Some of the many tax items that companies send out in the early part of each year are payroll forms: W-2, 1099-MISC and a few others. Under prior rules, employers and business had until Feb. 28 to submit the previous year W-2 to the Social Security Administration and 1099-R and 1099-MISC (Box 7, non-employee compensation) to the IRS. The IRS has shorten th [...]

It is a rare feat when two nonprofit organizations are able to come together and join resources to increase the collective impact they have in the community. It is just as rare to have enough donor contributions that allow them to do so. The amount of time, work, and of course, due diligence, that goes into making something this amazing happen is astronomical. I was a [...]

By Sherri Carstens, CFE (Senior Manager, GHJ) and Ilan Haimoff (Partner, GHJ) Let’s imagine the perfect world when it comes to a profit participation audit of a studio film or television series distribution statement: You (Producer) wake up on a Monday and decide it is time to audit. Within days, your attorney sends an audit notice to the studio, and by the end of t [...]

In previous blog posts, we have written about federal and state tax incentives for the entertainment industry, including the Section 199 domestic production activities deduction (DPAD) and state film tax credits. Another significant federal tax incentive is the Section 181 treatment of certain qualified film, television and live theatrical productions, which will be d [...]

Our film and television profit participation forensic reviews have a life of their own beyond the issuance of our report. Therefore, and based on popular demand, we wanted to share further information on what typically occurs beyond that point. Let’s imagine we have completed our review, and you have our final report in your hands. Now what? Submitting our Report: Bas [...]

And by: Kyle Kazanjian-Amory Preliminary research done by: Devin Tang (Intern, GHJ) Does anyone remember rewinding their VHS player to re-watch The Wizard of Oz for a third time? Maybe you were lucky enough to have one of those super-fast rewinder things. Here is a picture to jog your memory: How easily we forget about the archaic technology that once ruled the world [...]

Most taxpayers are aware that the mortgage interest deduction is limited to $1 million of acquisition indebtedness and $100,000 of home equity indebtedness on a qualified residence. These limitations apply to a single taxpayer or married taxpayers who jointly file their tax return. In the case of a married couple filing separately, the limitations are $500,000 of acqu [...]

By Matt McWhirter After many years of waiting, the FASB has finally released ASC 842, bringing major changes to the world of accounting for leases. One of the main goals of the new lease accounting standards is to bridge the gap between GAAP and IFRS accounting for leases. While the new standard does not completely align the two accounting methods, the gap between th [...]