4Thought Blog

Business Financing: Help with Bank Loans and Alternative Options

A great banking relationship is a tremendous asset for a business. But strong relationships take time to build, and sometimes, bank financing might not be your most prudent option. Luckily for business executives, there are many financing options available beyond traditional bank loans, including venture capital, loans specifically for small businesses and funding for early-stage…

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Tax Credit Enacted for Businesses Affected by Hurricane Harvey, Irma

A federal tax credit is now available to employers affected by Hurricane Harvey, Irma or Maria. The Employee Retention Tax Credit can be utilized by businesses left inoperative by the hurricanes’ devastation. The credit allows employers to claim a tax credit equal to 40% of up to $6,000 in wages paid to an employee if…

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Granting Equity to Employees: Tax Consequences and Other Considerations for Business Owners

There are several ways to reward your top employees: promotions, raises, better benefits. But for your truly top employees there’s another option to consider – equity in the company. It’s a lot to consider – you’ll be sharing ownership of your company. But there also are a lot of upsides – you’ll be rewarding your…

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How Taxpayers Can Reconstruct Records Following a Disaster

Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 tips from the IRS taxpayers can do to help reconstruct their records after a disaster:

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Tax Planning Tips for Businesses on Avoiding Unexpected Repatriation Taxes

Be careful before borrowing from your foreign subsidiary In today’s economy, many small businesses conduct operations overseas.  Many of our partnership and S-Corporation clients have expanded into international markets. You have probably heard in the news that many multinational corporations have billions of dollars parked offshore.  Even individuals owning interests in partnerships, LLCs and S-Corporations…

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Republican Plan Would Significantly Alter Business, Individual Taxes

President Trump and Republican congressional leaders turned their attention to tax reform last week by releasing an outline of their long-awaited tax reform plan. The nine-page “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for the congressional committees to draft legislation to cut tax rates, simplify the tax…

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Leading a Family Business: 5 Tips for Success

The role of CEO is one of the most demanding career opportunities anyone can face, combined with many highs and lows. Being a family-business CEO comes with an even greater set of challenges and opportunities that require a combination of business discipline and family dynamics. The CEO is not only responsible for running a profitable…

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How Businesses Can Start Exporting – And Qualify for Tax Breaks

There’s no one way to grow your business. But more and more, as our global marketplace expands, many companies are exploring exporting as a way to boost sales. The biggest benefit of exporting is that it can expand and diversify both your markets and your customer base. This not only increases your sales but also…

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Business Deductions: New Lessons from U.S. Tax Court

Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional taxes, interest and penalties, as these three…

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Attention Partnerships & LLCs: Get Ready for the New IRS Audit Rules

Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. Here’s a comparison between the old and new partnership audit rules, along with a summary of recently proposed guidance to help partners prepare for the changes that are effective starting…

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