4Thought Blog

Estate and Trust Services: Why a CPA is Essential to Your Team (Video)

CPAs are best suited to evaluate the tax consequences of estate plans. Business owners and other high-net-worth individuals should strongly consider making or updating an estate plan to reduce estate taxes and ensure your assets are distributed according to your wishes.

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Should a McDonald’s Franchisee be a C Corp? Pros & Cons

Now that tax reform through the Tax Cuts and Jobs Act of 2017 is no longer breaking news, it’s time we take a closer look at a question that arose for McDonald’s franchisees as a result of the change in the tax law. One of the headline reforms of the new legislation was the slashing…

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Tax Reform & More: 5 Construction & Real Estate Predictions for 2019

Marked by turbulent trade conditions, a shifting retail landscape, continued fallout over tax reform and the accelerated growth of coworking companies, 2018 has been an eventful year for the real estate and construction industries. As we enter 2019, a variety of forces are at play. The IRS will continue to release additional guidance on provisions…

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The Wayfair Decision: What Manufacturers Need to Know about the New Tax Rules

Last year’s Wayfair decision is a momentous development in the debate over the digital economy’s responsibility for the collection of sales tax. As companies increasingly conduct business across state lines, how states and the federal government craft tax legislation that addresses the evolving definition of “nexus” significantly impacts all taxpayers—including manufacturers. (Background: In June 2018,…

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IRS: Rental Real Estate Owners Qualify for QBI; Other New Rules

When President Trump signed into law the Tax Cuts and Jobs Act in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income….

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Nonprofits: The New Fiscal Reporting Requirements for Year End 2018

The Financial Accounting Standards Board is in the business of rulemaking, and there’s a new one nonprofits need to be aware of. Back in 2016, FASB issued new guidance required for all nonprofit organizations with fiscal years ending after December 15, 2018. While the majority of the changes are purely cosmetic, understanding each will make…

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Your Business: The Value Will Depend on the Reason for Valuation

What is the value of my business? That’s the question every business owner wonders from time to time. But the correct answer varies depending on the purpose of the appraisal. Different rules and “standards of value” may apply in different circumstances. There are a number of reasons you might want to determine the value of a…

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IRS Waives Penalties for Many on 2018 Withholding, Estimated Tax Payments

The IRS this week announced it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax…

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Multi-State Businesses: How to Know if You Owe Taxes (Video)

If you do business in more than one state, there’s a good chance you may owe taxes in another state. Instead of being issued a jeopardy assessment, it’s best to work with an experienced CPA and be proactive.

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Estate Planning: How to Save Taxes using the Generation-Skipping Transfer Tax

Beneficial rules for the generation-skipping transfer (GST) tax are currently in force, which may allow you to pass on assets to future generations without a federal tax bill. GST Tax Basics When it comes to arranging for gifts and bequests to loved ones, most planning strategies focus on avoiding or minimizing the federal gift and…

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