4Thought Blog

IRS Waives Estimated Tax Penalty for 400,000 Taxpayers

The Internal Revenue Service last week announced it’s automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Earlier this year, the IRS lowered the usual 90% penalty threshold to 80% to help taxpayers whose withholding and…

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New Business Vehicles: How Much Companies Can Deduct in 2019

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details.

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Bitcoin Tax Rules: They’re Complex and Confusing

Bitcoin has been around for nearly a decade. But the tax rules related to “virtual currency” are still evolving. In fact, some Bitcoin investors may be in for a surprise when they file their 2019 returns. Tax matters have become even more complicated because relevant provisions of the Tax Cuts and Jobs Act took effect…

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Individual Coverage HRAs: Expanded Health Insurance Options for Employers

First the old news: Under the Affordable Care Act (ACA), employers with at least 50 employees (or full-time equivalents) are required to provide health benefits and pay for a good portion of the cost. And many smaller employers that aren’t required to offer health coverage do so anyway. Why? They may do it to compete…

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One Year Later, Effects of Wayfair Still Unraveling

The impact of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, now over a year since it was handed down, continues to reverberate throughout the business world. As the year wears on, it’s clear the decision carries implications for industries beyond retail and, indeed, for the very basic functions of any business with multi-state…

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Restaurant Industry Scorecard for Q1 2019

Despite evolving customer expectations, continued pressure on profit margins and fierce competition, the restaurant industry fared well through the first quarter of 2019, with same-store sales up an overall 1.5%. To preserve profitability and reclaim foot traffic, many industry players are recognizing that a departure from business-as-usual is the key to continued success. But, given…

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2019 Tax Planning Strategies: The Top 5 Moves for Individuals

The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow you to minimize future taxes. Here are various short- and long-term strategies to consider. They factor in changes included in the Tax Cuts and Jobs Act.

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Industry 4.0: What Manufacturers Should Know about New Technology

Industry 4.0 is shorthand for all the technological innovations fundamentally altering the manufacturing sector — including smart factories, the Internet of Things, cloud and hybrid computing, and augmented reality. Mobile devices are the gateway to Industry 4.0. Manufacturing managers still working with decade-old computers — or pencil and paper — will likely be left in…

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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…

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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,…

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