Gross Mendelsohn Blog
A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.
Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
Social Security & Medicare Tax As of January 1, 2023, the maximum amount of annual earnings subject to the Social Security increases to $160,200 (from $147,000 in 2022). 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 2023 will be $9,932.40 (6.2% x $160,200).
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The manufacturing industry has been the backbone of the U.S. economy since the Industrial Revolution. The success of this industry has helped position the U.S. as the world's largest economy. An economy with a strong manufacturing presence helps ensure that a nation's people can access the food, supplies and commodities they need day-to-day. To help this industry thrive, several states in the Mid-Atlantic region provide state income tax and other tax credits for increasing employment or placing manufacturing equipment into service. Let's look at each state and see exactly what is offered to manufacturers.
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Construction & Real Estate | Government Contractors | Healthcare | High Net Worth Families | Manufacturing & Distribution | Service Businesses
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
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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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
The new lease accounting standard, Accounting Standards Codification (ASC) 842, is out in full force and there are numerous rules, adjustments and transitions accounting departments need to be made aware of—stat.
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Construction & Real Estate | Government Contractors | Healthcare | Manufacturing & Distribution | Nonprofit | Service Businesses
If there’s one thing for certain, accounting staff members at businesses and nonprofits have more than a few questions about the new lease standard that’s about to take effect. Implementing the biggest new accounting rule to come our way in decades is no walk in the park. That’s why we’re answering 15 frequently asked questions about the new lease standard.
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