On August 1, 2024, the Tax Relief for American Families and Workers Act of 2024 (HR 7024) failed to pass the Senate. With 60 votes needed to advance, the bill fell short with 48 in favor and 44 against. Primarily driven by support by Democrats, the vote faced opposition from most Republicans with three exceptions: Markwayne Mullin (R-OK), Josh Hawley (R-MO) and R [...]

As the landscape of tax compliance constantly evolves, GHJ’s Corporate Tax Practice keeps businesses informed on crucial updates, including the IRS's tightening of restrictions on automatic accounting method change procedures. The IRS released Revenue Procedure 2024-23 on April 30, which tightened restrictions under Rev. Proc. 2015-13. Previously, taxpayers could ado [...]

How can motion picture and television producers find success in 2024? In this episode of the Media Clips Podcast, GHJ Entertainment Practice Leader Ilan Haimoff is joined by TPC Senior Vice President Viviana Zarragoitia, Comerica Bank VP Jeff Colvin and Greenberg Glusker Partner Schuyler Moore. The panelists point to several factors that are driving funding at the [...]

For entertainment companies that face continued pressure to control overhead costs, outsourcing all or part of the accounting function could be an attractive option. Outsourced accountants can elevate an existing accounting team or serve as a full-service accounting team, but it is important to find an outsourcing partner that understands the unique financial challe [...]

The California 2024-2025 budget enacted two recent tax bills, which may impact taxpayers with California Net Operating Loss (NOL), California tax credits and water’s-edge filers with foreign dividend income. A summary of these bills is highlighted below: SENATE BILL 167 California Senate Bill 167 (SB 167) was enacted into law on June 27, 2024. Relevant provisions [...]

In the world of mergers and acquisitions (M&A), the process of financial due diligence is an essential step in evaluating the value, risks and potential of a target company. While much emphasis is often placed on the buyer's side of due diligence, the role of the seller in preparing for this process is equally critical. In fact, proactive seller preparation can not on [...]

GHJ’s Profit Participation Services Practice performs forensic consulting reviews of motion picture and television participation and other royalty statements to ensure that the profits are shared with participants in accordance with the applicable agreements. As participants evaluate whether to pursue an audit of their profit participation, here are five things they [...]

In this episode of Nonprofit Bytes, GHJ Nonprofit Expert Masyn Burgess continues the dialogue on cutting-edge tech solutions with GHJ IT Director Jerry Leever. Focusing on artificial intelligence (AI), they delve into tips for successful AI implementation and the development of AI policies for nonprofit organizations. AI adoption is on the rise, but the technolo [...]

The Ahmanson Foundation funds nonprofit organizations based in and serving Los Angeles County and has become a leader among private foundations in implementing enterprise-wide policies for cybersecurity. Private foundations must recognize that cybersecurity is an expansive area of concern that intersects with legal, operational, reputational and financial issues. [...]

The recent Supreme Court ruling on Moore v. United States has drawn significant attention to the Mandatory Repatriation Tax (MRT) under the Tax Cuts and Jobs Act (TCJA). This decision upholds the IRS's stance on taxing certain foreign corporations' accumulated earnings and underscores the need to understand and comply with these intricate tax laws. Navigating internat [...]