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 [...]

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 [...]

GHJ previously discussed federal tax filing relief for California storm victims. While many California taxpayers received filing and payment deadline extensions, the IRS is still sending statutorily mandated notices that claim there is a balance due. The IRS and FTB have released statements to reassure California taxpayers that they continue to have automatic extens [...]

Colorado made a change to its pass-through entity (PTE) tax regime. Taxpayers may now have an opportunity to amend prior year tax returns to take advantage of the Colorado PTE. BACKGROUND In 2021, Colorado enacted the SALT Parity Act for income tax years commencing on or after Jan. 1, 2022 that allows PTEs to elect to pay state income tax at the entity level and cla [...]

On this episode of the Business Disruption and Resilience Podcast, GHJ Food and Beverage Expert and Guest Host Elad Menna is joined by D’vash Organics President and Co-founder David Czinn. Elad and David discuss what consumer packaged goods companies should know when working with retail, managing their margins and planning for success.D'vash Organics sells healthy swe [...]

On March 29, 2023, the IRS issued Revenue Ruling 2023-2, which addresses an unsettled topic related to assets owned by an irrevocable grantor trust. Assets transferred to an irrevocable grantor trust are treated as a completed gift for estate and gift tax purposes but an incomplete gift for income tax purposes. Until now, the IRS has not provided guidance on whether [...]

In this episode of the Media Clips Podcast, GHJ Profit Participation Services Practice Leader Ilan Haimoff welcomes back USC Professor and Director of USC Annenberg’s Center for the Digital Future Dr. Jeff Cole to examine the state of media. Ilan and Jeff discuss the looming WGA strike, shifts in the streaming market, the rise of alternative profit participation m [...]