Maximize Opportunities While Minimizing Risks
The landscape of entertainment tax planning and production incentives in the U.S. is growing increasingly complex, with over 20 states offering some form of incentives. Each program has its own guidelines, caps and compliance requirements, and navigating this complex environment requires knowledgeable and trusted experts.
From analyzing production incentives to coordinating with state film offices, our national Entertainment practice provides a unique set of strategic services geared toward maximizing opportunities while minimizing risks. Our specialties include film and television production, recording artists, songwriters and eSports. We represent a wide variety of clients in this space, from major motion picture studios and television networks/streaming platforms down to independent production companies, musicians, athletes, game developers, sound stages, postproduction companies, commercial production companies and more.
Our deep expertise is unlike any other firm, and our professionals can help you take advantage of available incentives while navigating risks.
Our entertainment professionals help our clients navigate challenges and maximize their opportunities.
We work with:
- Film and Production Companies/Studios
- Entertainment Technology Companies
- Entertainment Venues
- Broadcasting Companies
- Producers and Filmmakers
- Agents and Agencies
- Entertainment Industry Executives
Services we specialize in include:
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, Tennessee, Virginia, D.C. and other jurisdictions. Our experience runs the gamut from auditing “tent pole” productions for MPA members to representing independent film and television production companies.
Incentive Department Outsourcing
Recent disruptions in entertainment content distribution have many networks and studios seeking ways to cut production accounting and finance costs. Outsourcing part of these responsibilities to an outside team can help reduce costs without sacrificing quality and our experienced team can help with any outsourced accounting and finance needs.
Incentives Forecasting & Comparisons
Working with film tax credit lenders in private equity and banking, we analyze film and television budgets to forecast and compare resulting entertainment production incentives in multiple jurisdictions. In addition to statutory, regulatory and administrative guidance, we consider factors such as currency exchange rates to arrive at our final comparative projection of benefits.
Incentive Tracking & Tax Reporting
We work with production companies and lenders to track entertainment incentives, including analyzing weekly and monthly production expense reports to ensure projected incentives are tracking as expected and identify shortfalls as early as possible. We also assist with certification applications and post-wrap reporting, including preparing tax returns and supporting documentation to claim tax credits.
Business Management Services
We work closely with you and your representation to manage your ongoing financial responsibilities and achieve your goals. This includes paying bills, managing cash flow, budgeting, bookkeeping, tax planning and preparation, administering payroll, wealth management and more.
Film Office Consulting
A well-crafted entertainment incentive can create massive economic development benefits for a jurisdiction. Our team can help create or modify incentive programs, forecast fiscal impacts, draft compliance guidelines and work with lobbyists to craft legislative strategies.
Working in the music industry brings unique financial challenges and opportunities. From reviewing royalty statements to developing an efficient tax structure, you need an advocate that understands the industry and can create a custom plan for your long-term success. Our professionals work closely with recording artists, musicians and songwriters and publishing companies to help them achieve their financial goals while minimizing risk.
Our music industry services include:
- Individual Tax Planning and Consulting
- Business Management Services
- Reviewing Business Plans, Royalties & Contracts
The world of eSports is growing exponentially, with millions of viewers across the globe tuning in on a daily basis to watch their favorite tournaments, teams and athletes compete. With cross-border competitions and investors or sponsors continuing to increase worldwide, there are many tax complexities and concerns to consider.
Working together with our Entertainment, Technology, Private Equity and Individual Practices, Bennett Thrasher provides creative solutions to help you navigate the ever-evolving tax considerations and financial opportunities that come with being a developer, caster, influencer, athlete or team, investor or sponsor.