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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

15 Questions Accounting Staff Members Are Asking About the New Lease Standard

If there’s one thing for certain, accounting staff members at businesses and nonprofits have more than a few questions about the new lease standard that’s about to take effect. Implementing the biggest new accounting rule to come our way in decades is no walk in the park. That’s why we’re answering 15 frequently asked questions about the new lease standard.  

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Service Businesses

The Tax Impact of Remote Employees On Your Business

One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.

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Nonprofit

Nonprofit Alert: 2022 Single Audit Filings & New Data Collection Form

For nonprofits subject to a Single Audit, there’s a delay in the new requirement to use SAM.gov to submit Single Audit filings.

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Manufacturing & Distribution

Ease Supply Chain Distribution Woes with EDI

In any economy, there are only two ways to increase the bottom line: increase revenue and/or decrease costs. Electronic Data Interchange (EDI) is a tool that can help with both. By eliminating operational bottlenecks, EDI helps lower costs while allowing manufacturers and distributors, to focus on strategic objectives, including revenue growth opportunities like taking on a new customer. Let's dive into what EDI is, how you can obtain EDI software and a real-life EDI implementation success story.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Inflation Reduction Act of 2022: Key Highlights

President Joe Biden recently signed the Inflation Reduction Act of 2022 into law. The new legislation intends to curb inflation by decreasing the amount of money the government spends, imposing new streams of revenue and lowering both healthcare and energy bills for Americans. The 755-page bill has three major provisions. So, to help break it down, let’s take a look at these key provisions and see what each entails.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Journal Entries to Account for Operating Leases Under the New Lease Standard

The new lease accounting standard is effective for private companies and nonprofits for fiscal years beginning after December 15, 2021. This new accounting rule requires organizations to report their operating leases on the balance sheet. This will require some new journal entries. Is your organization ready? To help accounting teams at businesses and nonprofits, here are some of the basic journal entries you’ll need to use to account for operating leases under the new lease standard.

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