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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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Fresh Ideas  |  Nonprofit

Jennifer Rock: Nonprofit CPA and Rock Star Volunteer Offers Advice

The spirit of volunteerism runs deep here at Gross Mendelsohn. Recently I sat down for a conversation with Jennifer Rock of our Nonprofit Group. Jenn is a nonprofit auditor and has been an absolute rock star volunteer for several local nonprofit organizations, who I might add, are lucky to have her on their side. I’m excited to share Jenn’s story, and the advice she has for nonprofit leaders from the perspective of both a CPA and a volunteer.

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

2021 Payroll Update

Social Security and Medicare tax As of January 1, 2021, the maximum amount of annual earnings subject to Social Security increased to $142,800 (from $137,700 in 2020). There is no limit on the amount of earnings subject to the Medicare tax.

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

Deductibility of Meals Provided by Restaurants Increases to 100% in 2021 and 2022

There’s a win-win for business taxpayers and restaurants in the latest round of stimulus legislation, known as the Consolidated Appropriations Act, 2021. Under the new legislation, business meals provided by restaurants in 2021 and 2022 are now 100% deductible. Previously, the deduction of food and beverage expenses associated with operating a business was limited to 50%. The new 100% deduction applies to meals in a restaurant, and takeout and delivery meals provided by a restaurant. Let’s dig into the specifics.

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

PPP2 Loans: What to Know About Round 2 of the Paycheck Protection Program

At the end of 2020, Congress passed and President Trump signed a new law that provides for additional relief related to the COVID-19 pandemic. The Consolidated Appropriations Act, 2021 (CAA, 2021) includes a second draw of Paycheck Protection Program loans (PPP2 loans) and it also finally overruled the IRS and allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans. Let’s take a look at who’s eligible for a PPP2 loan, the terms of the loans and when to apply.

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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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