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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.

Tax Deductions for Car and Truck Expenses Require Careful Documentation

When it comes to vehicle expense tax deductions (and costs related to other “listed” property), as well as travel and entertainment expenses, the law is clear and strict on required documentation. You don't want to lose tax deductions because of...
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High Income Earners Can Use After Tax Contributions to a 401(k) Plan to Get Money Into Roth IRA

Did you know you can make after-tax contributions to your 401(k) retirement plan? Not many people do.
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8 Must-Know Accounting & Financial Reporting Issues for Private Schools

More so than other nonprofits, private schools are often operated like a for-profit entity given the competition, increased costs and scrutiny that schools face.
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Best Practices in Managing a Nonprofit Endowment Fund

I had the opportunity to lead a roundtable discussion, “Responsibilities In Managing a Nonprofit Endowment,” at Maryland Nonprofits’ annual conference. Attendees, who were board members and staff of nonprofit organizations, were looking for insight into...
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3 Things Nonprofit Board Members Should Know About Financial Statements

There are certain things every nonprofit board member should know about the financial statements of the organization. After all, many board members work in for-profit businesses. There are significant differences between for-profit and not-for-profit...
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Who Are the Latest IRS Targets? A List of 23 Audit Triggers

Many taxpayers ask, "How can I avoid an IRS audit?" There’s no 100% guarantee you won’t be picked, because some tax returns are chosen randomly. However, completing your returns in a timely and accurate fashion with your trusted tax advisor certainly...
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