4Thought Blog

4thought graphic - blog 2020

Tips on Getting a Good Payroll System for Your Construction Business

Posted by Concannon Miller on Tue, Apr 13, 2021

Construction payroll can be complex, but with the right system in place it doesn't have to be stressful.

Up-to-date payroll software generally saves money by preventing costly math mistakes and helping you manage payroll taxes. It also can save time by automating reports and, in many cases, integrating with other systems.

Here are some best practices to follow when choosing or upgrading your payroll software.

Read More

Topics: Construction & Real Estate Development

Energy Tax Breaks: 5 New Benefits for Manufacturers

Posted by Concannon Miller on Thu, Apr 8, 2021

In recent years, lucrative tax breaks for energy-efficient investments have enticed many manufacturers to "go green."

At the end of 2020, the Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five examples that could benefit your company.

Read More

Topics: Manufacturing

Employee Retention Credit: The New Benefits for Nonprofits

Posted by Concannon Miller on Tue, Apr 6, 2021

If your nonprofit managed to keep staffers employed throughout the COVID-19 pandemic, there could be a tax reward.

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, employers may be entitled to claim an Employee Retention Credit (ERC) for wages paid between March 13, 2020, and December 31, 2020. In December of 2020, the Consolidated Appropriations Act (CAA) enhanced and extended the credit through June 30, 2021.

And on March 11, 2021, the American Rescue Plan Act (ARPA) extended the ERC until December 31, 2021. In addition, the IRS recently issued guidance (Notice 2021-20) for employers — including nonprofits — that may claim the ERC.

Read More

Topics: Nonprofit Organizations

Employee or Independent Contractor? There’s New Rules Again

Posted by Concannon Miller on Thu, Apr 1, 2021

The U.S. Department of Labor has recently taken action on the criteria for determining independent contractor status, rescinding regulations that were enacted as recently as two weeks prior to President Biden's inauguration in the last days of the Trump administration. That means what's old is new — the regulations in force now are left over from previous administrations.

However, the DOL is taking public comments on its action until April 12. It's possible that the agency may fine-tune the old-is-new regulations in the future.

Read More

Topics: Business consulting

PPP Loan Deadline Extended to Allow More Businesses to Get Funds

Posted by Concannon Miller on Mon, Mar 29, 2021

The application deadline for Paycheck Protection Program (PPP) loans has been extended two months from March 31 to May 31.

The extension will allow more businesses to apply for the funds and also allow more time for the U.S. Small Business Administration to process more applications. Congress approved the extension last week; it currently awaits President Biden’s signature.

More than two million PPP applications have been held up by error codes and approximately 190,000 applications remain unapproved, according to the American Institute of CPAs. The extension gives the SBA until June 30 to process PPP loans.

Read More

Topics: 2020 Coronavirus

The New Child Tax Credit: How Much More Will You Get?

Posted by Concannon Miller on Thu, Mar 25, 2021

The American Rescue Plan Act significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year.

However, the liberalizations are only for the 2021 tax year. Here's the story.

Read More

Topics: Individual tax planning

IRS Extends Federal Income Tax Deadline to May 17, 2021

Posted by Concannon Miller on Thu, Mar 18, 2021

The IRS has announced a one-month extension for filing federal individual income tax returns to May 17, 2021.

The extension affects the filing of your federal individual income tax return and your federal tax payment for the year 2020.

The extension was made to allow for more time to adjust to the many tax changes included in the third stimulus act – officially known as the American Rescue Plan – which passed earlier this month. Get details on the many changes for individuals and businesses here.

Read More

Topics: Individual tax planning

New Restaurant Aid: How to Qualify for New Stimulus Funding

Posted by Concannon Miller on Thu, Mar 18, 2021

The new federal stimulus bill (American Rescue Plan Act of 2021) includes a special fund – the new $28.6 billion Restaurant Revitalization Fund – to benefit the hard-hit restaurant industry by providing grant monies in addition to the Paycheck Protection Program loans and other pandemic relief measures.

While we await additional guidance from the SBA, here are the details that are currently available (subject to change).

Read More

Topics: McDonald's management, Restaurants

Deducting Home Office Expenses for Telework: The Pros & Cons in Pennsylvania

Posted by Pennsylvania Department of Revenue on Tue, Mar 16, 2021

The COVID-19 pandemic has brought about a great deal of changes for Pennsylvanians, with one of the biggest disruptions coming in the workplace. Namely, many taxpayers are now finding themselves working from home, setting up workstations at their kitchen tables or in their home offices.

With remote work becoming commonplace, the Pennsylvania Department of Revenue has received questions from taxpayers who are wondering about the deduction of home office expenses on their 2020 tax returns and wrote this article to answer taxpayers’ questions.

The guidance below pertains mostly to Pennsylvania taxes — not federal taxes. (Some federal guidance can be found here.)

Read More

Topics: Individual tax planning

9 Purchasing Strategies for Manufacturers to Save Money

Posted by Concannon Miller on Fri, Mar 12, 2021

Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company's behalf that would never meet with your approval?

An effective purchasing system is essential to survival in the competitive manufacturing industry.

Read More

Topics: Manufacturing

Subscribe for more Timely Tips for Businesses

Recent Posts