4Thought Blog

Second Stimulus Offers More Business Benefits, Tax Credits

With its $900 billion price tag, the second federal stimulus bill includes a multitude of benefits for businesses – so many we couldn’t fit them in one article. Our first article on the bill focused on the new Paycheck Protection Programs rules and additional allocation (you can read it here if you missed it) but…

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New Federal Stimulus Deal Includes New PPP, Other Business Benefits

Congress has approved a second COVID-19 stimulus deal with both business and individual benefits. President Trump still has to sign the bill, which may impact some of the individual benefits. Top on the list may be the deductibility of businesses expenses paid with Paycheck Protection Program loans. This was Congress’s original intention and the new…

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Three Post-Election Legislative Impacts on Restaurants

With the 2020 election in the rearview mirror, businesses are looking forward to beginning 2021 with more clarity. Restaurants are particularly keen to understand what new legislative measures have passed or are on the horizon as they continue to navigate the acute—and devastating—impact of the coronavirus on the industry. Of most interest is the fate…

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Should Your Nonprofit Outsource Accounting? The Pros & Cons

As your nonprofit strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and financial umbrella. But wait: You’ll first need to weigh the possible benefits and pitfalls.

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Setup a Construction Firm Debt Management Plan for Significant Savings

Creating a formal debt management plan for your construction company will save you thousands or even tens of thousands of dollars in interest, over haphazard borrowing. Following certain best practices and using a structured approach to your company’s debt plan is part of an effective construction finance, accounting and tax strategy.

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A Tax-Smart Move for Manufacturers: Should You Buy Equipment Now?

Manufacturers that adopted an effective pivot strategy or are recovering from a COVID-19-related slowdown may need to acquire additional equipment or machinery. Here’s some important information to help you decide whether it makes more sense to buy or lease these assets — and why it could be a tax-smart move for some manufacturers to act…

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IRS Confirms: No Deduction for Expenses Paid with Forgiven PPP Loans

New federal guidance confirms bad news for businesses with PPP loans: You can’t deduct expenses paid with proceeds from a loan if it’s fully forgiven. The IRS also warns you can’t deduct businesses expenses if you believe your loan will be forgiven. So for businesses considering waiting until 2021 to apply for forgiveness with the…

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Buy-Sell Agreements: A Necessity for Business Owners to Protect their Interests

When a business is owned by more than one person, it’s generally advisable for the owners to enter into a contractual agreement that prescribes what will happen if an owner dies, becomes disabled, retires or otherwise leaves the company. Some market analysts predict that the COVID-19 crisis may trigger an increase in buyouts. For example,…

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Act Now on These Expiring Business, Individual Tax Benefits

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them.

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Biden’s Proposed Tax Changes: Estimated Costs for McDonald’s Franchisees

As we are discussing during our year-end tax planning meetings with all of our McDonald’s clients, President-Elect Joe Biden has expressed support for major changes to federal income tax laws, including both businesses and individuals, which would affect McDonald’s Owner/Operators. With control of the Senate still up in the air, it’s unknown which of his…

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