The world of entertainment has its own highly specialized accounting requirements. Intellectual property—the heart of any entertainment enterprise—needs to be accurately valued. Dynamic payroll and finance requirements must be met and accurately managed. Contracts need to be negotiated and benchmarks monitored so that compensation is accurately made.
CohnReznick has an extensive Entertainment Industry Practice that provides services to a variety of client types. These include recording and performing artists, producers, writers, composers and directors as well as theatre and film performers, professional athletes and models. Our experience includes digital media, motion picture, television, and music production companies. In addition to audit and tax services, we also assist with:
- Tax incentives and credits: We are well-versed in the many state and local tax-incentive programs that have been established to attract production and distribution companies, and the unique set of requirements and regulations that need to be met to qualify for them.
- Concierge services: We manage household staff and payroll and handle cash management and bill payment.
- Insurance analysis and risk management: We can evaluate an entertainment enterprise's insurance needs, evaluate them against current coverage, and identify cost-saving possibilities.
- Wealth management and estate planning: We work with many high net worth individuals, as well as companies, assisting them with a variety of financial planning services such as trust and estate planning, asset management and investment monitoring, succession planning, real estate consulting and philanthropic planning and execution.