National Entertainment Incentives Consulting & Audit Practice

The landscape of entertainment tax planning and production incentives is growing increasingly complex, with over 35 states offering some form of production incentive, each with ever-changing program guidelines, caps and compliance requirements.  Bennett Thrasher’s Entertainment Incentives Consulting practice helps production companies cut through the complexity, maximize incentives for a given production budget, comply with program requirements including certification and review/audit of qualified expenditures and focus on production.

Our team of experienced professionals understands production accounting and the administration of production incentive programs.  We have performed production expenditure audits and qualified expenditure reviews in association with over $3 billion of production expenditures in multiple states for our national client base, including Georgia, New York, Louisiana, Virginia, District of Columbia, Illinois and West Virginia.

Our services include:

  • Performing audits, agreed upon procedures and other reviews of qualified production expenditures required to claim or transfer production incentives
  • Comparing and analyzing production incentives among two or more states for a given budget
  • Performing budget analyses to determine production incentives in a given state
  • Helping obtain certifications for productions from state film offices
  • Resolving controversies with state film offices and departments of revenue over qualified production expenditures or certification issues
  • Advising state film offices regarding how to implement or outsource reviews of qualified production incentives
  • Outsourcing solutions for clients that wish to outsource a portion of their production incentives department

Tax Planning for Entertainers & Professional Athletes

For entertainers and athletes, taxes are often one of the most significant expenses-yet they receive the least amount of attention. Additionally, various taxing authorities in the U.S. and abroad often aggressively pursue revenue from entertainers who may make only limited or single appearances in their jurisdictions.

Minimizing the impact of taxes on entertainers’ worldwide revenue requires knowledge of how to structure operations to maximize deductions, credits and other incentives while minimizing the risk of noncompliance. With significant experience in the music and entertainment industry, Bennett Thrasher helps our entertainer and athlete clients achieve peace of mind through:

  • Tax-efficient business structuring to minimize federal, state and local, and international taxes
  • Consulting on sponsorship and endorsement deals and other transactions to achieve the highest value and most favorable tax treatment
  • Year-round tax planning to achieve optimal timing of tax deductions
  • Consulting on retirement plans, such as a SEP IRA or defined benefit plans, to maximize savings and minimize taxes
  • Managing revenue and expenses to maximize cash flow
  • Identifying states and municipalities, as well as foreign jurisdictions, in which entertainers or their production companies have compliance requirements
  • Preparing applicable federal and state/local income tax returns
  • Complying with foreign reporting requirements through DFK International, our global association of independent accounting firms
  • Representing clients before the IRS as well as state and local agencies

Contact A Professional

If you have questions about entertainment tax incentives or tax compliance, please contact Peter Stathopoulos, Jane Klingmeyer or DiAndria Green by calling 770.396.2200 to schedule a consultation with one of the professionals in our Entertainment Industry Practice.

[1] Georgia Department of Economic Development. “Partners in Progress: Year in Review FY13.”