Gross Mendelsohn Blog

Phantom Income: Pass-Through Entity Income Used for Support in Divorce Cases

By: Mark Vogel August 10, 2020

Calculating income for support purposes, whether it be child support or alimony, can be complicated. For owners of pass-through entities (“PTEs”), it can be especially difficult.

Economic Stimulus Bill Includes Big Tax Benefit for Business Owners

By: Chris Wehner August 05, 2020

If you’re a business owner with more than $500,000 of excess business losses, the recently-passed Coronavirus Aid, Relief, and Economic Security Act (CARES) Act includes an unexpected tax giveaway you’ll want to know about.

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Lessons from a Business Owner (Who Happens to be One of Our Partners) During a Crisis

By: Susan Gorham August 03, 2020

Given how so much in the world has changed in the last few months, we’ve been producing a lot of content for business owners that answers the question “What’s next for my business?” We know that the top can be a lonely place, and many business owners crave insights from other owners on how they deal with the same difficult challenges. In the spirit of sharing, this article is for business owners who are curious to know how other leaders are dealing with the pandemic. I decided to chat with David Goldner, who just finished his tenure as Gross Mendelsohn’s managing partner, to hear first-hand what he has learned as a business owner as he navigates his way through the COVID-19 crisis.

How Long Should I Keep Tax Records?

By: Carrie King July 20, 2020

Figuring out how long you need to keep your tax records can be tricky. The easiest (and vaguest) answer is that it depends. The general rule of thumb, according to the IRS, is that you need to keep records that support an item of income, deduction or credit until the period of limitations for that tax return runs out. The period of limitations is the time in which you can A) amend your tax return to claim a credit or refund and B) the IRS can assess additional tax.

DC Paid Family Leave Program Begins

By: Charles Monroe July 10, 2020

Effective July 1, 2020, employees who work in the District of Columbia more than 50% of the time and whose wages are subject to DC unemployment tax are eligible for paid family leave.

Paycheck Protection Program Application Period Extended

By: Ernie Paszkiewicz July 06, 2020

The application period for the Paycheck Protection Program closed on August 8, 2020. Learn more about how to get your PPP loan forgiven here. The application period for the Paycheck Protection Program (PPP) has been extended until August 8, 2020. This gives businesses additional time to claim the remaining $130 billion in PPP loan funds that are still available.