Film Production taxes

[TAX]

Can any one help in small film production accounting and taxes. Client is an LLC.

Client is in CA

Thanks!

[BHoffman]

Hi Tax - here's a link you may have already found, but I'm giving you a bump in case someone has experience.

http://www.film.ca.gov/incentives/

There appears to be a whole slew of info at irs.gov if you search for "film production".

http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=film+production

Happy hunting

[DTS]

Can any one help in small film production accounting and taxes. Client is an LLC.

Client is in CA

Thanks!

What kind of help do you need? Do you need to pass this client on to someone else, some advice, etc?? Can you be a bit more specific?

If you don't want to discuss openly here, you can leave me a private message.

D

[S T]

Calif

Tax (OP)- I am sure you are aware of this and this is NOT what you are asking,
however, California does not treat LLC's in a revenue friendly fashion.

California levies a flat $800 annual franchise tax on every LLC and (if there's income over $250,000) an additional tax on LLC profits. What's made some investors consider limiting the uses of multiple LLCs is the potential uncertainty associated with the annual $800 tax coupled with a tax on gross receipts, based on "total income from all sources derived or attributable within the state of California." The flat $800 fee must be balanced against the expected income (and resulting taxes) of an LLC, plus the traditional benefits of incorporation.

Then you also have the elections of the LLC to be treated as a partnership, S Corp, or not, if it was a Single Member.

So something to consider in the overall ongoing business venture of your client.

DTS should have some good info for you relating to the pre-production, production, etc

Sandy

[TAX]

Specific Info

What kind of help do you need? Do you need to pass this client on to someone else, some advice, etc?? Can you be a bit more specific?

If you don't want to discuss openly here, you can leave me a private message.

D

This is my first project in film production industry.

Here is what I was looking for, as I understand more about it.

(1) Structure wise - LLC or scorp
(2) Revenue recognition - Formula
(3) Expense Recognition - Formula - Pre,Production, & Post production
(4) Cost report
(5) Actual vs Budget report etc
(6) Any other things unique to film industry reporting in CA

Thanks!

I will send U private message.