4Thought Blog

Top 5 Trends Impacting Nonprofits’ Fiscal Health in 2021

What can nonprofit organizations expect in 2021 and beyond? One recent report, “11 Trends in Philanthropy for 2021,” offers some answers. Produced by the Dorothy A. Johnson Center for Philanthropy at Grand Valley State University, the 32-page report pinpoints trends such as the growth of social justice funding and new opportunities to build public trust….

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9 Strategies to Boost Cash Flow in Construction

Contractors trying to keep their construction companies financially healthy face two intrinsic challenges: the seasonal nature of construction work and the unpredictability of an invoice-based business. Both can disrupt cash flow and make collecting and paying bills challenging. With positive cash flow, your balance sheet is better able to handle the industry’s typical ups and…

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7 Last-Minute Tax Strategies to Lower Your 2020 Business Taxes

Good news – business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return.

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New PPP Loan Rules Announced to Help Small Businesses

The federal government has announced new rules for Paycheck Protection Program loans intended to help more small businesses obtain them. Starting Wednesday, only businesses with 20 or fewer employees can apply for PPP loans during a two-week period. The 14-day exclusive application period will allow lenders to focus on serving small businesses, President Biden’s administration…

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Two Extended Tax Benefits Eligible McDonald’s Franchisees Should Consider

While the two biggest benefits for McDonald’s Owner/Operators in the second federal stimulus were changes to PPP loans and the expansion of Employee Retention Tax Credit, there are some other benefits franchisees should consider, as well. Both the Work Opportunity Tax Credit and Empowerment Zones have been around for some time but the second stimulus…

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IRS Scam Warning: Unemployment Benefits Identity Theft

The IRS is warning taxpayers about a current prevalent scam involving identify theft and unemployment benefits. Some taxpayers are reporting that they have received 1099-G forms falsely stating they received unemployment benefits in 2020. This is likely a case of scammers using stolen personal information to file claims and should be reported, the IRS says….

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4 Strategies to Reduce Fraud in Construction

From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than the $125,000 for all industries. Many factors make businesses in the sector rife for…

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PA Provides PPP Tax Relief, COVID Business Grants

Pennsylvania has approved legislation clarifying tax rules on PPP loans and also providing $912 million in COVID relief aid. The legislation, approved Friday, clarifies that Paycheck Protection Program loans that are forgiven are not taxable in Pennsylvania and that businesses may deduct eligible expenses paid with PPP loan proceeds. This aligns Pennsylvania’s PPP rules with…

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Second Stimulus Extends Significant Benefits for Nonprofit Donors

The sweeping second federal stimulus included two extended provisions nonprofits should pay particular attention to: a tax break for donors of smaller charitable gifts and one that will be advantageous to big donors. The new law also extends tax breaks for corporate donors.  This is good news for some nonprofits that have struggled financially over…

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The Top 7 Tax Benefits for Manufacturers in 2021

The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.

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