4Thought Blog

Tax Reform: Should Your Pass-Through Business Become a C Corporation? (Video)

Federal tax reform through the Tax Cuts and Jobs Act introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What’s the optimal choice of entity for…

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Tax Benefits for Developers: Cost Segregation Study (Video)

Did you incur costs during the building and construction or purchase of your facility? You can likely accelerate some deductions with a cost segregation study, an engineering-based analysis of the costs associated with the acquisition, construction, or renovation of a building.

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Tax Reform Provides Mixed Bag of Benefits to Families with Children

Federal tax reform through the Tax Cuts and Jobs Act brought about the biggest tax changes in three decades, including some significant changes for families with children. Some families will come out ahead, while other families may not after the elimination of the person exemption, which was $4,050 per person in 2017. Here are several…

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Nonprofits: The Do’s and Don’ts of Donor Receipts

Nonprofit executives should be careful with the language printed on the receipts you give in exchange for contributions. If you make a mistake, the results can be embarrassing for you and expensive for your donors.

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The New FMLA Tax Credit: What Employers Should Know

Federal tax reform through the Tax Cuts and Jobs Act included a multitude of new tax benefits for businesses, including one for employers who offer paid family and medical leave. The new Employer Credit for Paid Family and Medical Leave includes several caveats, including that it’s only available from Jan. 1, 2018 through Dec. 31,…

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Business Interest Deductions: What Businesses Need to Know about the New Limits

Federal tax reform through the Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other aspects of the law, has raised some questions for taxpayers. In response, the IRS has issued temporary guidance in Notice 2018-28 that taxpayers can rely on…

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Business Succession: The Two-Pronged Approach to Exit Planning

When business owners begin to think about their business exits, they tend to focus on one specific goal that they want to achieve. Some owners focus on when they want to exit, some focus on how much money they want when they exit, and others focus on the person or group that will take over…

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Think Like a CFO: How Brewers Can Boost The Bottom Line

Brewery owners wear lots of hats – in addition to your CEO duties, you may also handle your company’s production, bottling, canning and/or kegging, marketing and hiring. You might even shovel the sidewalks in the winter. A critical job responsibility that should always be on your mind is that which a CFO handles. Your brewery…

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Business Taxes: Combine Business, Individual Tax Planning for Increased Savings (Video)

Since most businesses are pass-through entities, combining business and individual tax planning is essential. If your CPA doesn’t look at your entire financial picture, you’ll likely miss out on tax-saving opportunities. Early tax planning provides for far more tax options.

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Construction Accounting 101: Top Deductions, Accounting Methods

The IRS continues to zero in on what it calls the “tax gap” — the amount between the taxes that are voluntarily paid and the amount the tax agency believes is actually due. To this end, the IRS has issued a series of documents to provide better understanding of the tax code. One example is…

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