The Passive Foreign Investment Company (PFIC) rules are designed to prevent United States investors (1) from deferring United States tax on passive income earned through foreign corporations, or (2) from converting such income into capital gains that are taxed at preferential rates. The PFIC rules are just one set of several anti-deferral rules that international ta [...]

Nonprofit boards face numerous challenges around board diversity, recruiting, fundraising, succession and limited resources. GHJ's new Nonprofit Board Series will offer practical insights for nonprofit board members to improve their operations. One way nonprofits can address common challenges while expanding their reach is with a community advisory council (CAC). In [...]

Originally published by Food Engineering. In the U.S., the journey of beverage alcohol from producer to consumer travels through a three-tier system: ProducerDistributorRetailer Alcohol producers must go through both a distributor and retailer to sell their product, and recent market shifts are creating a mix of opportunities and challenges for producers. MORE PR [...]

The Movie Business Podcast is a series hosted by GHJ Profit Participation Services Practice Leader Ilan Haimoff and USC School of Cinematic Arts Professor Emeritus and Editor of The Movie Business Book Jason Squire. In this installment, Ilan and Jason talk to Barbara M. Rubin, Partner and Entertainment Department Co-Chair for Glaser Weil about her role in negotiating [...]

California Governor Gavin Newsom signed the 2022-2023 state budget into law on Jun. 27, 2022. The budget offers tax relief from Assembly Bills 192 and 194, which were signed into law in addition to the budget and include the following provisions: Authorization of approximately $9.5 billion in tax refunds, ranging from $400 to $1,050 for married filing joint and $200 [...]

This episode of the Media Clips Podcast takes a closer look at music publishing catalogs and the valuation, tax and auditing considerations for new investors. He is joined by Willkie Farr & Gallagher LLP Partner Shane Nix, Citrin Cooperman Partner and Co-Practice Leader, Music Economics and Valuation Services Barry Massarsky and GHJ Profit Participation Services Senio [...]

Originally published by Training Magazine. It makes sense that nonprofits were early advocates for building diversity within their organization. After all, they often serve diverse demographics with varied needs in the community. Still, many nonprofit boards continue to struggle with diversity and inclusion. In Leading with Intent: Reviewing the State of Diversity, [...]

Although women’s representation has improved across the corporate pipeline, a report from Lean In and McKinsey and Company identified a “broken rung” at the first step from associate to manager, since women are promoted to manager at far lower rates than men. This indicates a disconnect between how women are perceived in the workplace and in positions of authority. [...]

As discussed in previous blog posts, resident individuals in the United States with investments in foreign corporations, including via pass-through entities such as partnerships and S corporations, must contend with immediate taxation of foreign earnings on an annual basis, generated by Controlled Foreign Corporations (CFCs), either under Subpart F or Global Intangibl [...]

In this episode of the Media Clips Podcast, GHJ Entertainment Practice Leader Ilan Haimoff checks in with Dr. Jeff Cole, USC Professor and Director of USC Annenberg’s Center for the Digital Future. In a Media Clips videocast in 2021, Ilan and Jeff discussed the streaming wars, the growing popularity of television and the uncertain future for movie theaters. In that [...]