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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.

David Leipnik

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Healthcare

Additional $25.5 Billion in Relief Funds Available for Healthcare Providers

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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High Net Worth Families

Quick Guide: Maryland Student Loan Debt Relief Tax Credit

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

Some PPP Loan Recipients Now Eligible for Employee Retention Tax Credit

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

Expected Tax Changes Under the Biden Administration

The year ahead could bring major tax changes for businesses and families. President-elect Joe Biden talked about several big tax changes on the campaign trail. What we don’t yet know is how easy it will be for those proposed changes to become law.

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Nonprofit

The Nonprofit “Parking Tax” Was Repealed

On December 20, 2019, the “parking tax” for nonprofits was repealed. The parking tax, otherwise known as the taxation of transportation fringe benefits by nonprofit employers under Section 512(a)(7), was first brought into law with the passing of the Tax Cuts and Jobs Act (TCJA) at the end of 2017.

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Blog Feature

Nonprofit

E-Filing Will Be Mandatory for All Tax-Exempt Organizations

The IRS recently announced new rules for e-filing requirements for tax-exempt organizations. The Taxpayer First Act requires all tax-exempt organizations to electronically file Form 990. Currently, only a limited number of nonprofits are required to file electronically. That all changes for tax-exempt organizations starting with tax years that begin after July 1, 2019. Let’s look at the kinds of organizations and tax returns that are affected.

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