Boosters of California‘s film and TV tax credit say that the program would be at risk if a proposed initiative makes it to the ballot and passes in November — albeit that prospect is being challenged by the measure’s backers.
26.05.2024 - 00:09 / variety.com
Cynthia Littleton Business Editor The state of California has warned entertainment industry payroll providers and others that it is implementing policy changes that could have significant tax and retirement planning implications for those in Hollywood’s creative community who use loan out corporations to manage their business affairs. The California Employment Development Department has reportedly alerted payroll service Cast & Crew, IATSE and others of the plan to tighten rules for the use of loan out corporations.
Many creatives in the industry use such a business structure to manage different forms of payments that flow in from disparate employers throughout the year. That’s increasingly common in the modern era when actors, writers, producers and directors often work on multiple TV shows or movies in a calendar year.
The change reported would mean that Hollywood employers would be required to pay creative talent wages as individuals and not as contractually obligated fees owed to a standalone business entity, as a loan out corporation is structured. Shifting to treating payroll income as employment wages would require “full income tax withholding and payment of employee and employer taxes on all income the [loan-out company] owners earn,” IATSE Local 695 told its members earlier this month.
“This would fundamentally change the way that department heads and above-the-line workers conduct business in the entertainment industry.” Cast & Crew sent a bulletin Friday afternoon to the many industry workers about the change and urged them to participate in efforts to appeal to California EDD’s decisions on the status of various loan out corporations. IATSE also warned members that the state plans to assess unemployment
.Boosters of California‘s film and TV tax credit say that the program would be at risk if a proposed initiative makes it to the ballot and passes in November — albeit that prospect is being challenged by the measure’s backers.
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Gene Maddaus Senior Media Writer It began as a routine audit at Cast & Crew, one of several payroll companies that service the entertainment industry. But that audit — typically handled in secret — has now raised alarms across Hollywood. Last week, Cast & Crew put out a warning that the California Employment Development Department was attempting to “invalidate the use of loan-outs” — a common structure by which entertainment professionals get paid.
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The California Employment Development Department has insisted that loan out corporations will not be prohibited in the state, after entertainment payroll agencies raised alarm over the weekend.
EXCLUSIVE: The California Employment Development Department may soon stop recognizing loan out corporations.
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