Gross Mendelsohn Blog
A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.
Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Service Businesses
If advertisements about the Employee Retention Credit (ERC) have grabbed your attention, you’re not alone. Scammers have jumped on the opportunity to convince business owners to claim this potentially lucrative tax credit. Here’s what you need to know about the ERC, who qualifies and how to avoid falling victim to a scam.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Service Businesses
The Maryland State Department of Assessments and Taxation (SDAT) made business owners very happy as House Bill 268 (HB268) has officially taken effect. This legislation increases the exemption amount of personal property eligible to be taxed. The exemption has gone from $2,500 to $20,000 for businesses, and from $10,000 to $20,000 for at-home businesses. As an extension of legislation HB90, which exempts from personal property valuation and taxation if the total cost of the personal property was less than $2,500, this new legislation is said to save $44.2 million in taxes for 14,217 Maryland businesses by increasing the exemption limit to $20,000.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Service Businesses
The Infrastructure Investment and Jobs Act was signed into law on November 15. While most of the legislation is related to investing in the nation’s infrastructure, there were a couple of tax provisions included in the bill. Here’s what you should know about two of those tax provisions: one affecting businesses and the other affecting brokers of cryptoassets.
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The U.S. Department of Health & Human Services (HHS) announced on September 10, 2021, that an additional $25.5 billion in COVID-19 relief funds will be made available to healthcare providers. Here’s what healthcare providers need to know and how they can apply for the relief.
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There's good news for Maryland residents who have incurred at least $20,000 in undergraduate and/or graduate student loan debt: you may be eligible for a Maryland tax credit.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
After this article was published in February 2021, the Employee Retention Tax Credit was expanded for the entirety of 2021. Then, the Infrastructure Investment and Jobs Act, signed into law on November 15, 2021, set the ERTC to expire at the end of the third quarter of 2021. Read more about the tax provisions in the infrastructure bill here. One of the big highlights of the Consolidated Appropriations Act, 2021 is the expansion and extension of the Employee Retention Tax Credit (ERTC). This change is significant because now, under the new law, some businesses can take advantage of both the Paycheck Protection Program (PPP) and the ERTC — as long as there is no double dipping with the same funds.
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