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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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High Net Worth Families  |  Service Businesses

Taxpayers Can Expect Changes as Key Tax Provisions Sunset

As we near the end of 2023, individuals may be surprised to learn of substantial tax provision changes sitting on the horizon. The tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act (TCJA) are sunsetting with the end of the 2025 tax year.

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

Tax Credits for New Electric Vehicles Purchased In 2023

If you’re one of the half million Americans who purchased an electric vehicle so far in 2023, you might be eligible for a tax credit.

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Construction & Real Estate  |  High Net Worth Families

Navigating Tax Issues Related to Short-Term Rentals

Short-term rentals are all the rage in real estate investing. With droves of vacationers and business travelers using Airbnb and VRBO to seek out homey, comfortable spaces that hotels don’t offer, short-term rentals can be an outstanding real estate investment. Although short-term rentals can get special tax treatment from the IRS and have significant benefits, you should know the tax-related pitfalls to avoid.

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High Net Worth Families

Home Energy Tax Credits: Do You Qualify?

If you updated your home in 2022 or 2023 to be more energy efficient, you might be eligible for one or more tax credits. Tax credits are an excellent way to reduce your tax liability.

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

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

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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Construction & Real Estate  |  Forensics & Litigation Support  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

A Texas-Sized Fraud: Bookkeeper Embezzles $29M from Texas Family

Barbara Chalmers, 74, pleaded guilty in December 2022 to an embezzlement scheme of at least $29 million over the past decade. Ms. Chalmers was the bookkeeper for a charitable foundation and multiple companies run by the family of Jim Collins, a prominent Dallas businessman and former congressman. The family operates Collins American Capital Corp., International Family Investors LTD and the James M. Collins Foundation. Let’s look at how she did it and the red flags that were missed along the way.

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