4Thought Blog

Gears that fit together

Lean Manufacturing: 8 Steps Manufacturers Should Consider to Reduce Waste

The term “lean manufacturing” means different things to different people. However, it can generally be agreed upon that lean manufacturing represents a management philosophy that emphasizes the elimination or reduction of waste in order to increase company profitability. In other words, doing more with less. Lean manufacturing is often associated with the Toyota Production System…

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Strategic Tax Planning Tips to Lower Business Tax Liability

More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Additional guidance and regulations have been issued nearly every month — indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. Read…

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Divorcing Business Owners: Don’t Forget to Weigh the Tax Consequences

Let’s say divorcing spouses own part of the stock in a closely-held corporation. This may be one of their biggest marital assets, and often one spouse decides to buy out the other party’s shares by transferring some assets in exchange for the stock. Before jumping headfirst into these transfers, it’s important to consider the expected…

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10 Tax Planning & Business Tips for Privately-Held Companies

The federal, state and economic environment is in a state of constant change. The end of 2017 was the Tax Cuts Jobs Act – the biggest federal tax change in 30 years. Last year’s Wayfair v. South Dakota sales tax case now requires out-of-state sellers of goods and services to collect sales tax if they…

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Estate and Trust Services: Why a CPA is Essential to Your Team (Video)

CPAs are best suited to evaluate the tax consequences of estate plans. Business owners and other high-net-worth individuals should strongly consider making or updating an estate plan to reduce estate taxes and ensure your assets are distributed according to your wishes.

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Should a McDonald’s Franchisee be a C Corp? Pros & Cons

Now that tax reform through the Tax Cuts and Jobs Act of 2017 is no longer breaking news, it’s time we take a closer look at a question that arose for McDonald’s franchisees as a result of the change in the tax law. One of the headline reforms of the new legislation was the slashing…

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Tax Reform & More: 5 Construction & Real Estate Predictions for 2019

Marked by turbulent trade conditions, a shifting retail landscape, continued fallout over tax reform and the accelerated growth of coworking companies, 2018 has been an eventful year for the real estate and construction industries. As we enter 2019, a variety of forces are at play. The IRS will continue to release additional guidance on provisions…

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The Wayfair Decision: What Manufacturers Need to Know about the New Tax Rules

Last year’s Wayfair decision is a momentous development in the debate over the digital economy’s responsibility for the collection of sales tax. As companies increasingly conduct business across state lines, how states and the federal government craft tax legislation that addresses the evolving definition of “nexus” significantly impacts all taxpayers—including manufacturers. (Background: In June 2018,…

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IRS: Rental Real Estate Owners Qualify for QBI; Other New Rules

When President Trump signed into law the Tax Cuts and Jobs Act in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income….

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Nonprofits: The New Fiscal Reporting Requirements for Year End 2018

The Financial Accounting Standards Board is in the business of rulemaking, and there’s a new one nonprofits need to be aware of. Back in 2016, FASB issued new guidance required for all nonprofit organizations with fiscal years ending after December 15, 2018. While the majority of the changes are purely cosmetic, understanding each will make…

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