Tax relief measures are available for individual taxpayers impacted by the Los Angeles County wildfires and offer potential deductions and gain deferrals for personal casualty losses. From casualty loss deductions to gain deferrals, understanding these tax rules is essential for maximizing recovery. BACKGROUNDAs Angelenos look to recover what was lost in the Janu [...]

What are the biggest legal battles in Hollywood? Explore the evolving impact of artificial intelligence, the shifting economics of streaming, profit participation disputes and the rise of preemptive litigation strategies in Hollywood. In this episode of GHJ’s Media Clip Podcast, GHJ’s Entertainment Practice Leader Ilan Haimoff is joined by leading entertainment a [...]

When dealing with the aftermath of a natural disaster, understanding how to calculate and report business loss, or in some cases manage taxable gain, is crucial. Los Angeles’ recent wildfires have had a devastating impact on businesses and caused substantial property damage and economic losses. Beyond the immediate toll on property and operations, businesses must also [...]

The route to market for consumer packaged goods (CPG) has undergone significant transformations in recent years to adapt to consumer behavior and market dynamics. GHJ recently sat down with Larissa Russell, CEO of distribution company Pod Foods, to better understand these changes. Larissa shed light on the driving forces behind these adaptations and their implications [...]

As growing businesses are faced with the task of equipping leadership with the tools necessary to make informed financial decisions, it becomes imperative that an appropriate accounting solution be in place. While historically, companies have elected to address these finance and accounting roles by hiring and retaining full-time in-house team members, the emergence of [...]

The U.S. income tax system generally imposes federal income taxes on U.S. citizens’ and U.S. permanent residents’ (green card holders) worldwide income whether or not the individual is residing in the U.S. or in a foreign country. Although there are some exceptions in tax treaties for worldwide taxation of green card holders, those exceptions create various complexiti [...]

The recent wildfires in Southern California have caused devastating losses to homes and businesses, which has left many to navigate not only the rebuilding process but also the financial recovery needed to resume operations. One of the most critical tools for financial recovery is business interruption insurance, which can help businesses regain lost profits, cover on [...]

The IRS and the State of California have announced significant tax relief measures for individuals and businesses affected by the devastating wildfires in Los Angeles County. This relief applies to taxpayers in areas that the Federal Emergency Management Agency (FEMA) has designated as federally declared disaster zones. FEDERAL RELIEF: EXTENDED DEADLINESThe IRS h [...]

From contractor payments to rental income, 1099s capture a wide variety of transactions that directly impact tax filings, and managing 1099 forms is an essential aspect of maintaining compliance with IRS requirements and accurately reporting non-employment income. Staying proactive and informed about 1099 requirements can help businesses avoid penalties and maintain e [...]

In response to the recent devasting wildfires in California, the IRS and California Franchise Tax Board (FTB) have postponed various income tax filing and payment deadlines to October 15, 2025, for affected taxpayers. Further information regarding these postponements can be found in a separate alert, IRS and California Provide Tax Relief for Wildfire Victims. In [...]