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The Internal Revenue Code contains numerous requirements for U.S. taxpayers to report their interests in foreign corporations, partnerships, trusts and estates, and certain transactions involving foreign entities.

Heavy penalties can apply for failure to file these returns in a timely manner. In most cases, the forms must be filed as part of your regular federal income tax return.

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In an effort to retain film and television production in California, the state has enacted a film production tax credit, to be claimed against California personal income and corporate franchise taxes. The credit applies to costs of production starting July 1, 2009 although the credit may not be claimed on tax returns for years prior to 2011. The amount of the credit is 20% of production costs for feature films with a production budget between $2 million and $75 million, for certain mini-series or made-for-television movies and for television series licensed for basic cable, and 25% of the production costs for a television series that filmed all of its prior episodes outside California, or for an independent film (a film with a budget between $1 million and $190 million not produced by a publicly-traded company or a company in which publicly-traded companies own more than a 25% interest).

Continue reading " California's New Film Production Credit " »