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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.

Scott Handwerger

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

Tax Changes for Individuals and Businesses Under the American Rescue Plan

On March 11, 2021, President Biden signed the American Rescue Plan into law. This $1.9 trillion COVID relief bill contains several tax provisions. Here are the highlights for individuals and businesses.

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

Maryland Passes $1 Billion+ COVID-19 RELIEF Act

Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.

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

Hiring Veterans: There’s a Tax Credit for That

More organizations are hiring military veterans every day. In addition to benefiting from the skills, dedication and experience that veterans offer, qualifying employers can earn a tax credit for their commitment to hiring, training and retaining veterans. Many of our clients, particularly government contractors, hire military veterans. Let’s look at some of the tax credits available to employers who hire veterans.

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Construction & Real Estate

Tax Credits & Incentives for Maryland Construction Contractors

If you’re a business owner or CFO, the idea of leaving money on the table is cringe-worthy. Tax credits and incentives offer the opportunity to lower your construction company’s tax burden, dropping more money to your bottom line. If your construction business isn’t taking advantage of every available tax savings opportunity, you’re missing out. Many construction contractors, however, aren’t aware of some Maryland and federal credits that could generate substantial tax savings for them.

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Construction & Real Estate  |  Manufacturing & Distribution

De Minimis Safe Harbor Election: Act Now To Be Eligible For 2018

With the confusing terminology, complicated tax code and the feeling that tax rates are just too high, many business owners hear “taxes” and run the other way. However, there is one tax phrase that’s easy to understand and every business owner likes to hear: safe harbor. With the de minimis safe harbor election, you can immediately expense certain assets up to $2,500. If you have an applicable financial statement (AFS), this goes up to $5,000. Subscribe to our blog to get articles like this delivered to your inbox. Sound good? You must act NOW to ensure that your business is eligible to make this election for the 2018 tax year.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Outsourced Accounting

Why You Should Outsource These 5 Business and Accounting Tasks to Your CPA Firm Right Now

Do you find yourself stuck performing (sometimes mundane) tasks in areas of your business that might be better off performed by someone else? Most small business owners would answer with a resounding “YES!” In the ideal world you’d have a chief financial officer who generates financial reports that help you monitor profitability. Wouldn’t it also be nice to have a human resources director to coordinate hiring and employee benefits for your business? Let’s not forget about a chief technology officer who can make sure your computer network and software are up and running smoothly 24/7. If this sounds like a dream come true for your business, join the club of small business owners who would love to delegate accounting, HR and technology tasks to someone else. But what if that “someone else” doesn’t exist in your business?

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