4Thought Blog

Business Succession Planning: How to Start Your Exit Plan

The business world is in for a major generational shift – a recent survey found 79% of business owners plan to exit their businesses within the next 10 years. The survey, conducted by the Business Enterprise Institute and the Conway Center for Family Business, found more surprising statistics. Only 30% of family-owned businesses succeed in…

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Act Now to Cut Your 2018 Tax Bill

The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions create a wealth of year-end planning opportunities.

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Nonprofits & Debt: What to Weigh Before Borrowing Money

Debt is an integral part of the strategic plans of many organizations, yet it has traditionally carried a stigma in the nonprofit industry. That view is changing, as more organizations borrow money for major capital purchases, new program funding — even to manage current cash flow. But if you’re hoping to borrow funds, know that…

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New Lease Accounting Standards: What Businesses Need to Prepare For

If the financial covenants between your company and your bank are based on GAAP (Generally Accepted Accounting Principles) Financial Statements and include any measure of total liabilities – which most do – you need to be ready for what is coming. Under an Accounting Standards Update which was issued in April 2016 and effective for…

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The R&D Tax Credit: Many Businesses Can Qualify (Video)

The R&D or Research and Development Tax Credit is available to far more industries than you’d think, including manufacturing, construction and software development among many others. You don’t have to develop a new product to qualify; even improving processes can be a qualifying activity. The R&D Tax Credit is one of the most lucrative available…

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Multiple Tax Entities: The Pros and Cons for Construction

It might be advantageous from a tax standpoint to run a business through multiple entities. For example, a construction company might form a separate company to own and lease its trucks and equipment back to its related entities. Or a corporation might transfer appreciated property to an affiliated corporation in order to limit risk in…

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The QBI Deduction: The Newest Rules for Business Owners

The recent federal tax reform measures included a new deduction offering possibly the greatest tax benefit to pass-through businesses in more than 60 years. The Qualified Business Income Deduction – or QBI – allows qualified small business owners to simply not pay income taxes on 20% of their income in tax years 2018 through 2026….

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The Exit Path: Transfer Ownership of Business to Active Family Members

In many ways, selling to a third party is far easier than selling to a family member – it is usually less emotional, and the focus is entirely on transferring the business. To sell to a family member, it requires a plan for working with your family, transferring your knowledge and transferring the business. Of…

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Nonprofit Cash Management: Steps to Take Beyond the Annual Budget

Managing limited resources and dodging between various compliance issues, nonprofit organizations are at greater disadvantage than their for-profit counterparts. One way they can take on this challenge is with the proper monitoring of cash flow. Nonprofit entities use two reports to this end – the annual budget and a cash forecast.

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Multi-State Tax & The Wayfair Fallout: What’s Next for Online Sellers

The recent Wayfair decision has drastically altered the landscape for states that want to collect sales and use taxes. Prior to this landmark U.S. Supreme Court case, economic “nexus” for tax purposes was established only if the seller of goods or services exhibited a “physical presence” in the state. Under Wayfair, sales and use tax…

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