Motion Picture and Television Production Tax Incentives (hereinafter “MPIs”) are tax incentives that are available at the U.S. Federal Level, at most of the U.S. Multi-State Levels, and on a Global Level through nearly a hundred participating countries worldwide and should certainly be incorporated into the tax planning process for movie and television studios to properly tax affect their costs of production. Read more
Archive for Peter J. Scalise
A properly designed and implemented Construction Tax Planning analysis will proactively identify additional tax savings related to new and / or planned construction projects. It should be duly noted that a Construction Tax Planning analysis should not be confused with a Cost Segregation analysis as there are several notable differences between a Cost Segregation analysis and a Construction Tax Planning analysis. Read more
Lights, Camera, Action and Tax Cut! The New York State Film Tax Credit Program Gets Extended Through 2022
Movie and Television Studios ecstatically praised Governor Andrew M. Cuomo and the Legislature for enacting the 2017 – 2018 New York State budget which includes the full extension of the New York State Film Tax Credit Program (“NYSFTCP”) through the year 2022. Since inception, the NYSFTCP has generated a tremendous economic incentive to bolster job growth while encouraging the development of additional infrastructure for both production and post-production facilities throughout New York.
On April 26, 2017 the White House released an overview of their tax reform proposal entitled The 2017 Tax Reform for Economic Growth and American Jobs: The Biggest Individual and Business Tax Cut in American History, which outlines President Donald J. Trump’s (hereinafter “President Trump”’) proposal for significant tax reform. While the proposal is largely consistent with President Trump’s conceptual framework during his presidential campaign pledges of dramatically reducing tax rates with the expectation of growing the economy and creating jobs within America much more deliberation needs to occur to properly examine and reconcile this proposal.
Lower Individual Effective Tax Rates, but Only for Select Individuals
The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (hereinafter “RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from a quantitative perspective effective for tax years beginning on or after January 1, 2016.
The Internal Revenue Service (hereinafter the “Service”) recently issued IRS Notice 2017-6 in connection to Tangible Property Regulations Compliance (hereinafter “TPR Compliance” or “Regulations”) that extended a specific eligibility provision for taxpayers making an automatic change of accounting method providing an opportunity to continue to take advantage of the Regulations on their 2016 tax returns.
2017 AICPA Real Estate & Construction Conference
Save The Date: December 7th – December 9th, Las Vegas, NV
Join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, at the upcoming AICPA Real Estate & Construction Conference at the Wynn in Las Vegas, NV on Wednesday, December 7th between 4:00PM and 6:00PM for the Construction Tax Planning Panel Discussion.
A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups
The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.
On November 4th of 2016, New York State Governor Andrew Cuomo signed Chapter 420 of the Laws of 2016 which expanded the New York State Film Tax Credit Program (hereinafter the “NYSFTCP”) for qualified production companies that produce feature films; television series; relocated television series; television pilots; television movies; and/or incur post-production costs associated with the original creation of these aforementioned film productions.
On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I.R.C. § 41.