6 Pitfalls To Avoid When Working With Tax Incentives

Hosted by Viviana Zarragoitia

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Viviana Zarragoitia

Webinar hosted by: Viviana Zarragoitia

Vice President at Three Point Capital

Viviana Zarragoitia began her career in the entertainment industry working in production accounting at Millennium Films and Bold Films. She then spent 5 years at Lionsgate, where she started working in the accounting department and segued into the finance division, specifically, profit participation. While working in profit participation, she oversaw the preparation of multi-million dollar film and television distribution deals. She was then promoted to the group's audit division, where she managed film and television royalty audits of producers’ profit participation statements. In 2013, she joined Three Point Capital, a boutique firm that specializes in senior lending on film and television projects. While at Three Point Capital, Viviana has been involved in the financing of over 70 independent films, and worked with such producers as Cassian Elwes, Rob Barnum, Anthony Bregman, James Schamus, Aaron Gilbert, Kimberly Steward, Nicolas Chartier and Kevin Frakes, among others. As Vice President, Viviana closes the financing on every film that the company is involved in, as well as manage the company's operations in its satellite offices (Ohio, Kentucky and Louisiana). Viviana has received over a dozen Executive Producers credits on titles she has financed. She graduated Cum Laude with a double-major in Business and English from Loyola Marymount University. Full Bio »

Webinar Summary

As the Vice President of Three Point Capital, Viviana Zarragoitia is one of the most prolific financiers who routinely lend on tax incentives, both domestically and internationally, on independent films. She is aware of the rules and regulations of tax incentives in many jurisdictions, and have spoken on numerous panels about tax credits.

In this exclusive webinar, Viviana will be teaching what producers should be aware of when working with tax incentives. Although there are minor details that change within each state/country, there are some overall issues that come up in each jurisdiction that producers should be aware of when taking advantage of tax incentives for their film/TV project. These include, but are not limited to, things such as: corporate structure of the company applying for the tax incentive, making sure that costs in-state are qualified spend, working with tax incentive offices during pre-production, production and post-production, submitting final costs in a timely fashion, working with production accountants/CPAs on tracking qualified spend, working with lenders and filing tax returns to claim the incentives.

What You'll Learn

  • Introduction – Overview of what topics will be covered and in what order.
  • Pitfall #1 – Financial Factors (minimum spend requirements, financial structure of the project, size of tax incentive, available financing, state caps, Above-The-Line spend, etc.)
  • Pitfall #2 – Incentive Requirements (initial application, production materials, timing of application/approval in regards to starting principal photography, etc.)
  • Pitfall #3 – Corporate Structure (which entity is applying for the tax credit, which entity owns the copyright, suggest 2-entity structure, how is that entity going to be taxed, if there will be tax returns filed later on)
  • Pitfall #4 – Working with Film Offices (keeping them apprised of any changes during pre/prod/post, requirements of status reports, using them as a resource for local help, amending terms of initial approval, etc.)
  • Pitfall #5 – Working with Production Accountants/CPAs (tagging qualified spend properly, hiring CPAs early on in the process to oversee production accountants, having CPAs prepare final audits to submit to the states, using local CPAs, etc.)
  • Pitfall #6 – Working with Lenders (evaluating expected vs. actual tax credit amounts, requirements of lenders, timing of financing and how that impacts cash flow, etc.
  • Conclusion – Wrap-up, final comments, Q&A.

About Your Instructor

Viviana Zarragoitia began her career in the entertainment industry working in production accounting at Millennium Films and Bold Films.

She then spent 5 years at Lionsgate, where she started working in the accounting department and segued into the finance division, specifically, profit participation. While working in profit participation, she oversaw the preparation of multi-million dollar film and television distribution deals. She was then promoted to the group's audit division, where she managed film and television royalty audits of producers’ profit participation statements.

In 2013, she joined Three Point Capital, a boutique firm that specializes in senior lending on film and television projects. While at Three Point Capital, Viviana has been involved in the financing of over 70 independent films, and worked with such producers as Cassian Elwes, Rob Barnum, Anthony Bregman, James Schamus, Aaron Gilbert, Kimberly Steward, Nicolas Chartier and Kevin Frakes, among others. As Vice President, Viviana closes the financing on every film that the company is involved in, as well as manage the company's operations in its satellite offices (Ohio, Kentucky and Louisiana). Viviana has received over a dozen Executive Producers credits on titles she has financed.

She graduated Cum Laude with a double-major in Business and English from Loyola Marymount University.

FAQs

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A: Stage 32 Next Level Webinars are typically 90-minute broadcasts that take place online using a designated software program from Stage 32.

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A: No, you can participate from the comfort of your own home using your personal computer! If you attend a live online webinar, you will be able to communicate directly with your instructor during the webinar.

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A: If you attend a live online webinar, you will be able to communicate directly with your instructor during the webinar. If you cannot attend a live webinar and purchase an On-Demand webinar, you will have access to the entire recorded broadcast, including the Q&A.

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A: Yes! After the purchase of a live or On-Demand webinar, you will have on-demand access to the audio recording, which you can view as many times as you'd like for a whole year!

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Tools to Financing a Film Between $1MM-$3MM - 4 Class Intensive with Handouts

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As the Vice President of Three Point Capital, Viviana Zarragoitia is one of the most prolific financiers who routinely lend on tax incentives, both domestically and internationally, on independent films. She is aware of the rules and regulations of tax incentives in many jurisdictions, and have spoken on numerous panels about tax credits. In this webinar she will cover working with transferable vs. non-transferable credits, give an overview of the states and countries that are most popular right now, the reasons why and the incentives that each of them offers. Viviana will also go through the general steps that are required to take advantage of tax incentives from beginning to end, as well as the requirements to qualify for tax incentives. She will highlight the importance of working with CPAs, the roles of production accountants and line producers, as well as how all departments in a production are affected. She will also use 2 states as case studies for how to go through the process of applying for and receiving a tax incentive. You will walk away gaining a deeper understanding of the details involved with tax credits; how to take advantage of them, how to monetize them and how to follow the guidelines to ensure they are in compliance with the rules. 

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