Gross Mendelsohn Blog | Government Contractors

2023 Payroll Update

By: Dawn Ebeling January 27, 2023

Social Security & Medicare Tax As of January 1, 2023, the maximum amount of annual earnings subject to the Social Security increases to $160,200 (from $147,000 in 2022). There is no limit on the amount of earnings subject to the Medicare tax. The maximum Social Security tax to be deducted from an employee’s compensation during 2023 will be $9,932.40 (6.2% x $160,200).

Significant Retirement and Tax Changes in the Secure 2.0 Act of 2022

By: Chris Wehner January 24, 2023

The SECURE 2.0 Act of 2022 (“Secure 2.0”) was passed on December 29, 2022 and focuses primarily on enhancing retirement plan incentives for individual taxpayers. Let’s review some key provisions of the bill and how they could impact you and your business.

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What Accounting Staff Need to Know About the New Lease Standard

By: Marie Calabrese December 05, 2022

The new lease accounting standard, Accounting Standards Codification (ASC) 842, is out in full force and there are numerous rules, adjustments and transitions accounting departments need to be made aware of—stat.

15 Questions Accounting Staff Members Are Asking About the New Lease Standard

By: Marie Calabrese November 15, 2022

If there’s one thing for certain, accounting staff members at businesses and nonprofits have more than a few questions about the new lease standard that’s about to take effect. Implementing the biggest new accounting rule to come our way in decades is no walk in the park. That’s why we’re answering 15 frequently asked questions about the new lease standard.

The Tax Impact of Remote Employees On Your Business

By: Charles Monroe November 11, 2022

One of the unexpected consequences of the COVID-19 pandemic is the proliferation of remote employees. If your business has remote employees, there are tax consequences and rules you should be aware of.

Inflation Reduction Act of 2022: Key Highlights

By: Hajar Nassibi September 21, 2022

President Joe Biden recently signed the Inflation Reduction Act of 2022 into law. The new legislation intends to curb inflation by decreasing the amount of money the government spends, imposing new streams of revenue and lowering both healthcare and energy bills for Americans. The 755-page bill has three major provisions. So, to help break it down, let’s take a look at these key provisions and see what each entails.