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  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Accounting for Computer Software Costs

Computer software drives the world. Businesses use software to account for transactions, communicate with colleagues and customers, and design and manufacture new products. One thing is clear: without software, we’d be lost. Accounting for the costs associated with software acquisition, however, can be less than straightforward. In this article, we’ll outline some things a business will need to consider when acquiring or implementing new software for its own use and how to account for those transactions.

Read More

Blog Feature

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

2019 Payroll Update

Social Security and Medicare Tax As of January 1, 2019, the maximum amount of annual earnings subject to the Social Security increases to $132,900 (from $128,400 in 2018). 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 2019 will be $8,239.80 (6.2% x $132,900).

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  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Businesses Employing Veterans Could Be Eligible for Federal Recognition Award

If your business employs veterans, you might be eligible for a HIRE Vets Medallion Award. Businesses that earn this award are recognized for their leadership in recruiting, employing and retaining veterans. About HIRE Vets Created in 2017, President Trump signed into law the Honoring Investments Recruiting and Employing American Military Veterans Act, more commonly known as HIRE Vets. The program is overseen by the U.S. Department of Labor and while it is not a monetary award, it is the only federal award program that recognizes businesses for their commitment to veteran careers. Is Your Business Eligible for a 2019 Award? You can visit the www.hirevets.gov website to review specific program criteria and determine whether your business is eligible for the HIRE Vets Medallion Award. There are awards for small, mid-sized and large employers. You can download a detailed award criteria checklist, along with sample applications, here.

Read More

Blog Feature

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

The “Parking Tax” and How It Impacts Businesses and Nonprofits

As 2019 gets closer, businesses and nonprofits across the country are struggling to understand how to calculate how new parking expense rules will impact their tax liability. The changes to parking expense deductibility and the unrelated business income tax for nonprofits are part of the changes under the Tax Cuts and Jobs Act (TCJA).

Read More

Blog Feature

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

New Tax Benefit for Employers Offering Family and Medical Leave

There continues to be a lot of discussion about the Tax Cuts and Jobs Act, signed into law in December 2017. There are new tax rates for individuals and corporations and different ways to apply existing provisions of the tax code. One new credit, however, has been largely ignored and may provide a significant tax benefit for businesses that are paying employees under the Family Medical Leave Act of 1993 (FMLA).

Read More

Blog Feature

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

Tax Credit for Maryland Businesses That Take Cyber Security Measures

There’s excellent news for Maryland businesses and it comes in the form of a tax credit. If your business has purchased cyber security goods or services from a Maryland cyber security company, congratulations. You’ve taken a smart step toward protecting your business from hackers. The promising news doesn’t stop there. There’s also a strong chance you’ll be eligible for a tax credit.

Read More