4Thought Blog

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Attention Franchisees: Payments Fraud at All Time High

Payments fraud is at an all-time high, according to the latest Association of Finance Professionals Payments Fraud and Control Survey. A new record was set in 2017 with 78% of all organizations surveyed being touched by some type of payments fraud. So, how does that break out by payment category? Checks 74% Wire transfers 48%…

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12 Ways to Take Your Nonprofit to the Next Level

They say “No Pain, No Gain,” and the expression applies to the life cycle of nonprofit organizations, as well as athletes who hit the gym, tennis court or golf course on weekends. The point when the aches and growing pains of an organization begin are prompted less by age than by changes in leadership, size,…

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IRS Releases Details on New Major Deduction for Small Business Owners

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or…

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Owners Need an Exit Plan in Addition to a Business Plan

When business owners start their businesses, they often create a written business plan to guide them toward success. However, many successful owners don’t mimic that process when they begin to approach the end of their business ownership. There are three areas in which forgoing planning for the future can create unintended consequences for business owners:…

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New Guidance on Taking Advantage of Expanded Bonus Depreciation

Federal tax reform through the Tax Cuts and Jobs Act significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are…

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Nonprofit Financials: How to Best Explain Them to Your Board

Accurate, relevant and timely financial information is key to making good decisions for nonprofit executives and board members. But do all of your board members really understand the numbers they receive and what they mean to your organization? For example, let’s say you’re trying to determine how and when to initiate a new program? Do…

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Ex-Pat Taxation: What to Look for in a CPA (Video)

Concannon Miller provides white glove service to its ex-pat clients, providing ongoing communication to ensure tax returns are filed accurately and timely. The firm’s affiliates in 90 different countries allows it to perform ex-pat taxation services to just about any international company.

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Buying vs. Leasing Business Equipment: Which is Best Post-Tax Reform?

For tax years starting in 2018, the Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment. But leasing still offers benefits for some taxpayers. Here are some important considerations when deciding whether to buy or lease equipment.

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Could an Association Health Plan Work for Your Privately-Held Business?

Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement for the benefit of association members and their employees. Under the old rules, AHP availability was limited to tightly linked employers (such as parent-child companies). Under new regulations issued by the Department of Labor on June 19,…

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Family Business Transfers: Balancing Owner’s, Family’s Goals

If you’re considering transferring your business ownership to family, you might be tempted to put your family’s wants over your own goals. While this altruism may be admirable, it can also cause more problems than it solves. Consider the case of Darnell Orie. Darnell Orie was unsure how to approach his business exit. His son,…

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