News & Insights: theater media entertainment
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”).
Christopher Cacace Featured in Forbes
April 24, 2018
As Broadway producers continue to consider tax reform’s impact on their taxes and cash flow, Partner Christopher Cacace provides his perspective to Forbes.
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.
Impact of PATH ACT: Section 181 IRS Code Revisions to Live Theater Productions
By Polina Inberg | August 18, 2016
On December 18, 2015, Congress passed and President Obama signed the PATH Act of 2015 which included revisions to section 181 of the Internal Revenue Code. One of the revisions was an extension of the film and television rules on expensing production costs for qualified live theatrical productions. This change in the federal tax code for theatrical production companies is arguably the single biggest legislative change affecting the industry in almost 20 years. The new law provides opportunities, but it presents challenges as well: the unique aspects of theater companies can create uncertainties as well as obstacles to implementation.
Polina Inberg, CPA, is a Director in the Theater, Media and Entertainment Group at Marks Paneth LLP. She is based in the firm’s midtown Manhattan headquarters and can be reached at (212) 330-6022 or by email at email@example.com.
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?
Expanded New York State Film Production Tax Credit Program Offers More Funding, Faster Applications
By Richard Stern | October 22, 2015
New York State’s film production tax credit program is more robust than ever. Richard Stern has written an article that explains how the credit works, what’s required to apply for it and how it can help production companies recover up to 30 percent of their production and post-production costs back from the State.