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Got a bit out a different request for an accountant. So here goes...
SCENARIO 1: You are the accountant at a Film/TV Production Company located in California. I am a writer/producer who has creative property that your Prod Co has agreed to option.
SCENARIO 2: The optioned property has been put into production at one of the majors, and full payment is due to me.
ASKING: What are the accounting steps required to obtain payment from your Prod Co./Studio in both scenarios.
I am looking for a step by step process of the actual information you (the accountant) would need from me (the creative property owner) and the Prod Co./Studio before payment could be issued. Things like Invoice Requirements, Incorporation info, Federal Tax ID, 1099 issues, CA State Franchise Tax, etc). Also a description of the paperwork/forms that are used in the process.
A flowchart layout would be optimal for each scenario. Please include a realistic timeline for both processes, from intern...
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