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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

4 Takeaways for Businesses on Surviving 2021

Many businesses are wondering how they’ll survive 2021. When Len Rus, CPA, joined me on the firm’s video series, Next Level, he shared his advice for business owners on making it through what’s looking like another crazy year.

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Business Valuation  |  Construction & Real Estate  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Exit Planning Would Have Saved This Family-Owned Business from Bankruptcy

Whether you want your company to continue growing after you retire or simply want to turn a profit on the sale of your business, every company owner needs an exit plan. As a CPA who has worked with business owners for decades, I’ve seen several companies unravel simply because they failed to plan ahead. Here’s just one example of a company that lost it all.

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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

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

4 Critical Tax Consequences to Consider When Selling Your Business

The sale of a business is often the most significant financial event an owner faces during his or her lifetime. Many times, however, the owner begins negotiating the sale without understanding how critical tax aspects of the deal structure can have a huge effect on the net amount of money they’ll receive. Understanding key factors about your business will result in you being able to negotiate the best deal for you, or at least understand the implications of a deal.

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Fresh Ideas  |  Nonprofit

Jennifer Rock: Nonprofit CPA and Rock Star Volunteer Offers Advice

The spirit of volunteerism runs deep here at Gross Mendelsohn. Recently I sat down for a conversation with Jennifer Rock of our Nonprofit Group. Jenn is a nonprofit auditor and has been an absolute rock star volunteer for several local nonprofit organizations, who I might add, are lucky to have her on their side. I’m excited to share Jenn’s story, and the advice she has for nonprofit leaders from the perspective of both a CPA and a volunteer.

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Construction & Real Estate  |  Government Contractors

3 Ways Construction Contractors Can Prepare for Their First Audit

Maybe you have a new contract that requires an audit or maybe your bank requested audited financial statements. If you’re a construction contractor, a first-time audit can seem overwhelming and daunting. Because your work in process schedule is crucial to your company’s revenue recognition, we’ve identified the top three things contractors can do when preparing their WIP schedule as part of the financial statement audit.

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