4Thought Blog

2018 Tax Season: Businesses that Planned Reaped Rewards

Tax season 2018 has come and gone. Being the first following the enactment of the sweeping Tax Cuts and Jobs Act, it was one for the accounting history books. Here’s a few things we learned: This act may be the exact opposite of tax simplification. Sure, the new 1040 is postcard sized … if you…

Full article

Nonprofits: Audits are Critical to Your Organizational Sustainability

Audits have become more important due to increased public and government scrutiny of nonprofit organizations, their management and their boards. Audits not only provide you with a fair assessment of your organization’s financial health, but also can reveal vulnerabilities such as weak internal controls, insufficient cash reserves and poor investment policies. Perhaps most important, regular…

Full article

Certified Exit Planning Advisor: Factors of a Successful Business Sale

Certified Exit Planning Advisor Andrea Brady, a shareholder with Concannon Miller, was quoted in a recent Lehigh Valley Business article about the factors at stake in a successful business sale. Check out her insight and advice below:

Full article

Minimizing Tax Liability without QIP Guidance

Restaurant owners who invested in interior improvements in 2018 may be surprised when they receive their 2018 tax returns and see higher than expected tax liabilities. This is a result of an inadvertent drafting error in the Tax Cuts and Jobs Act (TCJA) relating to the depreciation of restaurant improvements. Before the TCJA, the tax…

Full article

Ways Manufacturers Can Weather Tariffs & Trade Policies

In the current political climate, just about the only thing manufacturers can be certain about is continuing uncertainty. Everything from changes to foreign trade policies, to new tariffs, to military actions threaten to disrupt smooth operations in the manufacturing sector. To complicate matters, there’s no clear timeframe for when (or if) events will transpire. Already, manufacturers…

Full article

Seize the Opportunity (Zone), But Keep Your Head on Straight

The IRS defines an opportunity zone as an “economically distressed community where new investments may be eligible for preferential tax treatment.” The Treasury has certified nearly 9,000 of these districts across all U.S. states and its territories, including the entire island of Puerto Rico. An opportunity zone designation has the potential to trigger a rush…

Full article

Lower Your 2018 Business Taxes: 5 Last-Minute Strategies

Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act. But have you done everything possible to lower your business tax bill for last year? Even though 2018 is in your review mirror, there are some possibilities…

Full article

Attention Business Owners: New Draft Overtime Rules to Know

Today (and since 2004) salaried employees who earn at least $455 per week aren’t eligible for overtime pay under the Fair Labor Standards Act, if their job duties are executive, administrative or professional (EAP) in nature. That’s true no matter how many hours these employees work in a week.  Under proposed regulations, the limit would rise…

Full article

Lower Your 2018 Taxes: 5 Last-Minute Strategies

It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider. 

Full article

Mergers and Acquisitions: Post Tax Reform Business Buying Strategies

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act. And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it’s important to understand how your transaction will be taxed under current tax law.

Full article