Gross Mendelsohn Blog
A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.
Common area maintenance (CAM) costs are expenses incurred by a landlord to maintain or manage common areas in places like shopping centers or office buildings. For example, a parking lot in a shopping center or the lobby in an office building requires periodic maintenance, which is shared by the tenants who utilize those areas. Commercial real estate managers with retail or office space almost always have CAM costs, and need to be aware of a significant new accounting rule that affects how they are reported.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
When I ask business owners about the challenges facing their business, there is one common theme that runs across all industries — the labor dilemma. By now, we have all experienced the effects of the “Great Resignation.” Local businesses have shortened operating hours, closed on certain days or reduced menu offerings because they simply cannot find enough workers. Some clothing retailers have even closed dressing rooms, citing being short-staffed as the reason. Where are all the workers?
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Construction & Real Estate | Government Contractors | Healthcare | High Net Worth Families | Manufacturing & Distribution | Nonprofit | Service Businesses
Certain late tax filers are about to see some relief. The IRS is abating the late filing penalties for various tax returns for 2019 and 2020 that were filed late or have not yet been filed. This announcement came on August 24, 2022, when the IRS issued Notice 2022-36. Let’s take a look at why penalties are being waived, which tax returns are affected and what you can expect next.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Service Businesses
The Maryland State Department of Assessments and Taxation (SDAT) made business owners very happy as House Bill 268 (HB268) has officially taken effect. This legislation increases the exemption amount of personal property eligible to be taxed. The exemption has gone from $2,500 to $20,000 for businesses, and from $10,000 to $20,000 for at-home businesses. As an extension of legislation HB90, which exempts from personal property valuation and taxation if the total cost of the personal property was less than $2,500, this new legislation is said to save $44.2 million in taxes for 14,217 Maryland businesses by increasing the exemption limit to $20,000.
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Construction & Real Estate | High Net Worth Families
The like-kind exchange is one of the most money-savvy ways to defer capital gains taxes while building your long-term wealth. A 1031 exchange, which gets its name from Section 1031 of the Internal Revenue Code, can help you swap one investment property for another and defer capital gains taxes. These transactions are complicated, and they're riddled with rules that could make or break your investment. But they can be fruitful, as long as they are executed correctly. Let’s take a look at 1031 exchanges, how they work and their benefits.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
The new lease standard is finally here and effective for all private companies and nonprofits for years beginning after December 15, 2021. After years of discussion and several delays, it’s important for private companies and nonprofits to start preparing for the new lease standard. That’s why we created a list of tips and best practices to get your organization headed down the right path toward a successful implementation of the new lease standard, also known as Accounting Standards Codification (ASC) 842, Leases.
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