4Thought Blog

Cybersecurity for Small Businesses: Consider This Flexible Strategy

Cybersecurity has become increasingly important to companies over the past several years. As technology continues to become more central to all areas of business, it is vital that companies consider cybersecurity not just as an IT function but as an integral part of their overall risk management strategy. Small businesses are often faced with a…

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Should Your Nonprofit Adopt Remote Work Permanently? Pros and Cons

If your nonprofit’s staffers can work from home during the COVID-19 pandemic, they probably are. But what about when the crisis ends? As workers have become accustomed to remote work, many now prefer it. In fact, several recent surveys have found that approximately half of U.S. employees would rather work from home. This is particularly…

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Are Your Construction Contracts COVID-Proof? What to Include

It’s the fourth quarter of 2020, and the COVID-19 pandemic continues to affect the construction industry. Project delays, work stoppages, supply chain disruption and lost productivity remain a reality for many contractors. All of this makes planning difficult, particularly when drafting project contracts. To protect your business from liability in these uncertain times, be sure…

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Manufacturers: Get a Tax Credit for Hiring Certain Workers

From February to August, U.S. manufacturing employment declined by 720,000 due to adverse conditions caused by the COVID-19 pandemic. But the industry has been slowly recovering. The U.S. Bureau of Labor Statistics estimates that the sector’s employment grew by roughly 403,000 jobs over the summer. If your business has plans to rehire workers or expand…

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Attention Pennsylvania Businesses: New Overtime Pay Rules to Know

Attention Pennsylvania businesses: The state this week raised the threshold for determining whether employees are eligible for overtime pay. The threshold is scheduled to continue to rise automatically in October 2021 and 2022 and every three years after that.

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Act Now: 7 Tax Breaks for Individuals Expiring in 2020

Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In the face of that uncertainty, you should consider the following seven tax breaks that…

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Monitoring Overtime Pay for Remote Workers: The New DOL Guidance

Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained…

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Proactive Cyber Security Prevention Methods for Businesses & Nonprofits

It is no secret that cyberattacks are a serious and significant risk to businesses and organizations of all sizes. As more companies and organizations migrate their data and IT operations to the cloud and adopt the remote working environments necessitated by the COVID-19 pandemic, the importance of cybersecurity has never been greater. There has been…

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Seeking Debt Forgiveness? Tax Implications to Consider in the COVID-19 Era

In the COVID-19-ravaged economy, debts can pile up beyond a borrower’s ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here’s what borrowers need to know about the tax…

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First-Year Depreciation Write-Offs in 2020: Strategies for Businesses

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or…

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