Gross Mendelsohn Blog | Government Contractors (2)

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

New Tax Reporting Requirement for Virginia Businesses — Unitary Business Report

By: Manvi Sidhu May 27, 2021

Businesses who are subject to Virginia income tax may need to file a one-time Unitary Business Report by July 1, 2021. If your company is required to file this report but fails to file by July 1, your business will be subject to a $10,000 fine. This new filing requirement affects businesses that are part of a “unitary business.”

Before Transferring Your Family Business to the Kids, Consider These Things

By: Ernie Paszkiewicz May 17, 2021

I was on my way home the other day, talking with a client who was stressed about a major decision she was facing. After years of pouring her heart and soul, not to mention money, into building a successful family-owned business, she was ready to move on and pass it along to two of her children. She called to talk about the tax implications of selling the business, but instead of talking about capital gain, avoiding double taxes and minimizing tax liability, I steered the conversation in quite a different direction.

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

8 Characteristics of Successful Family-Owned Businesses

By: Ernie Paszkiewicz May 10, 2021

There’s no magic bullet for making your family-owned business hum smoothly along from one generation to the next. The good news? You can learn from successful family-owned businesses that have made it to the second, third, fourth and even fifth generations. I took some time to think about my most profitable family-owned business clients and identify what they all have in common. Here’s what I came up with.

Quick Guide: Exit Planning for Family-Owned Businesses

By: Ernie Paszkiewicz April 22, 2021

If the COVID-19 pandemic has taught us anything, it’s that we don’t know what’s coming around the corner. And like the pandemic, the next thing that comes around the corner will likely be out of your control. But there is something you can control with some careful planning: the transfer of your family-owned business. Let’s talk about business exit plans.

6 Business Tips from Three Inspiring Businesswomen

By: Samantha Androsky March 17, 2021

Growing and running a business is hard (especially in the middle of a global pandemic). In the latest episodes of the firm’s video series, Next Level, Bryna Campbell, CPA, Shante Fields and Kat Sabo shared some of their top advice for businesses in 2021. Here are just a few of the takeaways from each of their interviews.

Tax Changes for Individuals and Businesses Under the American Rescue Plan

By: Scott Handwerger March 16, 2021

On March 11, 2021, President Biden signed the American Rescue Plan into law. This $1.9 trillion COVID relief bill contains several tax provisions. Here are the highlights for individuals and businesses.