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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.

Calculating Loss of Business Income for Insurance Claims

When an insured party with proper commercial coverage has an interruption due to a covered loss, they may be entitled to recover the loss of their business income. But how is the loss of business income calculated for insurance claims?
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How to Spot and Prevent Employee Fraud In the Construction Industry

The typical organization loses 5% of its revenues to fraud each year according to the Association of Certified Fraud Examiners (ACFE). When you do the math, the hit to your bottom line can be substantial.
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Calculating an Individual’s Lost Earnings and Benefits

Economic damages claimed by individuals in cases arising from personal injury, wrongful death, wrongful employment termination and employment discrimination typically include lost earnings and fringe benefits. Attorneys frequently retain CPAs as expert...
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What Nonprofits Need to Know About Functional Expenses

The issuance and implementation of the FASB nonprofit financial presentation standard, Accounting Standards Update (ASU) 2016-14, back in 2016 resulted in changes to the presentation of GAAP-based financial statements for nonprofits. These changes were...
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New Grant Program for Maryland Manufacturers Now Open for Applications

Applications are now open for Maryland manufacturers to apply for the Commercial, Industrial & Agricultural Fiscal Year 2024 Grant Program. This program supports businesses that make certain energy efficiency improvements in manufacturing facilities.In...
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How Does the New CECL Model Affect Your Financial Statements?

Non-public entities will need to adopt the new Current Expected Credit Loss (CECL) model starting with 2023 calendar year-end financial statements. What does this mean for your company and your financial statements?
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