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 [...]

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 [...]