Thomas Howell Ferguson P.A. CPAs promotes Megan Chen to Manager within the Assurance Services department.

Thomas Howell Ferguson P.A. CPAs (THF), a Top 200-ranked Accounting Firm in the nation by Inside Public Accounting, announced that Megan Chen was promoted to Manager within Assurance Services. Megan Chen has been with THF since 2020 and has provided assurance services to government, not-for-profit, insurance, and for-profit organizations. Most of her experience has concentrated […]

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Figuring corporate estimated tax

Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]

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Tax tips when buying the assets of a business

Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]

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When businesses might consider adopting an alternative approach to managing income and deductions

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]

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Support the Capital Area Chapter Red Cross

In the greater Tallahassee area, residents are still recovering from the tornadoes and storms that devastated communities earlier this month. At least three tornadoes and winds over 100 mph hit the area May 10, damaging homes, downing trees, and leaving thousands without power. Red Cross volunteers from across the country are arriving daily to help […]

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Understand how your business will be taxed in a merger or an acquisition

In recent years, merger and acquisition (M&A) activity has been strong in many industries. If your business is considering a merger or an acquisition with another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, you can basically structure a transaction in two […]

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Valuable tax break when applying the research credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. Be aware that there are two additional features that are especially favorable to small businesses: […]

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Pamela Byrd, PHR, SHRM-CP, joins Thomas Howell Ferguson P.A. CPAs (THF) as the People Champion, Human Resources Director

Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm,” a leading accounting firm, welcomes Pamela (Pam) Byrd, PHR, SHRM-CP, as the Thomas Howell Ferguson P.A. CPAs (THF) People Champion, Human Resources Director.  Pam joins THF with nearly 20 years of experience in human resources (HR).  Her most recent experience includes serving as the Human Resource […]

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Thomas Howell Ferguson P.A. CPAs (THF) welcomes Tax Services Senior Manager Yun (Fong) Yan, CPA and Client Accounting Services Manager Christine (Chris) Sawchyn to the firm

Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm,” a leading accounting firm, welcomes Tax Services Senior Manager Yun (Fong) Yan, CPA and Client Accounting Services (CAS) Manager Christine (Chris) Sawchyn to the Tallahassee office location. Fong Yan, CPA, joined the firm with over 20 years of experience in C and S corporations, partnerships, and […]

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Thomas Howell Ferguson P.A. CPAs (THF) Wins ClearlyRated’s 2024 Best of Accounting Award For Service Excellence

Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of […]

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Key 2024 inflation-adjusted tax parameters for small businesses and their owners

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets When discussing the inflation-adjusted tax amounts, let’s first begin with rates and brackets. If you run your business as a sole proprietorship or pass-through business […]

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What’s the best accounting method route for business tax purposes?

What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]

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Beneficial Ownership Interest (BOI) Reporting Requirements 

The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024. Many small businesses are now required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national […]

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Choosing a business entity: Which way to go?

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal […]

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2024 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]

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