4Thought Blog


Pennsylvania Budget Proposal Seeks $1 Billion in Business Tax Changes

Posted by Tony Deutsch on Tue, Feb 14, 2017

Pennsylvania Gov. Tom Wolf’s proposed 2017-18 budget contains no broad-based tax increases, but does include some important tax changes for the state’s businesses.

The $32.3 billion spending plan – which the Governor unveiled Feb. 7 to a joint session of the Pennsylvania General Assembly – includes about $1 billion in new, recurring revenues.

Overall spending increases by $670 million, or 2.1 percent, above the current 2016-2017 budget. The proposal includes increase spending for public education, special education, early childhood education, and higher education, but it also identifies a number of opportunities for cost savings and spending reductions of over $2 billion that appear to have bipartisan support.

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Topics: Business tax planning

10 Tax Changes That Could Affect Your 2016 Return

Posted by Checkpoint Marketing on Thu, Feb 2, 2017

Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here's a quick look at 10 key changes that you should be aware of during this tax season.

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Topics: Business tax planning, Individual tax planning

Business Tax Tip: Expand Deductions by Donating Inventory

Posted by Checkpoint Marketing on Tue, Jan 10, 2017

Does your C corporation have slow-moving inventory or computer equipment taking up valuable warehouse space? Of course, you could liquidate it or hold a discount sale, but you might be better off donating it to charity.

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Topics: Business tax planning

Attention Business Owners: Some Tax Filing Dates Have Changed

Posted by Checkpoint Marketing on Thu, Dec 22, 2016

Thanks to two laws that passed last year, the due dates have been changed for some information returns and related statements and for some business tax returns. Here's what you need to know:

Earlier Due Dates for Forms 1099-MISC and W-2

When a business pays non-employee compensation aggregating to $600 or more to a single payee in a tax year, the business must file a Form 1099-MISC to report the payments to the IRS. Similarly, employers must report wages paid to employees on Forms W-2. Copies of these forms (called payee statements) must also be supplied to payment recipients.

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Topics: Business tax planning

Purchase Business Equipment Now for Optimal Tax Benefits

Posted by Tony Deutsch on Mon, Nov 14, 2016

The fourth quarter of the year is an opportune time for businesses to purchase equipment to reap tax benefits.

There’s a lot of take advantage of this year. For larger equipment, there’s both Section 179 and Bonus Depreciation. The federal government extended both business benefits in late 2015, making this tax year a prime chance to take advantage of them.

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Topics: Business tax planning

Reduce Your Tax Burden: Year End Strategies for Businesses

Posted by Checkpoint Marketing on Thu, Nov 10, 2016

It's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code.

After President Obama hands over the baton to Donald Trump and new members of Congress are sworn into office in January, the tax laws could change. But here's what we know now.

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Topics: Business tax planning

Do You Need to Pay Estimated Taxes? Guidance for McDonald’s Owner/Operators

Posted by Ryan Moore on Tue, Nov 1, 2016

The concept of having to pay taxes is often times more than enough to make one go cross-eyed. “I’ve worked really hard all year and I have to give how much to Uncle Sam!?!”

Add to that the potential of being charged interest and penalties for not giving enough to the government periodically throughout the year and you start to wonder why it is you’re even working at all.

While that is clearly hyperbole, the exercise of calculating the amount of estimated tax one is required to pay on an annual basis is confusing and requires an in-depth knowledge of the rules of the game.

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Topics: McDonald's management, Business tax planning

Property Transactions Between Business Partnerships More Likely to be Taxed, IRS Rules

Posted by Checkpoint Marketing on Tue, Oct 25, 2016

The IRS recently issued new guidance targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In a nutshell, under the new guidance, property transactions between partners and partnerships are more likely to be classified as disguised sales and, therefore, subject to taxes.

Here's a summary of the most important aspects of the new temporary and final regulations on disguised sales that apply to these entities.

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Topics: Business tax planning

A Tax Tip for Family Businesses: Hire Your Kids

Posted by Checkpoint Marketing on Tue, Oct 18, 2016

Here's a great tax-saving idea for those who have teenagers who can work part-time in the family business – hire the kids as legitimate employees. This strategy works best if your business operates as:

  • A husband-wife partnership (owned only by you and your spouse).
  • A husband-wife Limited Liability Company (LLC), which is treated as a husband-wife partnership for federal tax purposes.
  • A sole proprietorship.
  • A single-member LLC, which is treated as a sole proprietorship for federal tax purposes.
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Topics: Business tax planning, Small business

5 Fourth Quarter Tax Planning Ideas Every CFO Needs

Posted by Tony Deutsch on Thu, Oct 13, 2016

April 15 may be the day most associated with accountants, but great CPAs know the fourth quarter is the most important time of year.

During the fourth quarter, business owners and CFOs can take action to minimize their tax impact come April 15 and evaluate budget and plans for the following year.

Below are five tax planning tips CFOs should consider in the fourth quarter:

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Topics: Business tax planning, CFO Advisory Services

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