The last few years have been volatile for the media and entertainment industry, and the threat of an economic recession has many worried about what is in store for 2023. With challenges, though, come opportunities. Below, finance leaders of prominent production companies provide what trends they see on the horizon. Here are their top predictions when it comes to conte [...]

Despite rampant speculation about the current state of the economy, GHJ’s recent Economic Outlook discussion’s positive tone suggested that things may not be as dire as they seem.On Feb. 23, 2023, GHJ hosted panelists Cameron Dayne (Fifth Third Bank), Stephen Cheung (Los Angeles County Economic Development Corporation) and Rachel Foltz (Endeavour Capital) for an Econo [...]

Determining whether a foreign alien individual is a resident for federal income tax purposes is crucial to determine how this individual will be taxed in the United States. In general, foreign nationals who are considered resident aliens for U.S. federal income tax purposes are taxed in the same manner as U.S. citizens – i.e., they are taxed on their worldwide incom [...]

On Feb. 24, the IRS updated its announcement of tax filing and payment relief for California taxpayers affected by recent storm conditions. Individuals and businesses in affected areas now have until Oct. 16, 2023 (initially May 15, 2023) to file and pay their 2022 federal taxes. On Thursday, Mar. 2, California announced that it will conform to the IRS filing and pay [...]

On this episode of the Business Disruption and Resilience Podcast, GHJ Private Equity Practice Leader and Host David Sutton talks to BMO Director Kaitlin Skopec about what businesses need to know about capital planning. David and Kaitlin take a look at current economic conditions, the state of the M&A market and how these circumstances affect capital planning in 20 [...]

In this episode of the Media Clips Podcast, Host and GHJ Profit Participation Services Practice Leader Ilan Haimoff talks to two experts on motion picture and television financing: Akin Gump Partner and Entertainment and Media Practice Head Chris Spicer and Bank of America Entertainment Industries Group Head Randy Hua. Chris and Randy discuss how the industry has [...]

The California Franchise Tax Board (FTB) recently released a statement regarding the taxability of the refundable portion of the Employee Retention Credit (ERC). The FTB previously indicated that an ERC refund would be taxable for California income tax purposes, but that the wages used to claim the credit would remain deductible. The FTB has now reversed its position [...]

Private equity groups (PEGs) benefit from outsourcing their accounting and compliance needs to CPA firms with the right industry knowledge and expertise. When these decisions are decentralized, the Fund and Portfolio Companies (Port Cos) engage different CPA firms to perform these services. For example, each Port Co might have a different CPA firm performing the audit [...]

From time to time, the California Franchise Tax Board (FTB) may issue announcements that affect taxpayers. These announcements may be driven by legislation or environmental factors. With tax deadlines approaching, California taxpayers should keep these updates in mind. ONE-TIME PENALTY ABATEMENT FOR INDIVIDUALS Good news for individuals filing personal income taxe [...]

A family private foundation creates a structure for charitable giving and a lasting legacy for the family, but it also comes with administrative burdens. Stephanie Yan, GHJ Managing Director and Private Foundation Practice Leader, talks to Pegine Grayson, Senior Vice President/Client Advisor, Director of Philanthropic Services at Whittier Trust, about the mundane but [...]