Gross Mendelsohn Blog | Service Businesses (3)

Maryland Passes $1 Billion+ COVID-19 RELIEF Act

By: Scott Handwerger February 17, 2021

Maryland Governor Larry Hogan signed the RELIEF Act into law on February 15, 2021. The RELIEF Act is intended to help reverse some of the adverse economic conditions brought about by the COVID-19 pandemic. This legislation includes changes to personal and business tax filings, relief payments for certain individuals, a sales and use tax credit, and changes to pass-through entity taxation. Let’s look more closely at some of the key provisions in the $1 billion plus relief package.

IRS to Increase Audits by 50% in 2021

By: Paul Cooke February 09, 2021

They are the last words any business owner wants to hear: “You are being audited by the IRS.”

Get more articles like this one!

Subscribe to our blog, and we'll send articles straight to your inbox when they're published.

Tips for Managing Cash Flow in a Recession

By: Steve Ball February 08, 2021

In a recession, the most important thing a business can do is take control of its finances, especially when it comes to cash flow.

4 Takeaways for Businesses on Surviving 2021

By: Samantha Androsky February 03, 2021

Many businesses are wondering how they’ll survive 2021. When Len Rus, CPA, joined me on the firm’s video series, Next Level, he shared his advice for business owners on making it through what’s looking like another crazy year.

Exit Planning Would Have Saved This Family-Owned Business from Bankruptcy

By: Ernie Paszkiewicz February 03, 2021

Whether you want your company to continue growing after you retire or simply want to turn a profit on the sale of your business, every company owner needs an exit plan. As a CPA who has worked with business owners for decades, I’ve seen several companies unravel simply because they failed to plan ahead. Here’s just one example of a company that lost it all.

Some PPP Loan Recipients Now Eligible for Employee Retention Tax Credit

By: David Leipnik February 01, 2021

One of the big highlights of the Consolidated Appropriations Act, 2021 is the expansion and extension of the Employee Retention Tax Credit (ERTC). This change is significant because now, under the new law, some businesses can take advantage of both the Paycheck Protection Program (PPP) and the ERTC — as long as there is no double dipping with the same funds.