Make A Payment Client Portal Contact
Let's Talk

Accounting Firm Blog

Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

Blog Feature

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

Maryland Raises Business Personal Property Tax Exemption

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.

Read More

Blog Feature

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

New Lease Standard: Tips for Implementation

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.

Read More
Gross Mendelsohn Blog

Get more articles like this one!

Subscribe to our blog, and we'll send articles straight to your inbox when they're published.

Blog Feature

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

Lease Accounting Software Options

In wake of the new lease accounting standards, Accounting Standards Codification (ASC) 842 and International Financial Report Standards (IFRS) 16, it’s important that you have the right technology in place to handle complicated lease situations and ensure that your organization is compliant. Many companies without a comprehensive lease management software rely on tedious manual processes, spreadsheets and disparate systems that are cumbersome and prone to errors. Thankfully, there are lease management solutions that can stand alone or seamlessly integrate with ERP systems to consolidate data, reduce inaccuracies and streamline everyday operations.

Read More

Blog Feature

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

New Lease Standard to Impact Any Business or Nonprofit With a Lease

Some are calling the new lease standard the biggest accounting change of this generation. While the accounting profession moved the goalposts on its effective date for years, the time is finally here for organizations to implement the sweeping changes brought about by FASB’s Accounting Standards Codification (ASC) 842, Leases. The changes that the new lease standard brings are substantial and can impact any business or nonprofit that has at least one lease. Here’s a brief rundown of what you need to know about this new accounting standard and how it will impact your organization’s financial statements.

Read More

Blog Feature

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

5-Point Checklist for Managing Inflation In Your Business

With inflation running high, businesses everywhere are struggling to manage costs. Regardless of whether or not inflation is in check anytime soon, its effect on business revenue and savings requires planning and prioritizing now. We put together a checklist of potential ways you can manage the negative effects of inflation while identifying positive, long-term opportunities for your business.

Read More

Blog Feature

Healthcare

Provider Relief Fund Reporting Requirements for Healthcare Providers

Healthcare providers who received funding from the Provider Relief Fund must report the use of funds to the Health Resources & Services Administration according to a specific reporting schedule. Here’s what healthcare providers need to know.

Read More