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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.

Kevin Relf

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Manufacturing & Distribution

Tax Credits for Maryland Manufacturers & Distributors

Between supply chain hurdles, labor shortages and the pandemic, it’s hard to turn a profit. That’s why it’s more important than ever to take advantage of every tax saving opportunity available to your business. Let’s look at some key tax credits for manufacturers and distributors.

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Blog Feature

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

Highlights of IRS Guidance On Section 199A for Sole Proprietorships, S Corps, Partnerships and Trusts

The IRS finally issued its long awaited proposed regulations for the qualified business income deduction, also known as the Section 199A deduction for qualified business income of pass-through entities. Whew, what a mouthful! If your head is already spinning, I encourage you to keep reading, as business owners stand to benefit from this deduction.

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Blog Feature

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

Qualified Business Income Deduction: A Primer On the New Section 199A

There’s a provision in the new tax law that allows owners of sole proprietorships, S corporations and partnerships to deduct up to 20% of income earned by the business. It’s known as the Qualified Business Income (QBI) deduction, or more formally, Internal Revenue Code §199A. The QBI deduction was introduced in the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, and represents the largest change to the tax system since 1986. The intent of this new deduction is to give these business owners a level playing field to keep pace with the significant corporate tax cut, previously a top rate of 35%, reduced to a flat 21%. As with any tax legislation, there are certain requirements, limitations and exceptions. In this article, we’ll discuss the general provisions of the QBI deduction, who qualifies, and how eligible taxpayers can benefit.

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Blog Feature

Construction & Real Estate  |  High Net Worth Families

New Legislation Changes Partnership Audit Rules and Taxation

What Do the New Rules Mean to You?  The Bipartisan Budget Act of 2015 (BBA), signed into law in November 2015, brings about major changes to the rules relating to IRS tax audits of partnerships.

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