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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

Family Offices — Lessons for Everyday Families

It’s normal for high net worth families to have “family offices” that manage banking, investments, bill paying and more. But most of us aren’t born with the name Rockefeller and we don’t have family offices. However, I believe there are lessons to be learned from family offices that are helpful for any family who wants to get a better handle on their financial situation. As a CPA and Certified Financial Planner, I work with high net worth clients who have family offices. I apply some of the principles behind family offices to my other clients. Let’s look at family offices, their purpose and how we can apply their benefits to the financial matters of everyday folks.

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

Maryland Taxpayers Are Granted Tax Filing and Payment Extensions

Maryland Comptroller Peter Franchot announced extended filing and payment deadlines for certain state business and individual taxes and quarterly estimated income tax returns and payments.

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

How the CARES Act Impacts Retirement Plan Participants & Distributions

The social and economic impact of the COVID-19 pandemic continues to rage on, wreaking havoc on countless businesses and their employees. As individuals look for possible solutions to their cash flow challenges, they may turn to their retirement plans as a source of funding.

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

8 Key Highlights of the New Stimulus Bill

President Trump signed the bill into law on December 27, 2020. Well, it’s hot off the press and it’s 5,593 pages long. It’s impossible to cover everything in the latest COVID-19 relief bill - called the Consolidated Appropriations Act, 2021 - so we are concentrating on Divisions M & N of the bill involving updates to the CARES Act. Let’s look at the highlights.

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

Expected Tax Changes Under the Biden Administration

The year ahead could bring major tax changes for businesses and families. President-elect Joe Biden talked about several big tax changes on the campaign trail. What we don’t yet know is how easy it will be for those proposed changes to become law.

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

How to Claim a Home Office Deduction

2020 has been a unique year to say the least. Many people who would otherwise commute to an office or jobsite every day are finding that they need to work from home because of the COVID-19 pandemic and social distancing restrictions. There may be tax benefits for individuals who find themselves setting up shop at home for an undetermined period of time. Here’s what you need to know to take advantage of those rules.

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