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Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
 
Client Update - quarterly newsletter
 
 

 

 

 

The Film/Movie Industry

 

Let's get to the specifics!!

 

In the Film/Movie Industry, our clients are Actors and Actresses. They operate as Individuals, C-Corp., S-Corp., and LLC. We keep current with changes in the industry and we bring "Industry-Specific" knowledge and experience to our clients assignments.

We will make every regulatory tax loopholes, credit, deduction, exemption and exclusion in the new tax laws work for you. You may be qualified to deduct numerous Job related expenses, Foreign tax credit, and Per Diems. Every year we compile a list of qualified related expenses to ensure new and important deductions and credits are not ovelooked. You will benefit tremendously from them. 

If you didn't file your tax return(s); or if you owe taxes or have a tax problem with the IRS/IRD, we will prepare your tax returns and help you resolve U.S and Overseas tax problems/disputes.

We will ensure that your royalties/earnings/revenues from multiple income streams (acting, modelling, appearances, publishing, etc) are timely received and properly accounted for; and we will monitor your investments performances (Real-estate, business, franchise, stocks, bonds, etc). You will have peace-of-mind and a BIG smile on your face. You have a lot of work to get done. Let's start today!!

 

Question:- I am an actress. I own two beauty salons and a clothing line. Would you be able to help me take advantage of all the tax breaks without getting me in trouble with the IRS and State? - N. Ferrera, CA.

Answer:- I can certainly help you. That is my forte/specialty. I fully understand your concern. You need a Tax-Accountant who has "Industry-Specific" knowledge about the operations of all three industries (Film, Beauty and Fashion) because each industry has its own unique tax deductions and tax credit rules. I am laser-focus and tenacious. You have a lot of work to get done. Let's start today!!

 

My best selling book, "Sweet Success, Knowledge & Quicks-kills.." by Clem Barry is on Amazon.

 

Services We Provide for Actors & Actresses 

*Compensation Forecasting/Projections.

*Review Employment Contracts (for Tax Planning purposes) and save you millions of dollars in taxes.

*Multi-state and Foreign Tax Preparation.

*Business, Real-Estate, and Franchise Advisory.

*Investment and Retirement Planning.

*Public Relations Planning and Implementation.

*IRS/IRD, States, and Foreign Tax Problem Resolution.

 

Job Related Tax Tips

#1)This year, the New Federal Administration will increase Corporation Tax Rate from 21% to 28%; and Tax Foreign Profits at 21%. Individual Tax Rate will be as high as 39.6%. Be Prepared!!

#2) If you rent your Private Residence or Vacation Home to a Movie/Film Company for less than 14-days during the year, the rental income you received is Tax Free.

 

Industry Related Knowledge

We have taken film courses/classes at NYU and USC that complement our business acumen; and we have done extensive research and learned from seasoned actors and actresses with a long and distinguished acting career and over 100 credits to their name. We have obtained "Industry-specific" knowledge from the American Guild of Variety Artists, and the Actors Equity Association that represents over 49,000 Actors and Stage Managers.

 

What we want from Actors & Actresses

  1. Your Cell Phone number and E-mail address for quick communication.
     
  2. A paper copy of the last tax return you filed.
     
  3. Your Business Gross Income and expenses if you have a Corporation or LLC.
     
  4. Your Forms W2's and 1099's if you are an employee or freelancer. Your mortgage interest and real estate tax if you own a private home and a vacation home; and Rent received, mortgage interest, real estate tax and expenses for each rental property you own.
     
  5. Forms 1099 from your banks and stock brokers (Dividends, Interest Income, purchase of stock, sales of stocks, etc....).
     
  6. A copy of your Driver's license or State ID. (Starting in 2016, the IRS required the information be included on your tax return).
     
  7. Form 1095-A, 1095-B or 1095-C from your employer or union to show that you had Medical/Health insurance during the year. The information on the form would be included on your tax return to stop the IRS from charging you a penalty.
     
  8. Job related expenses you incurred that were not reimbursed to you. You may be qualified to deduct all Per Diem expenses and Foreign Tax Credit in accordance with the tax codes. We can help you benefit from that.
     
  9. Your Credit Card or Bank Account Information to pay for the service.

NOTE:- Some of our clients Fax us their documents. Most of them send us their documents by UPS, FedX, DHL and the Post Ofice. Clients must communicate with us and receive our approval before sending information to us.

 

Overview Of A Low Budget Film
Films that have been produced on small budgets have become blockbusters and strike gold at the box office. More than 560 movies earned over $18 billion at the box office in 2005, including $9.6 billion from international distributors.

In April 2008, the movie "Prom Night" (directed by Nelson McCormick; and star by Brittany Snow, Scott Porter and Jessica Stroup) was released on a weekend to coincide with the upcoming prom season.The film cost $20 million to produce. It had resonated strongly with its targeted teenage audience and it Gross $20.8 million during the opening weekend. It finally Gross $43.8 million in the USA, and $57 million worldwide.

***"Prom Night", a memorable blockbuster and low budget film, has set the aesthetic for many movies that followed. (Low budget, interesting, and memorable content coupled with talented Actors & Actresses; and the raw talent, creative ideas, and strong/great efforts of a low budget film maker).

 

Film/movie Revenue

Ticket sales:
Ancillary sales:
*DVD/video
*Cable
*Network TV licenses
*Syndication
*Foreign TV

Film/Movie Floor Plan/Chart

Post-production: (editing, scoring, titles, credits, dubbing, special effects, & sound tracks)
 
Principal photography: above-the-line (actors, directors, producers, & writers)
 
  below-the-line (sound stage, wardrobe, set construction, & labor)
 
Pre-production: (script development, set design, casting, crew selection, costume design, & location scouting)
 
Story rights acquisition: (concepts, books, & screenplays)

 

Film/Movie short-list of expenses

  • Legal & accounting
  • Tax consultation & preparation
  • Script & score cards
  • Agent, producers, & casting director
  • Cast, crew, & extras
  • Photographers
  • Engineers (stage, light, sound, etc.)
  • Music reproduction license/contract
  • Marketing, distributors, & exhibitors
  • Transportation (air, trucks, & buses)
  • Stagehands & bellhops
  • Bond & medical insurance
  • Equipment, maintenance, & repairs
  • Lodging (house, motel, campers/tents)
  • Heaters
  • Meals
  • Tips backstage (doormen, porters, bellhops, dressers, etc....)




Click here for "The Entertainment Industry"