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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  |  Service Businesses

New Lease Standard Is Delayed for Privately-held Organizations

The Financial Accounting Standards Board (FASB) just authorized an Accounting Standards Update (ASU) that will defer the implementation of three accounting standards for private companies. The standards involve accounting for leases, credit losses and hedging.

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

Are Your Payroll Taxes Actually Getting Paid?

Business owners and financial executives now have one more thing to keep track of – making sure payroll taxes are actually getting paid to tax authorities. With so many businesses relying on outside parties to process paychecks and pay employment taxes, millions of dollars pass through the hands of payroll companies every day. But are those millions of dollars making it into workers’ paychecks and, just as important, being sent to federal and state tax authorities?

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Healthcare

The Current State of the Skilled Nursing Industry [Infographic]

This year has brought some big changes for skilled nursing facilities. October will mark the implementation of the Patient Driven Payment Model (PDPM). It’s no secret that this implementation has some facilities feeling skittish. In this year’s 2019 Skilled Nursing Facility Survey, conducted by our Healthcare Group, we surveyed skilled nursing facilities on what they thought about the future of the industry. 

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

How Universal Paid Leave Will Affect Employers in the District of Columbia

Earlier this year, we discussed the new income tax credit for qualified family leave. This credit applies to employers who satisfy certain criteria and pay employees under qualified plans.

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

Business Owners Can Learn Lessons from Sports Team’s Embezzlement Case

Jeffrey David, the former chief revenue officer for the NBA’s Sacramento Kings, recently pleaded guilty to charges of wire fraud and identity theft in a scheme that misappropriated approximately $13.4 million of the team’s funds. Mr. David, who was the corporate officer responsible for generating revenue for the Kings, directly negotiated sponsorship, partnership, and other advertising and marketing agreements between the Kings and outside companies. According to the plea agreement, Mr. David directed some of those companies to wire some of their payments to bank accounts held in the name of a limited liability company under his sole control, Sacramento Sports Partners, LLC.  There are lessons business owners can learn from the Sacramento Kings' embezzlement case. Let's look at how the perpetrator embezzled funds, how the scheme was uncovered, and the ways it could have been avoided.

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

2019 Payroll Update

Social Security and Medicare Tax As of January 1, 2019, the maximum amount of annual earnings subject to the Social Security increases to $132,900 (from $128,400 in 2018). 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 2019 will be $8,239.80 (6.2% x $132,900).

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