The Internal Revenue Service (IRS) announced that it is extending the due date for certain New York tax returns to May 15, 2023. This extension applies to individuals, businesses and trusts that were impacted by the December 2022 winter storm that caused significant damage and disruptions throughout the state. The IRS is providing tax relief to those who were impact [...]

Public accounting is a relationship-based business, and a colleague today may become a friend, competitor or partner in the future. As I have grown in my career, so have the members of our GHJ alumni network as they moved on to new and exciting opportunities. In some cases, these same alumni have even become referral sources or clients of the Firm. I tend to think of [...]

Currently, for real estate sales where the property is located in the City of Los Angeles, the current transfer tax rate is $4.50 per $1,000 of value, which is approximately a 0.45-percent tax rate. Further, there is an additional Los Angeles County transfer tax rate of 0.11 percent, which brings the total transfer tax rate for sales of real estate located in the City [...]

With the economy shifting, many nonprofit organizations are reevaluating where to focus their time and budgets for the next year. In many organizations, additional investment in technology is one line item that is not prioritized in times of uncertainty. Consider these opportunities to maximize the value of a nonprofit’s tech stack. IDENTIFY THE BEST TECHNOLOGY SOL [...]

In this episode of the Media Clips podcast, Host and GHJ Profit Participation Services Practice Leader Ilan Haimoff talks to Producer and Original Film Founder Neal Moritz. A prolific producer, Neal’s credits include the Fast and Furious, Sonic the Hedgehog and Jump Street franchises. Ilan and Neal discuss how the producer’s relationship with studios has shifted ov [...]

Mixed signals dominate economic headlines as concerns persist about a recession beginning in 2023, if it has not already begun. The M&A markets became significantly more challenged in the second half of 2022, and deal activity reported by investment bankers and private equity financial buyers has slowed down, with uncertainty and rising financing costs playing promine [...]

The Employee Retention Credit (ERC) is a refundable payroll tax credit available for businesses that continued to pay employees while suspended by COVID-19-related governmental orders or had significant declines in gross receipts in 2020 and 2021. Employers may be eligible to claim the credit based on “qualified wages” paid between March 13, 2020, and Dec. 31, 2021.To [...]

Originally published in Training Magazine. The U.S. Bureau of Labor Statistics states that 47 million Americans voluntarily quit their jobs in 2021 — a mass exit from the workforce that is now known as the Great Resignation. Employees are leaving their employers in droves in search of better work, so employers should strive to improve employee satisfaction. One way [...]

On this episode of the Business Disruption and Resilience Podcast, Guest Host and GHJ Corporate Tax Practice Leader Nisha Golcha talks to R&D Incentives Director Paul Nguyen and GHJ Tax Manager Brett Crowell about Tax Cuts and Jobs Act of 2017 changes to IRS Code Section 174. Nisha, Paul and Brett discuss how research and experimentation expenditures must now be t [...]

The final and proposed foreign tax credit regulations issued on Jan. 4, 2022, and Nov. 18, 2022, respectively, may cause many previously creditable foreign income taxes to become non-creditable for U.S. federal income tax purposes. The provisions of the Final Regulations that relate to the creditability of foreign taxes apply to foreign taxes paid or accrued in taxa [...]