consumption of goods/services associated with the film project. Additionally, the state can leverage the real life backdrops of popular movies and the novelty of a film production shoot to increase tourism revenue.
Agreed Upon Procedures are used when a client retains an independent Certified Public Accountant to perform specific procedures and report on the results. In performing agreed upon procedures, the CPA provides no opinion, certification, or assurance that the assertions being made in the financial statements are free from material misstatement.
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