4Thought Blog

Energy Tax Breaks: 5 New Benefits for Manufacturers

In recent years, lucrative tax breaks for energy-efficient investments have enticed many manufacturers to “go green.” At the end of 2020, the Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five examples that could benefit your company.

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Employee Retention Credit: The New Benefits for Nonprofits

If your nonprofit managed to keep staffers employed throughout the COVID-19 pandemic, there could be a tax reward. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, employers may be entitled to claim an Employee Retention Credit (ERC) for wages paid between March 13, 2020, and December 31, 2020. In December of 2020, the…

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Employee or Independent Contractor? There’s New Rules Again

The U.S. Department of Labor has recently taken action on the criteria for determining independent contractor status, rescinding regulations that were enacted as recently as two weeks prior to President Biden’s inauguration in the last days of the Trump administration. That means what’s old is new — the regulations in force now are left over…

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PPP Loan Deadline Extended to Allow More Businesses to Get Funds

The application deadline for Paycheck Protection Program (PPP) loans has been extended two months from March 31 to May 31. The extension will allow more businesses to apply for the funds and also allow more time for the U.S. Small Business Administration to process more applications. Congress approved the extension last week; it currently awaits…

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The New Child Tax Credit: How Much More Will You Get?

The American Rescue Plan Act significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here’s the story.

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IRS Extends Federal Income Tax Deadline to May 17, 2021

The IRS has announced a one-month extension for filing federal individual income tax returns to May 17, 2021. The extension affects the filing of your federal individual income tax return and your federal tax payment for the year 2020. The extension was made to allow for more time to adjust to the many tax changes…

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New Restaurant Aid: How to Qualify for New Stimulus Funding

The new federal stimulus bill (American Rescue Plan Act of 2021) includes a special fund – the new $28.6 billion Restaurant Revitalization Fund – to benefit the hard-hit restaurant industry by providing grant monies in addition to the Paycheck Protection Program loans and other pandemic relief measures. While we await additional guidance from the SBA,…

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Deducting Home Office Expenses for Telework: The Pros & Cons in Pennsylvania

The COVID-19 pandemic has brought about a great deal of changes for Pennsylvanians, with one of the biggest disruptions coming in the workplace. Namely, many taxpayers are now finding themselves working from home, setting up workstations at their kitchen tables or in their home offices. With remote work becoming commonplace, the Pennsylvania Department of Revenue…

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9 Purchasing Strategies for Manufacturers to Save Money

Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company’s behalf that would never meet with your approval? An effective purchasing system is essential to survival in the competitive manufacturing industry.

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Third Stimulus Extends Popular Business Tax Credit, Provides Restaurant Funding

Congress has passed a third COVID-19 pandemic related stimulus bill, providing extended and renewed business funding and tax benefits. The biggest business benefit is likely the extension of the popular Employee Retention Tax Credit. The third stimulus bill, formally known as the American Rescue Plan, extends the credit through the end of 2021. The $1.9…

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