Learn more about the consulting services Bennett Thrasher offers for the entertainment industry below:
Entertainment Incentive Audits
We have performed entertainment incentive audits and agreed upon procedures in verification of qualified production expenditures for production companies across the United States, including Georgia, New York, New Mexico, Virginia, Illinois, D.C., and other jurisdictions. Our experience spans the gamut from auditing “tent pole” productions for members of the MPA to representing the smallest independent film and television production companies.
Incentive Department Outsourcing
Given recent disruptions in the distribution of entertainment content, many networks and studios are seeking ways to cut costs in their production accounting and finance departments. Outsourcing a portion of these responsibilities to an outside provider can help a company cut costs without sacrificing functionality. Our experienced team has helped publicly held media and entertainment companies with staff outsourcing engagements.
Comparative Jurisdiction Analysis
In addition, we can compare projected entertainment incentive benefits resulting from a given budget across multiple jurisdictions to help production companies choose the right location. In addition to statutory, regulatory and administrative guidance, we can take into account factors such as currency exchange rates in arriving at our final comparative projection of benefits.
Working with film tax credit lenders in both the private equity and banking spaces, we analyze film and television budgets to forecast resulting entertainment production incentives in one or more jurisdictions. Lenders can leverage our substantial experience interpreting and applying complex incentive program statutes, regulations and administrative guidance across the United States.
Incentive Tracking During Production
We work with production companies and lenders to help track entertainment incentives during principal photography. This often includes analysis of weekly or monthly cash and production expense reports to make sure projected incentives are tracking as expected and to identify any shortfalls as early as possible.
Incentive Compliance and Tax Reporting
We help production companies navigate the complex maze of reporting requirements to claim entertainment incentives in various jurisdictions. This includes helping to draft and file initial certification applications, final applications for incentives, and post-wrap reporting, including the preparation of tax returns and supporting information to claim tax credits.
Business Management Services
We work closely with you and your representation to help manage your ongoing financial responsibilities and achieve your goals. This includes bill pay, cash flow management, budgeting, bookkeeping, tax planning and return preparation, international tax filing and planning assistance, payroll administration, processing deposits, retirement planning, wealth management, financial statements and loan sourcing/negotiation
Film Office Consulting
As evidenced by Georgia’s recent success in growing its entertainment industry, a well-crafted entertainment incentive can create massive economic development benefits for a jurisdiction. Our team has leveraged its experience with incentive programs across the country to help states craft new incentive programs or modify existing programs. This includes help with forecasting the fiscal impact of an incentive program, helping to craft program compliance guidelines, including audit or agreed upon reporting procedures for applicants, and working with lobbyists to craft legislative strategies.
To learn more about how we can help, contact us today for a free consultation.
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