4Thought Blog

Coronavirus Stimulus Small Business Loans: Your Next Steps

Late yesterday, the Department of Treasury released the first information on the SBA loan program related to the CARES Act. We have promised to keep you updated as things take place. We understand from SBA lenders that there is still a lot of work to do and guidance needed from the Dept of Treasury. On…

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Stimulus Bill Gives Small Businesses $377B in Loans to Retain Employees

The massive $2 trillion federal stimulus package, referred to as the CARES Act (Coronavirus Aide, Relief, and Economic Security Act), was signed by the President on Friday. Along with a slew of tax provisions, the Act includes a major new loan initiative for small businesses. Included in the CARES Act, the small business initiative – called the Keeping American Workers Paid and Employed…

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Help Employees Affected by Coronavirus with Tax-Free Qualified Disaster Payments

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus. Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are…

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New Employer Tax Credits, Employee Paid Leave Provisions Related to COVID-19

The novel Coronavirus is changing the business landscape at lightning speed. While governments continue to work to blunt the negative impacts, there is already one new provision designed to help employers assist workers needing to take leave for either health or family care reasons. The Families First Coronavirus Response Act, signed into law last week,…

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Leadership Tips for Business Owners: Plan, Manage Cash & Show Concern for Employees

These are unprecedented times. There is no playbook for what to do in such a crisis, yet leaders must step up now and guide our communities and businesses as we face some of life’s most demanding challenges. These challenges may include large quarantine areas, limited access to essential services, and medical shortages for those who…

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Federal Tax Deadline Extended; Many State Rules Still Up in Air

The federal tax deadline has been extended from April 15 to July 15 due to the Coronavirus pandemic, officials announced Friday. The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the filing deadline will be extended into the…

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Actions to Take to Reduce the Coronavirus’s Business Impact

The impact of the novel coronavirus on businesses has started and it’s expected to last for weeks, if not months. Those in the hospitality and entertainment industries are being hardest hit currently with some mandated shutdowns or new capacity rules, but it’s likely to touch just about every industry, considering the effects of supply chain…

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Tax Credits for Small Businesses: 7 to Consider

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year…

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Confused about Business Entertainment Deductions? New Rules May Help

The Tax Cuts and Jobs Act permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost of taking clients out for a round of golf.

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Business Succession Planning: Splitting Interests Among Siblings

Often, the senior generation of a family business goes through the process of choosing one of its offspring as the successor to lead the company in the future. Usually, the chosen successor is given the title of president or CEO. For a period of time, he or she will work under the supervision of the senior family…

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