4Thought Blog

4_thought_blog_graphic-red_border_-_sides_only.jpg

Top Tax Reform Business Opportunity: Switching to a C Corp

Posted by Jane Spradlin on Tue, Nov 12, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

New Lease Accounting Rules Delayed for Private Businesses

Posted by Denise Hozza on Thu, Nov 7, 2019

There’s some welcome news for businesses that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now a year delay on implementing fairly cumbersome new lease accounting standards.

The Financial Accounting Standards Board (FASB) voted last month to delay ASC 842 Leases, a standard requiring the capitalization and debt of virtually all leases on the balance sheet. The new standard was supposed to take affect for private businesses and other non-public entities for fiscal years starting after Dec. 15, 2019. Now the new standard will take affect for fiscal years starting after Dec. 15, 2020.

Read More

Topics: Business consulting

McDonald’s Franchisees: Be Aware to Combat Employee Fraud

Posted by Angel Chiariello on Tue, Nov 5, 2019

Hardworking employees are to be treasured and valued for the contributions they make to your restaurants, but unfortunately as any experienced restaurant owner knows, not every employee is earnest.

Employee fraud is regrettably commonplace in many businesses. Near our office in St. Petersburg, Fla., there was a recent case involving a Dunkin’ doughnut shop manager who created a fake or “ghost” employee and collected and cashed their paychecks.

Ghost employees are a real problem for many businesses with a lot of employee turnover, like McDonald’s and other quick-service restaurants. It’s among the most common types of payroll fraud, according to the Association of Certified Fraud Examiners.

Read More

Topics: McDonald's management

2019 Year-End Tax Savings Strategies for Businesses

Posted by Concannon Miller on Thu, Oct 31, 2019

It's hard to believe 2019 is almost over! It's been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they've tended to daily business operations.

But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the New Year.

Read More

Topics: Business tax planning

Tax-Favored Fringe Benefits for Employees: What Businesses can Offer

Posted by Concannon Miller on Tue, Oct 29, 2019

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks.

These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers.

Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the Tax Cuts and Jobs Act. However, some other fringe benefits are still deductible by employers and tax-free to employees.

Here are 14 popular benefits that remain on the books after the TCJA.

Read More

Expand Your Product Line to Boost Manufacturing Profits

Posted by Concannon Miller on Thu, Oct 24, 2019

Even if your manufacturing company has been successful at selling its current line of goods, it's probably not smart to keep producing the same products indefinitely. Now, in fact, is an excellent time to expand your product offerings.

With global competition ramping up, the manufacturing market is only becoming more crowded and less certain. By anticipating customer needs, you can fortify your position and help ensure continued profitability.

Read More

Topics: Manufacturing

Top Tax Reform Business Opportunity: Accelerated Depreciation

Posted by Jane Spradlin on Tue, Oct 22, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

Considering Credit to Finance Business Growth in the Construction Industry

Posted by Concannon Miller on Thu, Oct 17, 2019

If you find your construction company gaining a large influx of projects, the biggest problem will be the boost in the amount of capital you will need in comparison with your cash flow.

A jump in new jobs can strain your firm's resources, challenging the firm's capacity to hire field crews, its technology infrastructure and its cash flow. The upside, of course, is that a large backlog of incoming projects means more income and a lead time that lets your management team meet increasing cash flow demands. The more backlog of construction-in-progress the more big payrolls, more benefits going out, larger materials bill. And of course, everyone wants to be paid in cash.

This demand for cash can make it hard to ramp up to meet growth opportunities, but you can effectively manage it by using existing credit efficiently and taking out new strategic lines of credit.

Read More

Topics: Construction & Real Estate Development

Business Succession Best Practices – Family Transfer or Third Party Sale (Video)

Posted by Andrea Brady and Andy Kahn on Tue, Oct 15, 2019

A business owner's net worth and future income depends on the value of your business, whether you plan to sell it or pass it along to the next generation.

As you look towards your future, succession planning is the key to growing and getting the most out of your business.

Read More

Topics: Succession planning

IRS Sweetens Bonus Depreciation Savings for Businesses

Posted by Concannon Miller on Thu, Oct 10, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act set forth more-generous, but temporary, rules for 2018 through 2026.

Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

Subscribe for more Timely Tips for Businesses

Recent Posts