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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  |  Service Businesses

Pay Less in Taxes When Transferring Your Family-Owned Business to the Next Generation

There are many different ways a business owner can transfer a family-owned business to the next generation. Each method comes with its own set of risks and benefits, especially when it comes to tax implications associated with the transfer or sale.

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Government Contractors

CMMC Certification for Government Contractors

If your government contracting business doesn’t have its CMMC certification, you could be ineligible for future contracts — causing a hard hit to your revenue stream. With all eyes on cyber security these days, CMMC compliance is a critical issue that government contractors need to tackle. With CMMC compliance being required by many 2022 contracts, now is the time for government contractors to work toward the certification.

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High Net Worth Families  |  Service Businesses

King of Pop’s Estate Prevails Against IRS

The U.S. Tax Court recently issued a 271-page opinion, ending the long-running litigation between the Estate of Michael Jackson and the Internal Revenue Service. The court’s ruling was a major win for Jackson’s estate and the decision has the potential to impact future valuation cases.

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Nonprofit

How to Prepare for Your Private School’s Next Audit

While students might be out for the season, summer is often the time when private schools hit the books to prepare for their yearly audit. Here is a quick guide on how to prepare your private school for this year’s audit.

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

New Tax Reporting Requirement for Virginia Businesses — Unitary Business Report

Businesses who are subject to Virginia income tax may need to file a one-time Unitary Business Report by July 1, 2021. If your company is required to file this report but fails to file by July 1, your business will be subject to a $10,000 fine. This new filing requirement affects businesses that are part of a “unitary business.”

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

Before Transferring Your Family Business to the Kids, Consider These Things

I was on my way home the other day, talking with a client who was stressed about a major decision she was facing. After years of pouring her heart and soul, not to mention money, into building a successful family-owned business, she was ready to move on and pass it along to two of her children. She called to talk about the tax implications of selling the business, but instead of talking about capital gain, avoiding double taxes and minimizing tax liability, I steered the conversation in quite a different direction.

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