Introduction to Film and TV Accounting: Setting Up Your Entity, Understanding Tax Implications, Investor Distributions and More

Hosted by John Thomas and Kristy Clabaugh

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John Thomas and Kristy Clabaugh

Webinar hosted by: John Thomas and Kristy Clabaugh

CPAs at Element CPAs

John Thomas and Kristy Clabaugh, Atlanta based CPAs specialize in providing services to the film & entertainment industries both abroad and in the US. Their firm, located in metro Atlanta, provides consulting, accounting, tax and audit services helping production companies navigate the reporting requirements of International and local film tax incentives. They assist clients in all stages of project implementation from investor relations, entity structuring, waterfall projections, budgeting, pre-production and development, production accounting to post-production. John and Kristy excel in assisting clients with planning to ensure they get the most benefit from the film tax credits available. Their clients include those who produce feature films to acclaimed unscripted TV series and all in between. Find out more about John & Kristy's services at: Elementcpas.com Kristy Clabaugh is a Certified Public Accountant and has 15+ years’ experience in providing accounting, tax and advisory services to businesses and high net worth individuals. Kristy is motivated by working with clients to minimize taxes at both the state and federal levels. Kristy also has developed expertise in advising start-ups on structuring, budgeting and implementing and meeting strategic goals. Kristy serves on the executive board of directors as Treasurer for both the Georgia Production Partnership and Women in Film & Television Atlanta. She is also a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants. John Thomas is a Certified Public Accountant and holds a Master of Accountancy as well as a Master of Businesses administration, both earned at Mercer University. John has long served closely held corporations and high net worth individuals by providing accounting, tax, advisory and consulting services. John is driven by helping his clients implement strategies that cultivate growth in their businesses as well as building value by opening doors for their further development. John is a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Full Bio »

Webinar Summary

As creators we can get swept away in the excitement of having our film or television project greenlit. Imagining "lights, camera, action", the collaborative process and the excitement of having a successful and profitable project is the reason we pursue a life in film and TV. But, before you step on set and get rolling, you'll need remember that this is, in fact, a business. It's a business with a great deal of money at stake for investors who want to make sure their money is protected. In order to do this, you'll need to understand how to set up your project as an entity and the tax implications involved for you and your investors.

It may be the least sexy, but certainly the most crucial component to putting together a film - the accounting process. Someone (or maybe even yourself) has taken a chance on investing in your dream, and that means that investment should be treated with care. Taking the important step of understanding what entity type you should set up and the tax implications that go along with it, will help you avoid major headaches down the road and give you the peace of mind that will allow you to concentrate on making your project the best it can be. Having your project setup correctly from the get go will also help you avoid costly mistakes with investor distributions. And, let's face it, you hope to show that you know the ins and outs and that you can deliver a successful project so your investors will stay with you and invest in your next film or TV project.

John Thomas and Kristy Clabaugh are Atlanta based CPAs that specialize in providing services to the film & entertainment industries both abroad and in the US. Kristy also serves on the executive board of directors as Treasurer for both the Georgia Production Partnership and Women in Film & Television Atlanta. Together they have worked on hundreds of film and television projects assisting clients in all stages of project implementation from investor relations, entity structuring, waterfall projections, budgeting, pre-production and development, production accounting to post-production.

John and Kristy will teach you the differences between an LLC, Corporation, S-Corporation and Foreign Entity and the common strategies that go along with each. You'll understand the tax effects of your selection and how dividends vs. distributions will work. You'll also learn how to work with tax incentives and financing. And, most importantly, you'll understand how to talk with your investors and what you'll need with K1s, Section 181, money flow, loan-outs and more. They will teach you everything you need to know to set up your entity correctly, protect yourself legally, give your investors the comfort and security that they're money is protected, and that you're in the best position to see a return.

 

 

"This is the holy grail! John and Kristy are so knowledgeable about so many things with the business side of the film!" They made this part of the process actually fun!"

- Wade N.

 

"All I can say is wow. I have seen the light and now feel beyond comfortable putting together my next film."

- Jennifer L.

What You'll Learn

  • Goals of Sound Planning
  • Entity Selection Options
    • LLC
    • Corporation
    • S Corporation
    • Foreign Entities Used In Production
  • Common Entity Strategies
    • Feature Films and Television
    • Commercial Producers
    • Producer/Investor Owned
    • Single Entity Owned
  • Tax Effects of an Entity Selection
    • Income Tax
    • Dividends vs. Distributions
    • Which Entity is Better?
  • Tax Incentives and Financing
    • Sources of Funding
    • Film Tax Incentives
    • Debt Financing
  • Talking with Investors
    • K1
    • Money Flow
    • Section 181
    • CPA
  • Loan-Outs
    • Individual Tax Law Changes
    • What Type of Entity Is a Loan-Out
    • Considerations for Producers and Owners of Loan-Outs
  • Q&A with Kristy and John

* Kristy and John make you aware of the major considerations you should give to these topics so that you can avoid many of the mistakes that can cause productions so much heartburn. Obviously, this webinar does not replace the talents of an appropriate accounting and legal team. Please consult your own advisors to ensure you are following the rules and navigating the complex world of tax and regulations which govern the industry. We do, however, hope that this will help you avoid many common mistakes that film and television productions make! 

About Your Instructor

John Thomas and Kristy Clabaugh, Atlanta based CPAs specialize in providing services to the film & entertainment industries both abroad and in the US. Their firm, located in metro Atlanta, provides consulting, accounting, tax and audit services helping production companies navigate the reporting requirements of International and local film tax incentives. They assist clients in all stages of project implementation from investor relations, entity structuring, waterfall projections, budgeting, pre-production and development, production accounting to post-production. John and Kristy excel in assisting clients with planning to ensure they get the most benefit from the film tax credits available. Their clients include those who produce feature films to acclaimed unscripted TV series and all in between.

Find out more about John & Kristy's services at: Elementcpas.com

Kristy Clabaugh is a Certified Public Accountant and has 15+ years’ experience in providing accounting, tax and advisory services to businesses and high net worth individuals. Kristy is motivated by working with clients to minimize taxes at both the state and federal levels. Kristy also has developed expertise in advising start-ups on structuring, budgeting and implementing and meeting strategic goals. Kristy serves on the executive board of directors as Treasurer for both the Georgia Production Partnership and Women in Film & Television Atlanta. She is also a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

John Thomas is a Certified Public Accountant and holds a Master of Accountancy as well as a Master of Businesses administration, both earned at Mercer University. John has long served closely held corporations and high net worth individuals by providing accounting, tax, advisory and consulting services. John is driven by helping his clients implement strategies that cultivate growth in their businesses as well as building value by opening doors for their further development. John is a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

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