4Thought Blog

Thinking of Buying Another Construction Firm? What to Consider

Buying another construction firm can be an attractive way to grow your company’s revenue base. A merger or an acquisition can allow you to:  Add a new subcontracting specialty, Acquire an experienced labor force to reach new markets, and Deepen your penetration into the market your firm already serves.

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House Takes Steps on Further Federal Tax Reform

The U.S. House Ways and Means Committee last week passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act that affect individuals, families, and small businesses. They also promote family and…

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The Controversial SALT Limitation: What Taxpayers can do on State and Local Taxes Deductions

In recent weeks, the IRS has issued a series of proposed regulations to help clarify provisions of the Tax Cuts and Jobs Act. One of the most controversial parts of the law is the limit on individuals’ deductions for state and local taxes that goes into effect this year. In the wake of the TCJA,…

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How Business Owners can Aggregate to Maximize the Qualified Business Income Deduction

One of the most valuable tax breaks in the Tax Cuts and Jobs Act is the new deduction for up to 20% of qualified business income from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs clarify is how taxpayers can…

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Tax Reform Expands Simpler Accounting Method for More Small Businesses

Thanks to changes included in the Tax Cuts and Jobs Act, many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for small businesses. Like many TCJA changes that apply to businesses,…

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Attention Franchisees: Payments Fraud at All Time High

Payments fraud is at an all-time high, according to the latest Association of Finance Professionals Payments Fraud and Control Survey. A new record was set in 2017 with 78% of all organizations surveyed being touched by some type of payments fraud. So, how does that break out by payment category? Checks 74% Wire transfers 48%…

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12 Ways to Take Your Nonprofit to the Next Level

They say “No Pain, No Gain,” and the expression applies to the life cycle of nonprofit organizations, as well as athletes who hit the gym, tennis court or golf course on weekends. The point when the aches and growing pains of an organization begin are prompted less by age than by changes in leadership, size,…

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IRS Releases Details on New Major Deduction for Small Business Owners

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or…

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Owners Need an Exit Plan in Addition to a Business Plan

When business owners start their businesses, they often create a written business plan to guide them toward success. However, many successful owners don’t mimic that process when they begin to approach the end of their business ownership. There are three areas in which forgoing planning for the future can create unintended consequences for business owners:…

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New Guidance on Taking Advantage of Expanded Bonus Depreciation

Federal tax reform through the Tax Cuts and Jobs Act significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are…

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