Film Tax Incentives | Credits
Mr. Brauer has attended the California Film Commission seminar for CPAs and is experienced in performing Agreed Upon Procedures for film tax credits. Each states film office offers unique tax credit incentives and requires specific compliance procedures and filings. Permissible tax credit allocations are based on detailed processes and filing procedures, with states requiring these filings to be completed by an independent CPA.
Our services for production companies participating in film tax credits programs include:
- Agreed-upon Procedures
- Attestation Examination – Subject Matter or Assertation
- Audit Report on Specified Element
- Assisting with tax credit program applications and working closely with state film offices (state specific).
- Evaluating the different state's tax credit offerings to determine the most advantageous incentives for the production company.
- Consulting with budget executives and producers on the film production incentive program requirements (state specific).
- Consulting with production and post-production accountants.
Entertainment Industry Specific Consulting:
Review and analysis of film distribution channels and markets, including licensing agreements, participation statements, revenue share arrangements; Production costs analysis, including reviewing budgets to actual, substantiating budget expenditures; Knowledge of Statement of Position 00-2 – Accounting by Producers or Distributors of Films
Production consulting procedures on the records of a production:
Compare actuals to budget; Verify asset acquisition; Verify asset dispositions; Review related party transactions; Review petty cash expenditures; Examine payroll transactions