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 [...]

In this episode of the Media Clips Podcast, Host and GHJ Profit Participation Services Practice Leader Ilan Haimoff talks to entertainment attorneys Peter Dekom and Ken Freundlich. Peter Dekom is an author, lecturer and President of Peter J Dekom, a Law Corporation. He represents high-profile rights and talent in film and television, specializing in structuring fi [...]

Many families and individuals use donor-advised funds (DAFs) as an alternative to having their own private foundations — but a “side-car” DAF can also be used to complement a private foundation. Stephanie Yan (GHJ Managing Director and Private Foundation Practice Leader) talks to Pegine Grayson (Senior Vice President/Client Advisor, Director of Philanthropic Servic [...]

Another new accounting pronouncement’s effective date is looming for private companies and nonprofits. ASU 2016-13: Financial Instruments — Credit Losses (Topic 326) is effective for these entities for fiscal years beginning after Dec. 15, 2022. Topic 326 has overhauled the processes of measuring credit losses on most financial assets carried at amortized cost, among [...]

On December 29, 2022, President Joe Biden signed into law a landmark retirement package. The SECURE 2.0 Act includes many new provisions that become effective over various dates through 2026. Some of the most notable provisions include: Required Minimum Distributions (RMDs): Under current law, RMDs must begin at age 72. Under SECURE 2.0, this is increased to 73 begin [...]

So much of the work a person does every day falls outside the scope of a job description, and that work can take a major toll on one’s well-being. How do we ensure that all labor is accounted for? GHJ’s Women’s Empowerment Cohort hosted a discussion about emotional labor with guest speaker Regina Lark, Ph.D. CPO, an author, business owner and board-certified professi [...]

In a previous Tax Alert, GHJ discussed the reporting requirements imposed by the Infrastructure Investment and Jobs Act (IIJA), which went into effect on Nov. 15, 2021. The IIJA includes two provisions that increase the reporting requirements of digital assets and expand Form 1099 filings to include transfers of digital assets. WHAT IS A DIGITAL ASSET? Under the pro [...]