4Thought Blog

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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Free Business Growth Conference for National Small Business Week

As part of National Small Business Week, the U.S. Small Business Administration and SCORE are hosting a free business growth and advisory virtual conference for small businesses. The event features eight online webinars on May 7 and 8, 2019, or on demand after.

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Don’t Overpay for a Business Acquisition: Tips from Exit Planners

Business exit planning advisors Andrea Brady and Denise Hozza were quoted in a recent Lehigh Valley Business article about how not to overpay for a business acquisition. Brady, a Concannon Miller shareholder, is a Certified Exit Planning Advisor and Hozza, a Concannon Miller director, is a Certified Valuation Analyst. Check out their insight and advice…

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Tax Reform & Business Travel Deductions: Learn What’s Changed, What’s Stayed the Same

Tax reform through the federal Tax Cuts and Jobs Act created a ton of new tax rules for business owners. So many in fact the IRS in January just released some final regulations on key parts of the act, more than a year after it was enacted. While there are a lot of tax changes…

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New Real Estate Investment Tax Benefit: FAQs on Opportunity Zones

Tax Reform through the Tax Cuts and Jobs Act provided a new tool for promoting and incentivizing long-term investment in low-income communities. Opportunity Zones are economically-distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. Learn more about them in this comprehensive Opportunity Zones FAQ from the IRS. Also, see…

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Unresolved Tax Reform Issues: Uncertainty Looms With Some Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act, for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in…

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