Film and Television
Every great film begins with a dream—but that dream requires more than just talent and vision. It takes precise financial planning and oversight, which is where Withum’s film and television experts shine. By managing the film production accounting, navigating tax credits and ensuring financial accountability, Withum can help set any production up for success and wrap with the maximum eligible benefits.
Our industry professionals offer their expertise and unwavering dedication to the film and television productions to address your advisory, film tax credit incentives, and tax requirements. From independent films to blockbusters and all the individuals and businesses that support them, our our film and television CPAs are ready to assist in making your production a hit.
Who We Help
- Film and Television Productions
- Film and Television Producers
- Production and Talent Business Managers
- Actors and Actresses
- Businesses and individuals who support the industry
Film and Television Industry Trends and Challenges
Depending on the state where production is taking place, various film and television tax credit programs must be navigated. A third-party accountant with knowledge of the industry can ensure a quicker and easier certification process for the production team. That includes performing tax credit certification procedures required by state tax credit programs, following the certification process from application through final submission.
Proper production accounting from the start of your production is vital to ensure that the production is set up to succeed and stays on budget. A production accountant can help with budgeting, bookkeeping, bill pay, payroll, tax credit preparation and many other services.
Talent, creatives, licensors and others lose out and receive underpayments from their contracts and agreements due to poor internal controls, misunderstanding of licensing agreements or fraudulent mismanagement and miscalculations. Creatives in the film and television industry require expert help to determine the amount of unpaid royalties or profits and reclaim these lost fees and participation revenue, while preventing future losses.
Sec. 181 of the Internal Revenue Code was not extended as part of the One Big Beautiful Bill Act, and as such is set to expire at the end of 2025. This provision allows producers of qualified film and television productions to immediately deduct up to $15 million of production costs as paid or incurred rather than capitalizing and depreciating over the life of the asset. Film and television producers can get an accelerated deduction against their taxable income, reducing their tax liability and increasing cash flow.
Film Tax Credit Services Consultation
Withum’s team can help film companies needing assistance with their film tax credits and are pre-qualified to perform the agreed upon procedures required by state.
