Frazier & Deeter, a top 50 US advisory and accounting firm, announced today that they have been appointed as eligible auditors to the Georgia Department of Revenue Film Credit Program (GDOR). The Georgian Parliament recently amended the Georgia Film Credit Regulations. Among the changes was the requirement for an audit to be performed by either the Georgia Revenue Department or a certified auditor approved by the State. Frazier & Deeter was one of six companies selected to participate in GDOR certification training and mandatory audits.

“Frazier & Deeter has been honoured to be appointed a qualified auditor and looks forward to assisting our entertainment industry customers with the transition to a new programme,” said Charli Traylor, tax officer and Frazier & Deeter’s Enterntenance practise manager. “Although the need to audit film production companies has changed significantly, the Georgia loan remains one of the country’s most appealing film credits.”

“Achieving this milestone is a significant step forward in Frazier & Deeter’s commitment to serving the needs of the film industry,” said Monique Quindsland, Audit Partner. “As an official company in both Georgia and California, we Frazier and Deeter can provide support to customers who work in the nation’s largest manufacturing facilities.”

In addition to being certified by the Georgia Department of Revenue as a film tax credit auditor, Frazier & Deeter completed training in California Film Commission to issue the Agreed Upon Procedures for California Tax Credit Program 3.

Entertainment practise of Frazier and Deteer has grown significantly over the last five years, David Deeter said. “We have one of the most experienced film credit teams in the country, and we are proud to support these customers’ specific needs.”

Frazier and Deeter named as one of six eligible audit forms for the Georgia film tax credit
Source: Frazier & Deeter

Know more about Frazier & Deeter 

Frazier & Deeter is an accounting and consulting firm based in Atlanta, Georgia. Frazier & Deeter’s Entertainment practises offer in-depth knowledge of all phases of a film project, as well as financial planning, tax planning, and wealth management for athletes and other celebrities. To meet the changing needs of its customers, the company provides a wide range of tax, audit, accounting, and advisory services. Frazier & Deeter’s FD brand family includes nine offices in the United States and one in the United Kingdom.

Audit is now a compulsion

The transferable Georgia film tax loan has been extremely popular, contributing to the state’s recent increase in film and television production. Because of the high demand for this lucrative credit, state tax officers revised the programme in 2020, renaming Georgia “Hollywood of the South,” and the updated rules, including mandatory audits of credit productions, went into effect on January 1, 2021. 

According to Georgia House Bill 1037, the requirement for applicants to be audited for their projects before claiming or selling a credit will be gradually reduced. Only loans worth more than $2,5 million that are first certified in 2021 are audited; for productions certified in 2022, the threshold drops to $1,25 million; and audits will be required in subsequent years before any film tax credit can be requested, used, or transferred in full.

The audit must be performed by a CAP firm chosen from a list of providers approved by the Georgia Revenue Department or by the GDOR itself. Auditors must be performed by a certified public accountant (CPA).

Prior to the state issuing final certification of all film tax loans for projects in Georgia, the audit process must be completed. Productions will be scrutinised to ensure compliance with the Program Regulations and to determine the activities, salaries, and other expenses paid for the project loan.

Another notable change in the updated law is the reduction of the credit duration from five to three years. The credit can now be transferred and claimed for three years, as opposed to the previous regulations, which only allowed a credit for one year after the tax year in which the film credit received final certification.

New HB1037 Rules

In addition to those two major changes, HB 1037 clarifies definitions and eligible programme costs and makes minor changes to programme regulations. These changes are intended to make it easier for people who have previously struggled with the labyrinthine and somewhat unpredictable procedures for applying, certifying, and claiming for the Georgia Film Tax Loan to apply, certify, and claim.

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