Juggling the demands of a career with the responsibilities of raising children is no small feat, and it is a challenge that millions of parents navigate every day — in recognition of National Working Parents Day, it is important to highlight the support systems that make this balancing act possible. In today's fast-paced and increasingly demanding work environment, cr [...]

As small and medium businesses look to streamline their financial operations, many turn to accounting software as a solution. Whether transitioning away from traditional methods, upgrading from tools like Excel or seeking an alternative to an outdated system, adopting the optimal accounting software for the business is crucial. Choosing the right accounting softwa [...]

On this episode of the Media Clips Podcast, host and GHJ Profit Participation Services Practice Leader Ilan Haimoff is joined by Motion Picture and Television Fund (MPTF) President and CEO Bob Beitcher to discuss how the entertainment community is supporting each other through labor disputes. The Writers Guild of America (WGA) and SAG-AFTRA are currently on strike, [...]

On September 14, the IRS announced an immediate moratorium through at least the end of the year on processing new claims for the Employee Retention Credit (ERC). This pause comes amid rising concerns about a flood of improper ERC claims filed by promotors who engage in aggressive marketing tactics to ineligible applicants that are said to provide an “unacceptable risk [...]

Co-authored by R&D Incentives Group Sr. Manager Farrell Gerbode With the upcoming 2022 tax compliance deadline, one item that is hitting taxpayers hard is the mandatory Section 174 capitalization rules. What makes it worse is the little guidance provided by regulatory authorities around the scope of Section 174, especially around some of the indirect costs. WHAT IS [...]

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will often revisit and revise accounting standards to respond to the changing business landscape. While many businesses are still responding to ASC 842, there is a new standard that will need to be considered next: Financial Instruments — Credit Losses. BACKGROUN [...]

The Employee Retention Credit (ERC) is a refundable payroll tax credit that was introduced during the COVID-19 pandemic to incentivize employers to maintain employment levels during a government shutdown or period with a significant decline in financial performance. For most businesses, the ERC may be available for wages paid after March 12, 2020 and before Oct. 1, 20 [...]

When it comes to valuing a business, there are several metrics that accounting and finance professionals use. Two of the most commonly used metrics are cash flow and earnings before interest, taxes, depreciation and amortization (EBITDA). The latter was designed to be a proxy for a company’s operating cash flow and is independent of how a company is capitalized, meani [...]

As GHJ explained earlier this year, the U.S. Treasury Department issued final and proposed foreign tax credit (FTC) regulations in 2022 that severely curtailed the ability of U.S. taxpayers to claim a foreign tax credit for certain non-U.S. taxes. The 2022 FTC Creditability Regulations introduced a new set of rules to determine whether a non-U.S. tax qualifies as a cr [...]

A new accounting standard arising from regulatory action in the banking sector will have an impact on many different types of organizations, especially those with contracts and/or debt securities that utilize a reference to determine applicable interest rates. After more than 40 years as the reference for interest rates, the London Interbank Offered Rate (LIBOR) will [...]