4Thought Blog

Build Back Better on Hold; Next Up – Federal Tax Extenders

While all signs point to the fact that, given the current makeup of the House and Senate, the Build Back Better bill on the table last fall is essentially lifeless, some of the policies contained in the bill may be back in play in 2022. A possible alternative path for some of the policies contained…

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5 Strategies to Upskill Your Manufacturing Workforce

Last year was another tumultuous one in the manufacturing sector. The continued impact of the COVID-19 pandemic, unprecedented disruptions to the supply chain and a competitive business environment were all contributing factors, despite a general rebound in the economy. But manufacturers are facing another major obstacle in 2022 — the ever-growing skills gap in the…

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How Businesses Can Maximize the QBI Deduction Amid the Pandemic

Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases and inflation have also entered into the mix. How do these developments affect planning to maximize QBI deductions for your business?

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Construction: Tips to Fix Time Tracking to Avoid Fines

For construction businesses, time tracking is about more than capturing labor hours to issue paychecks. It’s a complex, critical administrative task directly tied to your company’s financial stability. Improper time tracking can lead not only to payroll mistakes, but also, when working on public projects, to compliance failures with prevailing wage and tax laws. The…

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Which IRS Form Should New Nonprofits Use — 1023 or 1023-EZ?

New nonprofits must apply to the IRS to be approved as a 501(c)(3) or tax-exempt organization. There are a few hurdles to clear. First, nonprofits must be organized and operated exclusively for tax-exempt purposes — which means they aren’t trying to make a profit. Also, none of their earnings can inure to the benefit of…

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Tax Planning: Steps to Take Now for 2021, 2022 Business Taxes

The past two years have been very challenging for business owners and organizational leaders – we’ve had everything from the great resignation to inflation to pandemic-related compliance. It’s never been harder to spend the time working in and out of your business. But despite the challenges, there are still some great tax benefits and opportunities…

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Cash Flow Coverage Ratio: The Most Popular McDonald’s Ratio

Financial health is critically important to your success as a McDonald’s Owner. To help you measure your financial health, we’re doing a series of articles on the McDonald’s financial standard ratios, what they entail and how to improve them. If you missed them, check our prior articles Your Next McDonald’s Ratio: Estimated Net Equity Percentage,…

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Intrafamily Trust Loans: Tips to Reducing Gift, Estate Taxes

Even though there are signs that interest rates are likely to rise in the near future, they remain low for now. This means that the benefits of making intrafamily loans remain compelling. Not only can you assist loved ones with favorable terms, but you may be able to reduce gift and estate taxes. The good…

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Cash Flow Management: Tips to Speed Up Accounts Receivables

Many companies are experiencing a buildup of accounts receivable on their balance sheets as customers — especially large corporate buyers — are stretching out their payment terms. While these bills may eventually be paid, delays are causing a cash flow crunch across many supply chains.

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The New Guidance on the Changed Employee Retention Credit Rules

Sometimes, Uncle Sam seems to give with one hand and take with the other. Take the employee retention credit (ERC), for example. Congress created this tax break in 2020 to help businesses continue to pay their workers following the onset of the COVID-19 pandemic. Then legislators extended the credit, with enhancements, through 2021. However, the…

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