Archive for the ‘Tax News’ Category

Film Production Expenses Federal Tax Provision Set to Expire January 1

12.01.2009 · Posted in Tax News

The federal tax provision for the motion picture and TV industry, called Section 181, is set to expire January 1, 2010.  This incentive allows a production company to deduct up to $15 million in costs of any qualifying film or television production instead of having to capitalize and depreciate such costs over several years.  This ...

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Time Running Out for Tax Incentives for Filmmakers

10.01.2009 · Posted in Tax News

In 2004, Congress gave filmmakers a wonderful gift in the form a tax break which allows the owners of a qualified film or television production to deduct production costs in the year the costs were incurred, rather than capitalizing and recovering such costs over time through depreciation.  This is a substantial incentive for investors because ...

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Tax Exempt Application Fee Change

10.01.2009 · Posted in Tax News

The application fee will increase for all applications to the IRS for tax-exempt status postmarked after January 3, 2010.  Charitable, religious, educational, scientific, or literary organizations whose gross annual receipts are $10,000 or less will see their fees increase to $400.  Larger organizations will pay $850. In Kafka-esque fashion, the fees will change a second time ...

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