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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  |  Nonprofit

2022 Payroll Update

Social Security and Medicare tax As of January 1, 2022, the maximum amount of annual earnings subject to Social Security increases to $147,000 (from $142,800 in 2021). There is no limit on the amount of earnings subject to the Medicare tax.

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Construction & Real Estate  |  Government Contractors  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Maryland Extends Deadline for Individual Income State Tax Returns to July 15, 2022

Yesterday, Maryland announced that the deadline for individual income state tax filings and payments will be extended from April 18, 2022 to July 15, 2022.

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Government Contractors

Establishing Rates for Government Contracts

If you’re a government contractor and a potential client asked you to fill a position, could you give them a rough price on the spot? What would you charge for that position? What if a fellow contractor who wants to team with you on a proposal asked, “What is your wrap rate?” Just like building a house, laying the foundation may seem like a simple part of the overall construction process, but it’s the most important part of the entire project and in government contracting, it starts with the chart of accounts.

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Construction & Real Estate  |  Government Contractors

5 Accounting Mistakes to Avoid if You Need a FAR Overhead Audit [Video]

There are several accounting mistakes that government contractors make that can cause major headaches when uncovered during their federal acquisition regulation overhead audit. Here are five of the most common.

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

Tax Provisions to Help Businesses Become More Accessible for Those with Disabilities

If your business is looking for ways to invest to increase accessibility for employees, customers and visitors with disabilities, there are two tax provisions that can help offset the cost of those expenses.

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

Infrastructure Legislation Terminates ERTC

The Infrastructure Investment and Jobs Act was signed into law on November 15. While most of the legislation is related to investing in the nation’s infrastructure, there were a couple of tax provisions included in the bill. Here’s what you should know about two of those tax provisions: one affecting businesses and the other affecting brokers of cryptoassets.

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