4Thought Blog

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Your Business: The Value Will Depend on the Reason for Valuation

What is the value of my business? That’s the question every business owner wonders from time to time. But the correct answer varies depending on the purpose of the appraisal. Different rules and “standards of value” may apply in different circumstances. There are a number of reasons you might want to determine the value of a…

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IRS Waives Penalties for Many on 2018 Withholding, Estimated Tax Payments

The IRS this week announced it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax…

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Multi-State Businesses: How to Know if You Owe Taxes (Video)

If you do business in more than one state, there’s a good chance you may owe taxes in another state. Instead of being issued a jeopardy assessment, it’s best to work with an experienced CPA and be proactive.

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Estate Planning: How to Save Taxes using the Generation-Skipping Transfer Tax

Beneficial rules for the generation-skipping transfer (GST) tax are currently in force, which may allow you to pass on assets to future generations without a federal tax bill. GST Tax Basics When it comes to arranging for gifts and bequests to loved ones, most planning strategies focus on avoiding or minimizing the federal gift and…

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Lean Business, Accounting Processes to Gain Capacity (Video)

Lean experts with accounting experience can help improve internal controls and identify where companies are losing money through inefficiencies.

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Nonprofit Consolidation: The Pros and Cons and How to Do It

It doesn’t happen often, but sometimes nonprofit organizations merge or are incorporated into one another. For example, your nonprofit may be contemplating an acquisition of a smaller organization or perhaps you may be merged into a larger organization. In either event, this represents a significant change for managers both personally and professionally. What causes nonprofit…

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Manufacturers: Are you Ready to Start Exporting?

If your company would like to tackle the international market, it’s time to evaluate your chances of success. Manufacturing firms that successfully make the leap generally tend to have a firm domestic base, strong reputations and a quality product. A solid track record is also essential before expanding abroad. But there’s more to it than…

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Estate Planning: How to Set up a Private Foundation to Save Taxes

Are you interested in setting up a private foundation? With this approach, you make contributions to a foundation and get a charitable tax deduction just as you would with any qualified organization. Then, as the director, you decide which charities you want to make distributions to so you retain control of the assets.

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Construction Companies: How to Avoid IRS Problems from Using Independent Contractors

Chances are, your construction business hires subcontractors, rather than employees, to perform some of the work. These arrangements obviously save your company a lot of time, money and headaches. Take a look at some of the recordkeeping and financial differences:

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Gift of MAGI? Tax planning can help!

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.

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