4Thought Blog

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Retail Survival Tips: Be Digitally Savvy, Customer-Centric

It’s been a rough few years for many brick-and-mortar retailers, with several high-profile bankruptcies altering the face of local malls with thousands of store closures. Despite strong underlying economic fundamentals and high consumer confidence, many large malls have faced significant headwinds. Retailers in outdated malls, or those that have lost anchor stores, have been hardest…

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Estate Planning: What You Need to do Post-Tax Reform

Estate planning isn’t just for the rich and famous. Many people mistakenly think that they don’t need an estate plan anymore because of the latest tax law changes. While it’s true that the Tax Cuts and Jobs Act provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been…

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Hiring Minors to Work at Your McDonald's? Know the Rules

Hiring young people can be beneficial for all parties. But before McDonald’s franchisees make any job offers, you should be fully aware of how youth employment is regulated under the Fair Labor Standards Act. When employers fail to comply with these obligations, they can be prosecuted by the Department of Labor. And if the prosecution…

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Tips on Reducing Social Security and Medicare Taxes for Small Business Owners

If your small business is unincorporated, you may be fed up with paying the federal self-employment tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to lower your exposure to these taxes if you structure your business as a subchapter S corporation…

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Manufacturers: Learn How Robots Can Cut Costs in Automated Warehouses

The latest technological innovation in manufacturing is likely coming to a plant near you — maybe even to your plant. It’s the “automated warehouse.” As technology, such as Big Data and the Internet of Things, improves other aspects of the supply chain, the traditional warehouse is undergoing radical changes. Manufacturers can’t afford to ignore these…

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Planned Gifts can be a Major Boon for Nonprofits

Is your nonprofit organization pursuing planned gifts? It should be. Research suggests that the average planned gift in the United States falls between $35,000 and $70,000 — and the amount may increase with more Baby Boomers moving into retirement. Yet many nonprofits, especially small and medium-sized organizations, lack formal planned giving programs.

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Ask A CPA: What Tax Forms are for Student Loans & Grants?

Concannon Miller Shareholder Tony Deutsch recently responded to an Ask a CPA submission from the Pennsylvania Institute of Certified Public Accountants. Check out the question and his response below. Question: I am trying to get caught up by filing back taxes for the past four years. During that time, the only income I had was…

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Understanding Financial Statements: How Privately-Held Business Owners Can Benefit

Many privately-held business owners think putting together financial statements is busywork.  You have a business to run, so can’t your accountant just whip up what you need and send it off wherever it needs to go?  In theory, yes they could do that.  But the most forward looking business owners understand that doing the numbers…

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Looking to Invest in Opportunity Zones? There’s New Guidance for This Tax Benefit

The IRS has issued proposed regulations that provide guidance under new provisions added by the Tax Cuts and Jobs Act (TCJA) related to Qualified Opportunity Funds (QOFs). Specifically, the guidance addresses the gains that may be deferred as a result of a taxpayer’s investment in a QOF, as well as special rules for an investment…

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Monitoring Contribution Margins: The Benefits for McDonald’s Franchisees

A sixteenth century English romance writer named George Pettie once quipped, “So long as I know it not, it hurteth mee not.” In other words, what you don’t know can’t hurt you. While the merits of this sentiment may be debatable, one version of the opposite certainly is not: What you do know can help…

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