4Thought Blog

2019 Year End Estate Planning Considerations

Nearly everyone should consider updating his or her estate plan. This is smart advice even if you’re not currently exposed to the federal estate tax.

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IRS: Delinquent Taxpayers Could Expect Unannounced Visit

The IRS has announced its agents will be conducting unannounced in-person meetings with delinquent business and individual taxpayers. The IRS routinely conducts these face-to-face visits, it said in an announcement last month. The primary purpose of these visits is to make contact with taxpayers with a previously known tax issue that wasn’t resolved through mail…

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2019 Charitable Contributions: The Tax Reform Deduction Rules to Know

Do you plan on making contributions to charity this year? If you’re in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return. But the tax law is fraught with numerous twists and turns, so you must be careful to navigate the rules.

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5 Tips to Improve Inventory Management for Manufacturers

Efficient inventory management can substantially improve your firm’s performance by helping to maintain high customer service levels and reduce variable costs. But reinforcing inventory management isn’t a one-time project. It’s a constant concern for manufacturers. Identifying Potential Weakspots Naturally, different sorts of problems arise in different markets, whether its pharmaceuticals, packaged goods or some other…

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Selling Your Business? How to Increase Business Value (Video)

Most businesses that go to market don’t sell, largely because they’re not attractive enough. How can you get top dollar for your business? We use the tested and trusted Value Builder System to help business owners discover steps to improve their business value. Improving your Value Builder Score may more than double your pre-tax sale…

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How Construction Can Capitalize on Opportunity Zones

As 2019 approaches its final months, construction firms may start to see an uptick in interest for projects in opportunity zones. Enacted as part of 2017 Tax Reform, the opportunity zone program began attracting significant investor interest after the IRS released clarifying guidance about the program’s rules in October 2018 and again in April 2019….

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2019 Year-End Strategies to Reduce AGI

Reducing your current-year adjusted gross income is usually a tax-smart idea. Here are 10 ways to reduce your AGI (and modified AGI) over the short and long run. Closeup on AGI AGI equals all taxable income items minus selected deductions for such items as deductible IRA and retirement plan contributions and alimony payments required by…

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Top Tax Reform Business Opportunity: Switching to a C Corp

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities. Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated…

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New Lease Accounting Rules Delayed for Private Businesses

There’s some welcome news for businesses that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now a year delay on implementing fairly cumbersome new lease accounting standards. The Financial Accounting Standards Board (FASB) voted last month to delay ASC 842 Leases, a standard requiring the capitalization and debt of virtually all…

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McDonald’s Franchisees: Be Aware to Combat Employee Fraud

Hardworking employees are to be treasured and valued for the contributions they make to your restaurants, but unfortunately as any experienced restaurant owner knows, not every employee is earnest. Employee fraud is regrettably commonplace in many businesses. Near our office in St. Petersburg, Fla., there was a recent case involving a Dunkin’ doughnut shop manager…

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