Poyner Spruill is serving as production counsel on an independent feature film directed by Carrie Preston (www.carriepreston.com) and starring Anne Heche (www.anneheche.com). Filming starts this week.
On Friday, October 1, 2010, the North Carolina Department of Revenue published Answers to Frequently Asked Questions about Tax Credits for Qualifying Expenses of a Production Company. We’ve included those answers below.
Unless specifically noted, all references to the “Department” mean the North Carolina Department of Revenue.
What is the audit process? What can the production company expect?
After receiving the completed Form NC-415, Tax Credit for Qualifying Expenses of a Production Company, the Department will contact the taxpayer to set up an audit appointment to review the taxpayer’s information. An appointment letter is sent to the taxpayer confirming the date of the audit along with an Information Document Request (IDR) outlining the information needed to conduct the audit upon arrival.