4Thought Blog

The New Rules for Independent Contractors: What Business Owners Should Know

The so-called “gig economy” challenges conventional practices between companies and the people who perform the work. A key question is: Are these workers independent contractors or employees? The U.S. Department of Labor recently published a new wage and hour opinion letter, spelling out its position with respect to a specific virtual marketplace company. Though the…

Full article

Construction Bookkeepers: Tips for Producing Quality Financial Statements

Many construction bookkeepers have gaps in their knowledge about how to produce quality financial statements. That can matter at year-end. There is only so much your CPA can do at the end of the financial year to correct or modify poorly recorded transactions. In some companies, bookkeepers may keep records in a certain, albeit less-than-perfect,…

Full article

Drive a Company Car? The New Tax Rules to Know

The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn’t completely “free” under current tax law. Essentially, personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax…

Full article

Unhappy With Your Tax Refund? Adjust Your Withholding Now

With this year’s average tax refund around $2,700, the Internal Revenue Service reminds taxpayers they have options to control the amount of their take-home pay and the size of their tax refund by adjusting their tax withholding. A Paycheck Checkup using the IRS Withholding Calculator can help taxpayers determine the right amount of tax they should have…

Full article

Death & Taxes: Estate Tax Tips for High Net Worth Individuals

When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs. Surviving family members are often unprepared for the tax issues that may arise when a loved one dies. Here’s some…

Full article

Employee Shift Meals Remain 100% Deductible for Tax Purposes

Great news! Important tax guidance was released in late December 2018 that is considered to be a significant victory for the restaurant industry: Employee Shift Meals Remain 100-percent deductible for tax purposes.

Full article

An Opportunity Zones Guide for Restaurants

To encourage economic growth and investment in distressed communities, the 2017 tax reform act commonly known as the Tax Cuts and Jobs Act contains tax incentives that are tied to investments in businesses or property located within opportunity zones. Tax incentives include both the deferral of, and exclusion from, income tax. The Department of Treasury…

Full article

Own a Family Business? Value it Internally & Externally

While preparing your succession or estate plan, it can be helpful to value your family business both internally and externally. You might wonder what that means — because you think your company has just one value. In fact, it can have multiple values depending on the valuation standard used. The different results can help you determine whether to…

Full article

Overwhelmed by Wayfair? Automation Can Help

On June 21, 2018, the U.S. Supreme Court issued a momentous decision that affects remote sellers and service providers across the country and the digital economy at large. The Court’s South Dakota v. Wayfair decision allows states lawfully to require remote sellers to collect and remit sales and use taxes if they have an economic…

Full article

IRS: Tax Scam Artists Remain Hard at Work

Although the April filing deadline has passed, scam artists remain hard at work, and the IRS is urging taxpayers to be on the lookout for a new surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax…

Full article