News & Insights: christopher a. cacace cpa

Will IRC Section 181 Come Back To Life … Again? And Why Would It Matter?


By Christopher A. Cacace  |  September 10, 2019

A renewal of Section 181 can only be looked at as a positive development for the entertainment industry because it gives production companies another alternative. As with any tax position, it’s important to have a good understanding of each available option. 

General Managers as Partnership Representatives: Key Considerations Before Taking on the Role


By Christopher A. Cacace  |  March 4, 2019

A new Centralized Partnership Audit Regime (“CPAR”) was introduced in the Bipartisan Budget Act of 2015. Marks Paneth issued a full analysis of the audit rules last month, which included information on the new required Partnership Representative (“PR”).

Valuable Tax Deduction Renewed for Film, TV & Theater Industry


By Christopher A. Cacace  |  February 23, 2018

Film, television and theater producers can breathe a sigh of relief – Section 181 has just been renewed through December 31, 2017.

Tax Reform’s Impact on the Theater and Film Industry


By Christopher A. Cacace  |  December 27, 2017

While individuals and businesses in the theater and film industry were watching and listening to news of the Tax Cuts and Jobs Act (H.R. 1) bill unfold, the Marks Paneth Theater, Media & Entertainment Group was working with government and industry groups on provisions in the bill specific to the industry, as well as monitoring the broader legislation.

Section 181’s Extension to Live Stage Productions Doesn’t Set Clear Path for Producers, Investors


By Christopher A. Cacace  |  May 2, 2016

At the end of 2015, Congress passed, as part of a large tax extender bill, the Protecting Americans from Tax Hikes Act (PATH), H.R 2029 (http://1.usa. gov/1JPofei), an extension of §181 of the Internal Revenue Code. Section 181 has been available since 2004 to permit expedited deduction of the costs of a film or TV production. The present version of §181 permits an expedited deduction of a production’s costs up to $15 million ($20 million in certain circumstances). Since inception, this has had several sunset provisions, each of which was extended as part of year-end extender bills. The latest for the first time has extended the availability of §181 treatment to live stage productions.

Will this new provision be helpful to producers of live theatrical productions as they seek to raise funding for their shows?