IRC section 1031 allows taxpayers to defer gains from the sale of real property by exchanging it for property of “like-kind.” Like-kind exchanges are complex and can take different forms, so each transaction is unique. The most common type of exchange is a delayed exchange where the taxpayer sells their property before acquiring replacement property. In a deferred e [...]

On June 27, 2023, California lawmakers passed Senate Bill 131 (SB 131) to amend California Revenue and Taxation Code section 17082. This new law states that effective Jan. 1, 2023, the income of an incomplete non-grantor (ING) trust will be subject to California income tax if the grantor resides in California, regardless of the jurisdiction in which the trust was form [...]

The past few years have caused a lot of uncertainty and change in the macroeconomic environment, in particular for private equity groups (PEGs). In 2023, the private equity landscape has seen: Exponential growth in company valuations from 2020 through a 2022 peak and more recently a decline back to normal levels (historically speaking)Significant amounts of dry powd [...]

When it comes to valuing a business, there are several metrics that accounting and finance professionals use. Two of the most commonly used metrics are cash flow and earnings before interest, taxes, depreciation and amortization (EBITDA). The latter was designed to be a proxy for a company’s operating cash flow and is independent of how a company is capitalized, meani [...]

As GHJ explained earlier this year, the U.S. Treasury Department issued final and proposed foreign tax credit (FTC) regulations in 2022 that severely curtailed the ability of U.S. taxpayers to claim a foreign tax credit for certain non-U.S. taxes. The 2022 FTC Creditability Regulations introduced a new set of rules to determine whether a non-U.S. tax qualifies as a cr [...]

Terms like AI and data analytics are being tossed around on just about every earnings call this year as more companies look into the potential investment opportunities and accompanying risks of these technologies. Everyone is talking about it, but what are the implications in the context of today’s M&A market? Data analytics and AI can help companies analyze vast amo [...]

A new accounting standard arising from regulatory action in the banking sector will have an impact on many different types of organizations, especially those with contracts and/or debt securities that utilize a reference to determine applicable interest rates. After more than 40 years as the reference for interest rates, the London Interbank Offered Rate (LIBOR) will [...]

Juneteenth commemorates the freedom of enslaved African Americans in the United States, which was announced just over 150 years ago on June 19, 1865. For many African Americans, Juneteenth is both a celebration of how far we have come as a community and a reminder of how much further we still have to go.MOVING BEYOND "FIRSTS"In a time and age where we are still experi [...]

Co-authored with Dan Shea*, Managing Director of the Manufacturing & Distribution Practice Group at Objective, Investment Banking & Valuation Over the past several years, manufacturing has begun shifting away from China (known as The World’s Factory) and back to the United States (aka onshoring) and/or to other countries including those south of the U.S. border (aka [...]

I have been in the accounting industry as a self-identified queer, cisgender male for well over 20 years — while I was not out at work to the extent I am now for all of those years, the emphasis on diversity, equity, inclusion and accessibility (DEIA) across the board for most major accounting firms has made being out a significantly better experience. IMPORTANCE OF [...]