4Thought Blog

4thought graphic - blog 2020

Unemployment: Which States Opted Out and How to Reboard Returning Employees

Posted by Concannon Miller on Thu, Jun 17, 2021

In recent weeks, many employers have complained about how difficult it is to fill job openings.

The country is returning to normalcy, with COVID-19 cases drastically falling, yet some businesses can't get all their workers to come back. Maryland recently joined 24 other states in ending the $300 per week federal unemployment benefits in a bid to encourage people to return to the workforce.

The Federal Pandemic Unemployment Compensation (FPUC) program was established under the CARES Act back in March 2020. Subsequently, it has been extended, most recently through the American Rescue Plan Act (ARPA). Federal unemployment benefits are scheduled to expire on September 6, 2021.

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Topics: Business consulting

Time to Make a Change? 6 Steps to Streamline An Auditor Transition

Posted by Concannon Miller on Tue, Jun 15, 2021

Was your annual audit or quarterly filing process painful? Did you hear more about issues, or did you access meaningful insights?

Whether you’re looking for new perspective, enhanced access to resources, or greater responsiveness, developing a new auditor relationship can seem like a daunting task.

However, the transition can be made simpler with a vetting process that identifies the right firm, people, processes and technology to meet your needs and ensure seamless onboarding.

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Topics: Nonprofit Organizations

Restaurant Staffing in the Wake of COVID-19: How Much Has Changed?

Posted by Restaurant Practice Leaders on Thu, Jun 10, 2021

This blog was written by our guest author, Dan Murdoch, Vice President of Marketing, Harri

Before COVID-19, restaurants had a significant labor challenge, typically referred to as the “talent crisis” or “war for talent.” Unemployment rates were at a five-year low and minimum wage rates were rising across the country.

To better define the challenge, there were simply too many restaurants, massive job growth, a smaller talent pool given the same level of eligible employees, particularly among teenagers, as in 2007, triple-digit turnover rates, cyclical seasonal hiring, and a struggle to find talent that was capable of representing a brand’s ethos.

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Topics: McDonald's management, Restaurants

6 Proactive Tips to Get Paid Quicker in Construction

Posted by Concannon Miller on Tue, Jun 8, 2021

One of the greatest challenges of running a construction company is getting paid in a timely manner. Waiting on unpaid invoices can put a serious dent in your cash flow — not to mention increase stress in an already stressful job.

But it's possible to put processes in place or fine-tune your existing ones to facilitate prompt remittance. Consider the following six tips:

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Topics: Construction & Real Estate Development

Strengthening Internal Controls for Nonprofits in the COVID-19 Environment

Posted by Carla DeMartini on Fri, Jun 4, 2021

Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations.

That is why a strong internal control system has always been a priority for audit committees and management of nonprofit organizations. They’ve established policies to address the primary question—“what could go wrong?”

Now nonprofits are facing the challenges of dealing with the results of the global novel coronavirus (COVID-19) pandemic, which include a scattered and remote workforce. As a result, management of nonprofit organizations are asking themselves—are the internal controls that were once effective still operating in a manner to achieve our objectives in this unprecedented time?

What can nonprofit organizations implement in order to adapt to this remote environment, when their employees, resources, technology and documentation may only be accessible through virtual means? Below are five tips that nonprofit organization management should consider to strengthen their internal control environment in response to a remote environment:

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Topics: Nonprofit Organizations

4 Pillars of Mid-Year Business Planning for Manufacturers

Posted by Concannon Miller on Wed, Jun 2, 2021

Manufacturing firms normally create a business plan at year end that focuses on the upcoming year. However, today's market conditions are anything but "normal."

So, it's important to take the time this summer to revisit your company's plan. A comprehensive mid-year review can help determine whether your business is on track or your plan needs some adjustments.

Here are four pillars that will help create a solid foundation for your business plan.

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Topics: Manufacturing

C Corp, S Corp or Partnership? Which Entity is Right for Your Business?

Posted by Randy Schwartzman on Thu, May 27, 2021

The choice of entity is among the most important decisions facing taxpayers when starting a business or investment activity.

The choice of tax entity generally includes a C corporation, S corporation or partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with the goals of the business and its investors.

Existing businesses should also evaluate their choice of entity—especially now, in light of President Biden’s proposals to increase the tax burden on corporations and high-wealth individuals. Depending on the circumstances, it may make sense to consider converting an existing entity to a different type of tax entity or structure in order for businesses and their owners to better manage their overall tax obligations.

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Topics: Business tax planning

5 Tax Accounting Method Changes That Can Generate Savings and Cash Flow

Posted by Yuan Chou on Tue, May 25, 2021

Cash flow preservation remains an important focus for many companies as the COVID-19 pandemic continues to create uncertainty for businesses.

Accounting method changes provide a valuable opportunity for taxpayers to reduce their current tax expense and increase cash flow by accelerating deductions and/or deferring income.

Changing to an optimal method of accounting often results in a taxpayer claiming a favorable “catch-up” adjustment on the federal tax return for the year of the change, which can significantly reduce taxable income or generate a net operating loss that can be carried back to higher tax rate years.

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Topics: Business tax planning

Restaurant Revitalization Fund Receives $65 Billion in Applications, More Money Sought

Posted by Concannon Miller on Thu, May 20, 2021

The U.S. Small Business Administration has received more than twice the amount of Restaurant Revitalization Fund requests than they have money for, though the National Restaurant Association is advocating for more funding.

As of May 12, there were 266,000 RRF applications seeking a total of $65 billion, more than double than the $28.6 billion fund total.

Applications were accepted starting May 3 and for the first 21 days, the SBA is prioritizing funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. Applications from that group alone totaled $29 billion.

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Topics: McDonald's management, Restaurants

Rent Your Vacation Home? Watch for Adverse Tax Consequences

Posted by Concannon Miller on Thu, May 13, 2021

Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations during the COVID-19 pandemic.

But this could cause adverse tax consequences, depending on your situation. Here's what you need to know.

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Topics: Individual tax planning

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