We can help you with all of your A133 audit issues and needs
A Single Audit, or OMB A-133 audit, is a rigorous organization-wide examination of a financial statement of a nonprofit organization that receives $500,000 or more in federal funds during a fiscal year. If your nonprofit or government organization requires a Single Audit to assure the proper management and use of federal funds, grants or awards, let us know. Our partners are well-versed in performing Single Audits and all of the rules and regulations involved.
We can help companies and organizations like yours select and install accounting software packages and programs that are "just right"
Accounting software operates as the computer backbone of an accounting system and provides an integrated approach to managing the accounting functions of a business, including payroll and accounts payable and receivable.
When implemented correctly, accounting software can help a business improve employee efficiency and accuracy, streamline processes, and provide the information required to make decisions related to the management of the business. Today’s integrated systems do more than just provide financial information about a business. Systems now integrate CRM, human resources and project management software, so they work together to efficiently provide a complete picture of employees, operations and customer intelligence.
Gross Mendelsohn’s Technology Solutions Group helps business owners and managers make smart decisions about the software they use. From helping you select the right accounting and productivity software packages, to installation, customization and training, our Technology Solutions Group can help.
We'll help your company or organization integrate activity based costing methodologies into your cost accounting system
Activity-based costing allows a business to determine the cost of individual products and services by assigning costs based on the resources they consume. This translates into more accurate costing of your products and services, among other things. Activity-based costing is predominantly used to support strategic decisions such as pricing, outsourcing, and identification and measurement of process improvement initiatives. Our Manufacturing & Distribution Group can help you incorporate these methods into your cost accounting system to make you more efficient.
We'll help your company or nonprofit with advice, recommendations and implementation of agreed upon procedures
An agreed-upon procedures engagement is used when a client or third party requires an independent verification of specific financial information.
An example of an agreed-upon procedures engagement is when a CPA is asked to report on findings related to specific financial statement elements. Unlike in an audit, the CPA does not express an opinion on financial statements taken as a whole. The resulting report states exactly what procedures were agreed upon and performed, and reports on the findings of these specific procedures.
Our CPAs can use agreed upon procedures to report on the specific findings your company needs.
We have a significant breadth and depth of experience providing bankruptcy support services to bankruptcy trustees and attorneys
Bankruptcy matters require careful consideration of every aspect of a business’ financial situation. Well versed in accounting and auditing, taxation, investing, and forensic accounting, Gross Mendelsohn’s experienced professionals provide bankruptcy attorneys and trustees with timely and accurate information with which to make crucial decisions.
Bankruptcy support services include cash flow projections for current activity and reorganization, preparation of monthly operating reports, reconciliation of creditors’ claims with debtor’s records, liquidation analyses for Chapter 7 cases, discovery or determination of preferential payments, turnaround plans, cost cutting improvement, distributions to creditors, and forensic accounting and fraud investigation.
Also, Gross Mendelsohn's Certified Valuation Analysts can perform an appraisal of the entity's assets.
Let us help you plan for the future of your company or organization
Board / retreat facilitation is the process of leading an organization’s strategic meeting to achieve maximum participation, focus, efficiency, engagement and thought-provoking discussion within the group. Good facilitation meets the session’s goals, which might include reaching key decisions or developing a strategic plan for the organization. Many organizations choose to bring in an outside consultant as the facilitator of their meeting.
Our specialists can help you facilitate a successful board retreat to move your company or organization in the right direction.
The next steps to making your company more profitable are those you take with our management advisory services
From succession planning to advice on corporate governance, family business issues and process improvement, our consultants can help you navigate through any aspect of your organization. Our business consulting services include strategic planning, budgeting, technology consulting, inventory control and management, and more.
We can help you determine the value of your company for needs ranging from succession planning to mergers
Business valuation is a process used to estimate the value of an interest in a business. Business valuations are used to provide advice related to the purchase or sale of a business as well as for estate planning, succession planning, divorce litigation, buy-sell agreements, and dispute resolution between shareholders, partners or owners.
Whether you are buying or selling a business, planning your estate, developing a succession plan, or in litigation, a reliable business valuation plays a critical role in helping you reach your goals.
Our Certified Valuation Analysts will take the time to fully understand your need for a valuation, then determine how to achieve the desired results in the most cost efficient manner. Learn more about our Business Valuation Group.
Improving your cash flow starts with our analysis and advisory services
A cash flow projection is an analysis of the expected cash receipts and cash disbursements of an enterprise during a specific period of time. The purpose of the cash flow projection is to provide information on the flow of funds to allow a business to manage its liquidity needs.
We'll help you distribute your personal assets in meaningful and tax advantageous ways
Charitable giving describes the act of donating to a cause that one wishes to support. Charitable giving provides powerful tax and estate planning benefits to you, the donor, in addition to supporting the causes you believe in. Charitable gift annuities, charitable remainder trusts, charitable lead trusts, supporting organizations and private foundations are all methods used to facilitate charitable giving.
Our CPAs and CFPs provide charitable giving and other personal financial planning services to many high net worth individuals, families and their closely held businesses. Let us know if we can guide you in giving to the charities you love to support, while maximizing the tax opportunities associated with charitable giving.
Great management of your company begins with great financial stewardship and consulting services provided by Gross Mendelsohn
Our consulting and implementation assistance helps the boards of organizations like yours be better stewards of your mission and values
Corporate governance is the process that defines how an organization is directed, administered and controlled. It defines the relationship between the organization’s key executives, board members and shareholders, as well as the goals for which the corporation is governed.
Gross Mendelsohn’s Nonprofit Group has worked with a wide range of nonprofit organizations, and many members of the firm serve on boards of directors and committees of various nonprofit organizations. This hands-on community involvement increases our understanding of the tough decisions that nonprofit board members and executives face.
Our expert consulting and implementation assistance helps the boards of organizations like yours so you can focus on fulfilling your organization’s mission.
Property owners like you turn to us for cost segregation studies that help minimize taxes
If you’ve built a new facility, or purchased or renovated an existing facility, you have the opportunity to lower your tax burden with a cost segregation study. A cost segregation study can accelerate tax deductions for real estate investments. Through tax savings, your investment in a cost segregation study could pay for itself many times over.
Our specialties include CRM system selection and installation services for businesses and nonprofits in Baltimore and Maryland
A CRM (customer relationship management) system automates business processes to manage an organization’s interactions with customers, prospects, vendors and other target audiences. The goal of a CRM system is to find, attract and win new clients along with enticing current and former clients to do more business with the company. An effective CRM system enhances efficiency, reducing the costs of marketing and client service.
Businesses and property owners like you turn to us for our expert depreciation analysis and consulting services
Depreciation is an annual allowance to account for the decrease in economic value of the fixed assets of a business over time. For income tax purposes, depreciation allows a taxpayer to deduct the cost of property, including buildings, machinery, vehicles, furniture and equipment. Gross Mendelsohn's tax experts can help you with your depreciation analysis and consulting needs.
Our experts will help you cover all of your due diligence bases if you're buying or selling a business
Due diligence is a term that often applies to an investigation of a business or person prior to signing a contract. Due diligence related to a business acquisition may include a close look at the financial, legal, labor, tax, IT, environment and market position of the company.
If you're a business owner buying or selling a business, Gross Mendelsohn’s CPAs will cover all of your due diligence bases.
If you need an employee benefit plan audit for your business or nonprofit, turn to the specialists at Gross Mendelsohn
An employee benefit plan audit provides assurance that the financial statements of a plan are properly stated. This can help ensure that the benefits promised will be available to the organization’s employees (plan participants).
Employee benefit plans – including 401(k) and 403(b) plans – with 100 or more plan participants are generally required by the Department of Labor or ERISA to have an annual audit. According to the Department of Labor, however, a staggering 30% of employee benefit plans in Maryland fail to meet the minimum requirements for professional standards. There are substantial penalties for plan sponsors who fail to do the proper due diligence.
Gross Mendelsohn is a member of the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center, a voluntary membership center for firms that audit employee benefit plans. The Audit Quality Center mandates that members adhere to strict requirements surrounding training, experience and reporting relating to employee benefit plan auditing. Our membership in the 401(k) Plan Audit Quality Center ensures you that all of our employee benefit plan auditors have current knowledge of applicable professional standards, rules and regulations for employee benefit plan audits.
We can help your company or organization select the right type of business entity for tax planning purposes
Entity selection refers to choice of legal form that a business operates as, such as a Corporation (“S” or “C”), Limited Liability Company (“LLC”) or Partnership (“Limited” or “General”).
Ownership structure, liabilities associated with the business, succession planning, financing needs, tax planning, and how the business plans on conducting its operations are all factors to be considered in the type of entity decision.
Each type of business entity has distinct advantages and disadvantages. We’ll help you make the right decision based on your situation.
We'll help you grow and protect your assets with our estate planning services
Estate planning is the process of arranging for the transfer of assets upon a person’s death. The estate planning process includes gathering information related to assets, developing the plan to pass your estate on to your heirs and then creating the legal structure to implement the plan.
Gross Mendelsohn’s estate planning experts can help you plan for the transfer of your assets, maximizing the amount your heirs receive while minimizing taxes and administrative expenses.
We'll help you structure an executive compensation plan that's exactly right for your company or organization
Executive compensation is the total wage and benefit package that comprise the pay of the top executives in an organization. An executive compensation package might include a base salary, performance bonuses, stock awards and options, prerequisites and other specified benefits.
Need help structuring just the right executive compensation plan? We can help.
Tax preparation is the compulsory act of preparing federal and state income tax returns for individuals and business entities to be in compliance with complex rules and regulations.
Gross Mendelsohn has a full-service tax department, members of which are experienced in all aspects of tax compliance and planning issues.
We'll help your business or nonprofit with virtually any financial reporting need you might have
Financial reporting can take various forms depending on the requirements of an organization’s management, investors, lending institutions, sureties and regulatory agencies. Financial reporting, including audits, reviews and compilations, offer various levels of assurance to the user of the statement. Gross Mendelsohn's CPAs are well-versed in preparing, reviewing, and auditing financial reports.
If you need a financial statement audit for your business or nonprofit, turn to the experts at Gross Mendelsohn
An audit is the inspection of the accounting records and procedures of your organization. An audit verifies whether your organization’s financial statements are presented accurately and completely. An audit, as opposed to a review or compilation, provides the highest level of assurance that the financial statements accurately present your organization’s financial position. Gross Mendelsohn's CPAs are well-versed in auditing financial statements.
We'll prepare a financial statement compilation for your business for any type of reporting need
A compilation is the preparation of financial statements from data provided by a client without any assurance from an accountant. Although compiled financial statements – unlike an audit or review – offer no assurance by a CPA, the presentation of the data in financial statement format provides valuable insight for a business owner in making management decisions. Our CPAs can provide financial statement compilations for any reporting need you have.
We'll prepare a financial statement review for your business for any type of reporting need you may have
A review of financial statements provides limited assurance as to an organization’s financial information by stating that the accountant is unaware of any material modifications that should be made for the statements to conform with generally accepted auditing standards. The level of assurance from a review falls between an audit and a compilation.
During a financial statement review, our CPAs will perform an inquiry of client personnel and other analytical procedures to assure that your organization's financial information conforms with generally accepted auditing standards.
We help businesses and property owners minimize taxes through our fixed asset analyses and planning services
A fixed asset is a long-term tangible asset, such as a building or equipment, that is expected to be used in a company’s operations for an extended period of time. Fixed assets are expected to be used in the company’s production of income and are not expected to be converted to cash in the next fiscal year.
Our tax professionals can help your business identify opportunities to minimize taxes through our fixed asset analyses and planning services.
Our forensic accounting experts can help you prevent, detect and stop fraud in your company or organization
Did you know the typical organization loses 5% of its revenues to fraud each year? Your organization doesn’t have to be one of them.
If your organization has been the victim of a fraud, Gross Mendelsohn's Certified Fraud Examiners can investigate the fraud, then help you put tools and controls in place to prevent fraud in the future.
The firm's Red Flag Reporting program is a simple yet highly effective program designed to educate and empower your employees with the tools to detect and report unethical behavior. Protecting the assets, employees and reputations of employers, Red Flag Reporting dramatically reduces the costly consequences of unethical activity in the workplace.
If you or your business is eligible for any type of government tax credit or inventive, we'll help you find and claim it
Government tax incentives and credits are designed to encourage behavior that meets a goal of government. Offered by federal, state and local government agencies, examples include the historic tax credit, Job Creation & Recovery Tax Credit, Small Business Jobs Act of 2010, and Enterprise Zone Credit.
Our tax specialists can help you maximize the tax saving opportunities offered by various federal, state and local government incentive programs.
If you or your business is eligible for any historic tax credit, we'll help you find and claim it
A historic tax credit offers businesses a tax incentive to rehabilitate older structures deemed to be historically significant. These credits have helped spur real estate development of historic landmark properties.
Businesses and nonprofits like yours turn to us for our expertise with HUD audits
The U.S. Department of Housing and Urban Development’s (HUD) mission is to create sustainable inclusive communities and quality affordable housing for all. HUD requires program-specific audits of for-profit participants such as multifamily housing facilities, and the further requirements of Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations" for nonprofit and governmental organizations. Our CPAs have experience performing HUD audits for many types of businesses and nonprofits.
We evaluate insurance claims for insurance adjusters and attorneys
The right forensic accounting expert can bring clarity and precision to an insurance claim investigation. That’s why it is important to work with a forensic accountant who is well versed in the calculation of losses and who has the ability to present findings in a clear and simple fashion.
Insurance carriers and attorneys rely on Gross Mendelsohn’s Litigation Support & Forensic Accounting Group to prepare and/or evaluate various types of insurance claims. Our forensic accountants have prepared thousands of written reports detailing their evaluation of insurance claims and, when necessary, provided expert testimony.
We have prepared many different types of insurance claims, including those related to business interruption, extra expense, employee dishonesty, personal injury loss of income and business personal property.
We can help you with internal control services from gap analyses to remediation planning and implementation
Internal control includes procedures designed to ensure that an organization’s resources are directed, monitored and measured to assure the reliability of financial reporting, minimize risk, achieve effectiveness of operations, and comply with laws and regulations.
Your organization can benefit from Gross Mendelsohn's internal control expertise. We can also provide you with a Red Flag Reporting ethics hotline for your employees, one of the most cost effective internal control mechanisms an organization can have.
We can help you or your company with any international transaction or tax compliance need you may have
International business transactions bring significant opportunities for planning as well as issues for tax reporting. Among issues to be considered are transfer pricing, international financial reporting standards (“IFRS”), foreign tax credits, and foreign bank reporting.
Is your business starting or expanding activities outside of the U.S.? We can help you take advantage of foreign markets through our membership in BKR International, a network of 135 accounting firms in over 70 countries around the world.
We'll help your business with inventory control through our comprehensive management consulting services
Inventory control and management is the process of determining a company’s adequate inventory needs to support its marketplace and strategic objectives. Good inventory control and management systems track the location of inventory, alert you of the need to order more inventory, efficiently help manage perpetual inventory systems and efficiently design systems that test the information included in the system. Our Manufacturing & Distribution Group provides consulting services to ensure that your inventory control system is as efficient as possible.
We'll help your business or nonprofit with virtually any inventory costing need you might have
Inventory costing is a method of assigning costs to inventory. FIFO (first in, first out), LIFO (last in, first out), and average cost are examples of inventory costing methods. The method a company selects impacts inventory values on the balance sheet and the amount of income that is recognized as goods are sold. Our Manufacturing & Distribution Group can help your business or nonprofit select the inventory costing method that works best for you.
We'll help you grow and protect your assets with our investment management advisory services
Investment management refers to the management of assets (e.g., real estate) and securities (stocks, bonds, etc.) by a professional. The goal of investment management is to meet the financial objectives of the investors – either private investors or institutions – who own those assets and securities.
Our dedicated team at Grant/GrossMendelsohn, our affiliated registered investment advisory firm, has significant investment management and planning experience for high net worth individuals, including asset allocation, cash flow planning, risk assessment, and ongoing monitoring and reporting.
Our specialties include IT networking consulting services for businesses and nonprofits in Baltimore and Maryland
Networking refers to two or more computers and / or technology devices that connect to each other for the purpose of exchanging data. A good network ultimately helps organizations communicate effectively and share resources to effectively streamline business processes.
Choosing the right IT network system for your business can be an overwhelming task. Specializing in implementing and supporting networking solutions, our Technology Solutions Group can find and implement the right solution for you.
Healthcare providers like you turn to us for Medicare and Medicaid cost reporting services
Medicare and Medicaid cost reports allocate costs to different categories and then reflect adjustments for allowable costs up to the cost ceiling. After preparing the cost report, we are able to inform the client of the potential settlement that might result from filing the report. A Medicare cost report, which is a different report from the Medicaid cost report, records the same information, but for Medicare-related costs.
Cost reports should be prepared by professionals who have specialized knowledge of Medicaid and Medicare reimbursement. Gross Mendelsohn's Healthcare Group has a proven track record of providing these services to long term care providers such as skilled nursing centers, assisted living facilities, continuing care retirement communities, senior housing, and community-based health clinics.
Your organization can benefit from the breadth and depth of our M&A experts and CPAs
Although often used interchangeably, a merger is the combining of two businesses and an acquisition refers to the strategic buying or selling of a businesses. M&A activity relates to the process of completing a transaction.
We can help you or your company with any multi-state tax planning or compliance needs you may have
The state tax environment is becoming more complicated and costly to the bottom line of businesses. If you do business in multiple states, your tax issues can be even more complicated. Our multi-state tax specialists help businesses find ways to minimize income taxes and handle a myriad of complex reporting requirements.
Businesses like yours turn to us for our expertise with overhead rate audits
Overhead rates refer to the percentage of costs that are not direct costs of a contract, such as administrative salaries, the costs of a building or machinery, commissions to salespeople, and many other items.
Governmental contractors are often required to have an overhead rate audit to verify the overhead rate they are entitled to use for billing costs. Government contractors are subject to state and FARS (Federal Acquisition Regulations) in determining the amount of reimbursement they are entitled to in a contract. Architectural and engineering firms are examples of companies that often need overhead rate audits.
We'll help you grow and protect your personal assets with our personal financial planning services
Financial planning is the process of achieving your life goals through the proper management of your finances. A personal financial plan may include investment strategies, income tax planning, estate planning, retirement planning, insurance needs analysis, education and long term care planning. An integrated personal financial plan brings together these various disciplines to form a roadmap to achieve your personal goals. Our Certified Financial Planners can help you prepare a personal financial plan.
Your organization can benefit from the breadth and depth of our process improvement services and experts
Process improvement refers to a series of actions taken to identify, analyze and improve existing processes within an organization to meet goals or objectives. The actions taken in process improvement should lead to improved quality, greater efficiency, reduced costs and accelerated schedules. Although any organization can benefit from process improvement, manufacturers and distributors often realize the greatest benefit.
At Gross Mendelsohn, we know your bottom line is just as important as your product lines. That’s why we work closely with manufacturers and distributors to improve your processes and increase your profitability. Let us know how we can help.
We can help your business improve profitability with our advisory and planning services
A profitability analysis is the study of underlying costs and revenues associated with a company’s products, services or customers. A profitability analysis can help business owners identify which products, services or customers to focus more heavily on or eliminate.
If you or your business is eligible for an R&D Credit, we'll help you find and claim it
The R&D tax credit is an often overlooked federal tax credit that rewards companies for performing qualified research and development activities within the U.S. R&D expenses are defined as the costs related to the development or improvement of a product.
Every business tries to improve its product or service. Our tax specialists can help you identify the process improvements that qualify for the biggest tax benefits.
We'll help you plan for your retirement in a way that lowers taxes and protects your assets
Retirement planning encompasses the plans and actions individuals take to prepare a smooth transition from a life based mainly around working to a life based mainly around not working.
Making the right decisions now can help you have the lifestyle you want later. Our retirement planning specialists can help you achieve that lifestyle by mapping out an integrated approach to estate, tax, investment and personal financial planning.
Top and bottom line growth for your company begins with strategic planning expertise provided by Gross Mendelsohn
Strategic planning is the formal process of determining an organization’s long term goals and identifying the best approach to take to achieve those goals. Strategic planning usually involves key people in an organization, sometimes with the help of outside advisors, who analyze the organization’s strengths, weaknesses, opportunities and threats.
If you need outside advisors to help plan for your company's future, let us know. Gross Mendelsohn's strategic planning experts can help. We're also here to help with your organization's board retreat facilitation and corporate governance.
We can help make the transition of your company a rewarding experience for everyone involved
Succession planning is the strategic process of identifying and preparing people to take on key leadership roles within an organization. Succession planning is critical to organizations, especially as executives grow closer to retirement. Those executives have years of experience and knowledge to pass along to successors and that knowledge is something organizations cannot afford to lose.
Every business should have a succession plan. Whether you are passing your business to your children or key employees, Gross Mendelsohn will bring extensive experience to bear to help structure a deal that the existing owner can live with and will allow the business to go forward.
Organizations like yours turn to us for our financing consulting experience and expertise
Tax exempt financing relates to debt issued by a state government or a qualified agency for the advancement of governmental and qualified purposes including the construction of airports, hospitals, recreational and cultural facilities, schools, water infrastructure and road improvements, as well as facilities and equipment used in providing police, fire and rescue services.
Tax exempt financing is also available in the form of Private Activity Bonds and for tax exempt organizations, including nonprofits classified as 501(c)3 organizations, such as nursing homes, private schools and churches. Our tax department has extensive experience serving tax exempt organizations and stays abreast of the latest tax laws and issues — and more importantly, how they impact you.
Whether you are an individual, business owner, privately held company or nonprofit, Gross Mendelsohn is a "go to" CPA firm for tax planning
Tax planning considers the tax implications of individual or business decisions throughout the year with the goal of minimizing the tax liability of an or individual business. Tax planning takes advantage of strategies such as deferral of income, accelerating deductions and tax compliance issues such as the requirements of the Patient Protection and Affordable Care Act (download free whitepaper), favorable tax rates, and taking advantage of tax exempt income and tax credits when available.
Ongoing tax planning is a powerful tool for businesses and families. That’s why Gross Mendelsohn’s tax professionals work with you all year long to identify and implement strategies that save tax dollars and increase cash flow.
Whether you are an individual, business owner, privately held company or nonprofit, Gross Mendelsohn is a "go to" CPA firm for tax preparation
Gross Mendelsohn's tax specialists take a proactive approach to reducing tax liabilities.
In addition to the usual tax preparation and tax planning issues, Gross Mendelsohn’s tax specialists help with entity selection, accounting method selection, benefits planning, tax compliance issues such as the requirements of the Patient Protection and Affordable Care Act (download free whitepaper), investment options, charitable giving, income deferral, asset shifting and protection, buy / sell agreements, earnings accumulation, cost segregation studies, R&D tax credits and estate planning.