Considering all the news and publicity surrounding federal tax reform in 2018, it is possible to have missed or simply overlooked the significance of the determination in South Dakota v. Wayfair on companies in the food industry. This case is specific to sales tax nexus and corresponding compliance repercussions. In short, Wayfair’s adoption of an “economic” standard [...]

With the wave of political and societal changes, nonprofit organizations have to constantly adapt to changes in tax laws and procedures. Our recent nonprofit whitepaper, Board Governance: The Path to Nonprofit Success, explores the importance of effective board governance and why every nonprofit organization should make it a priority. Here are three simple best prac [...]

As part of the Tax Cuts and Jobs Act (“TCJA”) enacted at the end of 2017, a new Internal Revenue Code Section 199A (“Section 199A”) was created to provide a 20 percent deduction for owners of pass-through entities (partnerships, S-Corporations, and sole proprietors) for taxable years beginning after December 31, 2017. Although the goal of Section 199A is to provide a [...]

The U.S. Treasury released final Code Section 965 regulations on January 15, 2019, known as transition/repatriation tax, which clarify many unanswered questions and concerns. The clarifications are mixed with good and bad news. One of the clarifications, related to section 965(h) acceleration events, is very time sensitive. Background 2017 Tax Reform enacted a on [...]

Originally published in Small Business Magazine Today As the profession evolves, it is important to identify and understand an accounting firm’s evolving “DNA” or culture. How we hire, develop and nurture our talent is the foundation for a successful organization and thriving employees. The Future of Accounting An accounting firm’s DNA had typically been based on [...]

In the past 12 months (starting late December 2017), we have seen perhaps the most significant changes to tax laws since the last major tax reform in 1986. These changes came from all three branches of the government. Congress passed the “Tax Cuts and Jobs Act of 2017” (“TCJA”) and the President signed it into law on Dec. 22, 2017. The TCJA contains several significa [...]

ASC 606 - Revenue from Contract with Customers represents the most significant change in accounting methodology in the past 20 years. The objective of the new guidance is to create and help standardize how revenues are recognized across all industries to improve comparability and transparency. ASC 606 has the potential to significantly impact the way that revenue has [...]

GHJ is committed to staying up-to date with food and beverage industry trends, KPIs and innovations. As part of this commitment, GHJ sends its Food and Beverage Practice leaders to various conferences and tradeshows throughout the year. This past month, I had the privilege of attending Supply Side West with fellow GHJ Food and Beverage Expert and Senior Manager Andr [...]

The California Department of Tax and Fee Administration (CDTFA) announced recently in Special Notice L-565 that, beginning April 1, 2019, a retailer located outside of California is required to collect use tax if, during the preceding or current year: The retailer’s sales into California exceed $100,000, or The retailer made sales into California in 200 or more sep [...]

GHJ Entertainment Partner Ilan Haimoff talks with Jason Squire, Professor at USC School of Cinematic Arts, about his predictions for the entertainment and media industry in 2019. Click here to find out what is on the horizon.