irc section 181 expiring 2020

IRC Section 181 Set to Expire at Year End: What Does it Mean for your Motion Picture or Media Project?

When it passed in 2017, the Tax Cuts and Jobs Act failed to renew a provision contained in 2004’s Jobs Creation Act, known as Internal Revenue Code Section 181, which allowed film, television and media producers to immediately expense costs that would otherwise need to be capitalized and deducted over the course of ten years.…

Movie tax credits

Production Tax Credits: Handle them Carefully

Variety recently published a story highlighting an oftentimes confusing, expensive, and damaging issue that can impact any film production if tax credits and accounting issues aren’t properly managed: tax credit fraud. In this specific case, a whistleblower drew attention to alleged misuse of tax credits on the Warner Brothers film “Sully”, starring Tom Hanks and…