4Thought Blog

How Employers Can Fight Fraudulent Unemployment Insurance Claims

The Department of Labor’s Employment and Training Administration reports “unprecedented increases in unemployment insurance claims amid the pandemic and related surges in fraudulent filing in states’ systems by sophisticated criminal rings.” This has caused widespread problems for states, employers and employees alike. Innocent employees have had claims filed in their names, employers are winding up…

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Unemployment: Which States Opted Out and How to Reboard Returning Employees

In recent weeks, many employers have complained about how difficult it is to fill job openings. The country is returning to normalcy, with COVID-19 cases drastically falling, yet some businesses can’t get all their workers to come back. Maryland recently joined 24 other states in ending the $300 per week federal unemployment benefits in a…

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Time to Make a Change? 6 Steps to Streamline An Auditor Transition

Was your annual audit or quarterly filing process painful? Did you hear more about issues, or did you access meaningful insights? Whether you’re looking for new perspective, enhanced access to resources, or greater responsiveness, developing a new auditor relationship can seem like a daunting task. However, the transition can be made simpler with a vetting…

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Restaurant Staffing in the Wake of COVID-19: How Much Has Changed?

This blog was written by our guest author, Dan Murdoch, Vice President of Marketing, Harri Before COVID-19, restaurants had a significant labor challenge, typically referred to as the “talent crisis” or “war for talent.” Unemployment rates were at a five-year low and minimum wage rates were rising across the country. To better define the challenge,…

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6 Proactive Tips to Get Paid Quicker in Construction

One of the greatest challenges of running a construction company is getting paid in a timely manner. Waiting on unpaid invoices can put a serious dent in your cash flow — not to mention increase stress in an already stressful job. But it’s possible to put processes in place or fine-tune your existing ones to…

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Strengthening Internal Controls for Nonprofits in the COVID-19 Environment

Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit committees and management of…

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4 Pillars of Mid-Year Business Planning for Manufacturers

Manufacturing firms normally create a business plan at year end that focuses on the upcoming year. However, today’s market conditions are anything but “normal.” So, it’s important to take the time this summer to revisit your company’s plan. A comprehensive mid-year review can help determine whether your business is on track or your plan needs…

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C Corp, S Corp or Partnership? Which Entity is Right for Your Business?

The choice of entity is among the most important decisions facing taxpayers when starting a business or investment activity. The choice of tax entity generally includes a C corporation, S corporation or partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align…

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5 Tax Accounting Method Changes That Can Generate Savings and Cash Flow

Cash flow preservation remains an important focus for many companies as the COVID-19 pandemic continues to create uncertainty for businesses. Accounting method changes provide a valuable opportunity for taxpayers to reduce their current tax expense and increase cash flow by accelerating deductions and/or deferring income. Changing to an optimal method of accounting often results in…

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Restaurant Revitalization Fund Receives $65 Billion in Applications, More Money Sought

The U.S. Small Business Administration has received more than twice the amount of Restaurant Revitalization Fund requests than they have money for, though the National Restaurant Association is advocating for more funding. As of May 12, there were 266,000 RRF applications seeking a total of $65 billion, more than double than the $28.6 billion fund…

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