For more than 25 years, Lutz and Carr has been guiding film production companies on accounting and tax issues, ensuring compliance with their industry’s unique reporting requirements, helping them reap the benefits of tax incentive programs, and minimizing their tax liability.
A Leader in the Field
Regarded as a go-to U.S. accounting firm for complex film and entertainment industry accounting and tax matters, Lutz and Carr is known for our professionals’ responsiveness, accessibility, and personable approach and our ability to navigate accounting intricacies so clients can focus on their film productions and business operations. Clients rely on our film production accountants for exceptional structuring and tax planning services, compliance advice, tax return preparation, and advice on incentive programs.
Guidance at Every Stage
We work with clients in the early stages of their projects, from single productions to multiyear multifaceted projects, and multiple companies, to ensure that accounting structures align with their goals and avoid future tax complications or unwanted consequences. We carefully consider the implications of proposed transactions, company ownership structures, tax incentive programs, and more, identifying opportunities, avoiding pitfalls, and offering solutions that reduce tax exposure and take full advantage of deductions, film tax credits, and incentives.
When a film is sold or goes into distribution, we assist in drafting collection account management agreements (CAMA) and in collecting and allocating film distribution revenue. Throughout the life of a client’s project, our film production accountants make sure the production stays in compliance and ensure annual income tax returns, sales tax returns, and state registrations are correct and filed timely and film tax credits are fully monetized.
Film Tax Credit Expertise
Lutz and Carr is one of only a few accounting firms certified to handle film tax credit work and is on the prequalified list of CPAs for the Empire State Development — Film Tax Credit Program. We review the film tax credit submission to expedite the processing of the tax credit by New York State. In addition, we often work with budget executives, producers, production accountants, legal counsel, investors, and lenders to help production companies untangle incentive program requirements.
