On December 21, 2023, the IRS launched a new Voluntary Disclosure Program (VDP) that allows businesses to pay back money received from erroneous Employee Retention Credit (ERC) claims. This program is intended to provide much-needed relief for taxpayers who were deceived by unscrupulous ERC promoters into filing improper claims for refunds. Further, the program will p [...]

Co-authored by Lynn Mucenski-Keck at Withum The Inflation Reduction Act (IRA) was signed into law on Aug. 16, 2022 and allocates over 85 percent of the expected total $433 billion in expenditures to energy security and climate change. President Biden’s goal for the United States to reduce economy-wide net greenhouse gas pollution to 50-52 percent of 2005 levels by 2 [...]

The U.S. Treasury Department and the IRS released proposed regulations under Internal Revenue Code (IRC) section 987. The proposed rules provide long-sought guidance for taxpayers on how to calculate foreign exchange gains and losses of foreign branches and certain non-U.S. entities treated as disregarded entities for U.S. federal income tax purposes, which are referr [...]

With the Corporate Transparency Act (CTA) becoming effective January 1, 2024, businesses must pay close attention to new compliance requirements. WHAT IS THE CORPORATE TRANSPARENCY ACT? Signed into law on Jan. 1, 2021, the CTA aims to create a national database of companies in the U.S. that identifies the human beings behind the companies as owners or control person [...]

What do entertainment professionals need to know to find financial success? On this episode of the Media Clips Podcast, Host and GHJ Entertainment Practice Leader Ilan Haimoff is joined by a panel of distinguished experts from across GHJ’s service lines:GHJ Entertainment and Media Tax Expert Dan Li shares what taxpayers can do now to reduce their tax bill in 2024. Cli [...]

As the year draws to a close, high-net-worth individuals who are business owners have a unique opportunity to strategically manage their tax liability and optimize their financial position. Year-end tax planning is a crucial aspect of wealth management and for those with substantial assets, careful consideration can lead to significant savings. Check out some key ta [...]

A donor advised fund (DAF) is a philanthropic vehicle that individuals, families and organizations use to manage and streamline charitable giving. The greatest benefit of a DAF is simplicity and flexibility — donors contribute to a DAF and receive an immediate tax deduction for the donation. The funds are then held in the DAF account under a sponsoring organization (s [...]

Audit committee members have many aspects to consider when reviewing their nonprofit organizations’ financial statements. For some, this may be the first time they have had to closely review a set of financials, or possibly the first time they have had to navigate the nonprofit financial statement format. While all aspects of the financial statements and relate [...]

Nonprofit organizations play a crucial role in addressing societal challenges, building communities and driving positive change, which was never more apparent than during the COVID-19 pandemic. With the pandemic in the rearview mirror and an increasingly competitive landscape, nonprofits must adopt strategic thinking and embrace innovative approaches to ensure their l [...]

With the advent of artificial intelligence (AI) and Big Data, there is now more data than ever to be utilized in the decision-making process. This raises an important question: How should private foundations and other funders leverage their data and data analytics techniques in this dynamic philanthropic landscape to better understand their investing and grantmaking a [...]