Gross Mendelsohn Blog | Service Businesses

New Lease Standard Is Delayed for Privately-held Organizations

By: Ernie Paszkiewicz October 17, 2019

The Financial Accounting Standards Board (FASB) just authorized an Accounting Standards Update (ASU) that will defer the implementation of three accounting standards for private companies. The standards involve accounting for leases, credit losses and hedging.

Are Your Payroll Taxes Actually Getting Paid?

By: Ernie Paszkiewicz September 18, 2019

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

By: Chris Wehner May 23, 2019

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.

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

By: Richard Wolf March 07, 2019

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.

4 Legislative Issues Maryland Business Owners Should Be Watching

By: Chris Wehner January 31, 2019

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.

Hiring Veterans: There’s a Tax Credit for That

By: Scott Handwerger January 28, 2019

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.