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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  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Are Your Payroll Taxes Actually Getting Paid?

Business owners and financial executives now have one more thing to keep track of – making sure payroll taxes are actually getting paid to tax authorities. With so many businesses relying on outside parties to process paychecks and pay employment taxes, millions of dollars pass through the hands of payroll companies every day. But are those millions of dollars making it into workers’ paychecks and, just as important, being sent to federal and state tax authorities?

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

How Universal Paid Leave Will Affect Employers in the District of Columbia

Earlier this year, we discussed the new income tax credit for qualified family leave. This credit applies to employers who satisfy certain criteria and pay employees under qualified plans.

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Construction & Real Estate  |  Forensics & Litigation Support  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Service Businesses

Business Owners Can Learn Lessons from Sports Team’s Embezzlement Case

Jeffrey David, the former chief revenue officer for the NBA’s Sacramento Kings, recently pleaded guilty to charges of wire fraud and identity theft in a scheme that misappropriated approximately $13.4 million of the team’s funds. Mr. David, who was the corporate officer responsible for generating revenue for the Kings, directly negotiated sponsorship, partnership, and other advertising and marketing agreements between the Kings and outside companies. According to the plea agreement, Mr. David directed some of those companies to wire some of their payments to bank accounts held in the name of a limited liability company under his sole control, Sacramento Sports Partners, LLC.  There are lessons business owners can learn from the Sacramento Kings' embezzlement case. Let's look at how the perpetrator embezzled funds, how the scheme was uncovered, and the ways it could have been avoided.

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

4 Legislative Issues Maryland Business Owners Should Be Watching

With more than 2,500 pieces of legislation proposed in the 90-day 2019 Maryland General Assembly session, it can be hard for business owners to identify the big issues that might affect them. Here, we identify four key pieces of legislation that, if passed, could have a dramatic effect on Maryland businesses.

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

Hiring Veterans: There’s a Tax Credit for That

More organizations are hiring military veterans every day. In addition to benefiting from the skills, dedication and experience that veterans offer, qualifying employers can earn a tax credit for their commitment to hiring, training and retaining veterans. Many of our clients, particularly government contractors, hire military veterans. Let’s look at some of the tax credits available to employers who hire veterans.

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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.

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