4Thought Blog

4thought graphic - blog 2020

Family Business: Why You Should Hold an Estate Plan Meeting

Posted by Concannon Miller on Tue, Jan 26, 2021

If you're a business owner and a high-net-worth individual, you may want to gather your family members together to discuss the details of your estate plan.

This can be especially important if you own a business that employs family members. These meetings are a little like the Scottish clan gatherings held hundreds of years ago by clan chiefs to discuss their succession and inheritance plans.

Read More

Topics: Succession planning, Estate and Trust Services

Second Stimulus Bill: The Extended Tax Benefits for Individuals

Posted by Concannon Miller on Thu, Jan 21, 2021

The second massive COVID-19 relief bill contains a variety of tax breaks and authorizes direct payments to eligible individuals. 

Before it was signed into law, a multitude of federal income tax breaks were set to expire on December 31, 2020. This article covers these so-called "tax extenders" that benefit individuals.

The extenders are tax breaks that Congress has repeatedly allowed to expire before restoring them — often retroactively. We'll also cover some other important changes included in the law that benefit individuals.

Read More

Developing Investment Policies: How All Nonprofits Can Benefit

Posted by Concannon Miller on Tue, Jan 19, 2021

So you think investment policies are only for nonprofits with millions to invest? Not true. If your organization holds funds in reserve — for example, to cover emergencies or meet long-term goals — it's prudent to have investment policies.

Such policies will help ensure that you manage reserve funds responsibly according to their purpose and take steps to minimize investment risk.

Read More

Topics: Nonprofit Organizations

Many More Businesses Now Eligible for COVID Employee Retention Tax Credits

Posted by Angel Chiariello on Wed, Jan 13, 2021

The Employee Retention Tax Credit (ERTC) provision of the 2020 CARES Act was overshadowed by the PPP loan program, primarily because the original ERTC provisions prohibited an employer with a PPP loan from claiming ERTCs.

The 2021 Consolidated Appropriations Act, passed just weeks ago and most known for allowing businesses a tax deduction for the expenses paid with tax-free PPP funds, made sweeping changes to the ERTC rules as well. Most notably, lawmakers removed the provision disallowing businesses with PPP loans to participate in the ERTC program.

As a result, these valuable credits are now available to more business owners for wages paid in Q1 & Q2, 2021 (and possibly for wages paid in 2020). For more information about the original provisions of this program, see our article here.

Read More

Topics: Business tax planning, 2020 Coronavirus

COVID Tax Relief Measures: What’s Extended for Businesses into 2021

Posted by Concannon Miller on Tue, Jan 12, 2021

Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.

This article explains the current status of eight important temporary relief measures and whether the Consolidated Appropriations Act (CAA) extended them.

Read More

Topics: 2020 Coronavirus

Should Manufacturers Use U.S. Supply Chain Partners? Pros & Cons

Posted by Concannon Miller on Fri, Jan 8, 2021

The manufacturing industry's dependence on foreign suppliers, especially those in China, has caused concerns for many years. But the COVID-19 pandemic has put a spotlight on this issue, forcing some manufacturers to rethink their offshore business arrangements.

Would your business be better off switching to U.S. supply chain partners? Here's some important information to consider.

Read More

Topics: Manufacturing

Construction: 8 Accounting Practices to Boost Your Bottom Line

Posted by Concannon Miller on Tue, Jan 5, 2021

Construction accounting is different from the accounting practices of businesses that use only a general ledger. Because construction companies perform contract work and take on invoice-based jobs of varying sizes and durations, they must treat each project as a profit center.

You can help keep your business healthy in 2021 and beyond by adopting or refining a few key accounting practices. The following eight examples boast a proven track record of success when implemented at the project level:

Read More

Topics: Construction & Real Estate Development

2021 New Year’s Resolutions for Small Business Owners

Posted by Concannon Miller on Thu, Dec 31, 2020

Have you made any New Year's resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year's resolutions for your small business.

Here are a dozen resolutions for small business owners to consider implementing to succeed in the future.

Read More

Topics: Business consulting

Second Stimulus Offers More Business Benefits, Tax Credits

Posted by Concannon Miller on Tue, Dec 29, 2020

With its $900 billion price tag, the second federal stimulus bill includes a multitude of benefits for businesses – so many we couldn’t fit them in one article.

Our first article on the bill focused on the new Paycheck Protection Programs rules and additional allocation (you can read it here if you missed it) but there are other provisions businesses should learn about, including the extension and expansion of the Employee Retention Credit and Families First Coronavirus Response Credit.

Read on below for more details on both credits along with other new and extended tax provisions:

Read More

Topics: Business tax planning, 2020 Coronavirus

New Federal Stimulus Deal Includes New PPP, Other Business Benefits

Posted by Concannon Miller on Wed, Dec 23, 2020

Congress has approved a second COVID-19 stimulus deal with both business and individual benefits. 

Top on the list may be the deductibility of businesses expenses paid with Paycheck Protection Program loans. This was Congress’s original intention and the new stimulus deal remedies the problem. It’s great news for anyone with a current PPP loan.

Each state would now have to act to allow these expenses to be deductible on your state income taxes, as well. We’ll be following the situation in all the many states where our clients are located and will keep you up to date.

Read More

Topics: Business tax planning, 2020 Coronavirus

Subscribe for more Timely Tips for Businesses

Recent Posts