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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  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Maryland Passes $1 Billion+ COVID-19 RELIEF Act

Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.

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Business Valuation  |  Construction & Real Estate  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

Exit Planning Would Have Saved This Family-Owned Business from Bankruptcy

Whether you want your company to continue growing after you retire or simply want to turn a profit on the sale of your business, every company owner needs an exit plan. As a CPA who has worked with business owners for decades, I’ve seen several companies unravel simply because they failed to plan ahead. Here’s just one example of a company that lost it all.

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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  |  Nonprofit

Layoff or Furlough: What’s Right for Your Business?

If you are considering ways to manage your workforce to protect the financial viability of your organization, you’re faced with some tough decisions ahead. It’s important to know what your options are, and how each option affects your business and employees.

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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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