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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.

4 Common Misperceptions About Lost Profits Claims

Claims for lost profits arise in many types of cases, including contract disputes, business torts, insurance claims, personal injury and antitrust claims.
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2024 Payroll Update

Social Security & Medicare Tax As of January 1, 2024, the maximum amount of annual earnings subject to Social Security increases to $168,600 (from $160,200 in 2023). There is no limit on the amount of earnings subject to the Medicare tax. The maximum...
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IRS Delays $600 Form 1099-K Reporting Requirement Threshold

Tax season can be a confusing and stressful time for many, with various forms and reporting requirements to keep track of. One form, the 1099-K, is the subject of a delay by the IRS. The IRS recently announced the delay of a 2021 law that would require...
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Tax Strategies to Consider Before Moving Abroad

Moving abroad is an exciting venture, but it comes with important financial considerations, especially when it comes to taxes. Careful tax planning can help you navigate the complexities and optimize your financial situation before making an...
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Budgeting Best Practices for Nonprofits

Creating and managing your nonprofit’s budget probably isn’t a favorite annual task. Though budgeting may feel tedious or even overwhelming, having a clearly established budget plays a key role in your nonprofit’s ability to successfully execute its...
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Maryland Extends Deadline for MarylandSaves Exemption to December 31, 2023

It has been quite some time since Maryland’s general assembly passed MarylandSaves in 2016. After much delay, Maryland finally put its retirement vehicle into motion on September 15, 2022, in the form of a Roth IRA account. Now that the program has been...
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