A Guide to Qualified Disaster Relief Funds

Do you have questions about qualified disaster relief funds? These can be different for different types of organizations. Let’s look at some details on this. What is a qualified disaster? Per IRC Code Section 139, a qualified disaster: What are qualified disaster relief funds? Qualified disaster relief funds provide aid to disaster victims and those […]

Read More… from A Guide to Qualified Disaster Relief Funds

Many tax limits affecting businesses have increased for 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 […]

Read More… from Many tax limits affecting businesses have increased for 2023

Forms W-2 and 1099-NEC are due to be filed soon

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2, Wage, and Tax Statement. W-2 forms show the wages paid and taxes withheld for the year for each employee. They […]

Read More… from Forms W-2 and 1099-NEC are due to be filed soon

Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax would increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, […]

Read More… from Employers: In 2023, the Social Security wage base is going up

Employers, be wary of ERC claims that are too good to be true

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]

Read More… from Employers, be wary of ERC claims that are too good to be true

2023 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 2023. 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 […]

Read More… from 2023 Q1 Tax Calendar: Key deadlines for businesses and other employers

Choosing a business entity? Here are the pros and cons of a C corporation

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A […]

Read More… from Choosing a business entity? Here are the pros and cons of a C corporation

How to minimize the S corporation LIFO recapture tax

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the […]

Read More… from How to minimize the S corporation LIFO recapture tax

The standard business mileage rate is going up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, […]

Read More… from The standard business mileage rate is going up in 2023

Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. This is sometimes referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Taxpayers other than corporations may be entitled to a deduction of up to 20% of their QBI. For […]

Read More… from Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. A business must file a final income tax return and some […]

Read More… from Is your business closing? Here are your final tax responsibilities

Computer Software costs: How does your business deduct them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the […]

Read More… from Computer Software costs: How does your business deduct them?

Intangible Assets: How must the costs incurred be capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. Why are intangibles complicated? IRS regulations require the capitalization of costs to: Capitalized costs can’t be deducted in the year paid or incurred. If they’re deductible at all, they must be ratably deducted over the life of the […]

Read More… from Intangible Assets: How must the costs incurred be capitalized?

2023 Limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]

Read More… from 2023 Limits for businesses that have HSAs — or want to establish them

Inflation means you and your employees can save more for retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due […]

Read More… from Inflation means you and your employees can save more for retirement in 2023

Thomas Howell Ferguson P.A. CPAs participates in the Tallahassee Memorial HealthCare (TMH) Foundation third annual PinkPower Flamingo Challenge

In honor of breast cancer awareness month, Thomas Howell Ferguson P.A. CPAs (THF), the 135th largest accounting firm in the nation, continued its participation in the third annual PinkPower Flamingo Challenge. This is sponsored by Tallahassee Memorial HealthCare (TMH) Foundation and First Commerce Credit Union. THF challenged team members to support the breast cancer awareness […]

Read More… from Thomas Howell Ferguson P.A. CPAs participates in the Tallahassee Memorial HealthCare (TMH) Foundation third annual PinkPower Flamingo Challenge

Brandon Mott, CPA and Ben A. “Steve” Stevens III, CPA are admitted to the Shareholder group at Thomas Howell Ferguson P.A. CPAs

Thomas Howell Ferguson P.A. CPAs (THF), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida admits Brandon Mott, CPA and Ben A. “Steve” Stevens III, CPA to the Shareholder group. “Brandon started his career with THF. We were the first CPA firm that he worked with, and he worked through […]

Read More… from Brandon Mott, CPA and Ben A. “Steve” Stevens III, CPA are admitted to the Shareholder group at Thomas Howell Ferguson P.A. CPAs

Recap: What is impacting Florida’s Economy? A presentation delivered by Jerry D. Parrish, Ph.D.

Jerry D. Parrish, Ph.D. is an Economist and professor within the Florida State University- Center for Economic Forecasting and Analysis. He holds a research background in energy, the environment, health, and economic development and agriculture. Previously, he served as the Chief Economist and Director of Research for The Florida Chamber Foundation and Chief Economist and […]

Read More… from Recap: What is impacting Florida’s Economy? A presentation delivered by Jerry D. Parrish, Ph.D.

What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business […]

Read More… from What local transportation costs can your business deduct?

ICYMI: Understanding Business Financials for Future Success, a presentation by THF Shareholder, Dennis Gallant, CPA

Shareholder, Dennis Gallant, CPA presented a discussion on understanding business financials to members of the Bainbridge-Decatur Chamber of Commerce in Bainbridge, Georgia. He explained in detail the basic principles that business owners should know, such as reviewing balance sheets and understanding assets, knowing a business’ income statement, determining if the business made a profit or […]

Read More… from ICYMI: Understanding Business Financials for Future Success, a presentation by THF Shareholder, Dennis Gallant, CPA

THF Corporate Recruiter & University Relations Specialist LaQuisha S. Persak is appointed to the Tallahassee-Leon County Commission on the Status of Women & Girls

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida, is excited to recognize Corporate Recruiter & University Relations Specialist, LaQuisha S. Persak, on her appointment to the Tallahassee-Leon County Commission on the Status of Women & Girls (CSWG). The Tallahassee-Leon County […]

Read More… from THF Corporate Recruiter & University Relations Specialist LaQuisha S. Persak is appointed to the Tallahassee-Leon County Commission on the Status of Women & Girls

Providing fringe benefits to employees with no tax strings attached

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits that employees generally can exclude from income: A no-additional-cost benefit. This involves a service provided to […]

Read More… from Providing fringe benefits to employees with no tax strings attached

Thomas Howell Ferguson P.A. CPAs promotes Peter Fleck and Rebecca Weitzel to Senior in the Tax Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Peter Fleck and Rebecca Weitzel as they are promoted to Senior in the Tax Services Department. Peter Fleck is a proud double alumnus of Florida State University where he holds a Bachelor of Science degree […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes Peter Fleck and Rebecca Weitzel to Senior in the Tax Services Department

Thomas Howell Ferguson P.A. CPAs promotes Ben Moon to Manager in the Tax Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Ben Moon as he has been promoted to Manager in the Tax Services Department. Ben Moon brings to the firm six years of his expertise in tax and assurance services. He is a double-alumnus of […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes Ben Moon to Manager in the Tax Services Department

Recap: Taking a look at the big picture: Where do we go from here? A presentation delivered by Charles Nyce, Ph.D.

During the FINREP Florida Forum in 2022, hosts, Thomas Howell Ferguson P.A. CPAs (THF), and the Florida State University College of Business, the Dr. William T. Hold/The National Alliance Program in Risk Management provided participants the opportunity to hear from experts within the Florida insurance industry. Charles Nyce, Ph.D., a professor within FSU’s Center for […]

Read More… from Recap: Taking a look at the big picture: Where do we go from here? A presentation delivered by Charles Nyce, Ph.D.

Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Stacey Kolka and Ying Wang to Director in the Tax Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, celebrate Stacey Kolka, CPA, and Ying Wang, CPA, on their promotions to Director in the Tax Services Department. Stacey holds 30 years of experience in providing tax and consulting services to a […]

Read More… from Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Stacey Kolka and Ying Wang to Director in the Tax Services Department

Worried about an IRS audit? Prepare in advance

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology, and increase audits of high-income taxpayers. But with […]

Read More… from Worried about an IRS audit? Prepare in advance

Thomas Howell Ferguson P.A. CPAs promotes several consultants within the Governmental Consulting Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida, promotes Amanda Campbell to Consultant I and Scott Ereckson, Ryan Hagen, Michael Horne, Chris Smith, and Casey Waddill to Consultants II in the Governmental Consulting Services Department (GovCon). The GovCon team directly […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes several consultants within the Governmental Consulting Services Department

Thomas Howell Ferguson P.A. CPAs promotes Nicole Acosta to Senior Manager and Brittany Bechtel to Manager in the Governmental Consulting Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), the 135th largest accounting firm in the nation by Inside Public Accounting, recognizes Nicole Acosta on her promotion as Senior Manager and Brittany Bechtel as Manager in the Governmental Consulting Services Department. Nicole Acosta holds 18 years of experience in disaster recovery, government consulting, and procurement. […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes Nicole Acosta to Senior Manager and Brittany Bechtel to Manager in the Governmental Consulting Services Department

Thomas Howell Ferguson P.A. CPAs promotes Phillip Bealor, CPA; Jenna Gray, MBA; and Devin Masson to Senior in the Assurance Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Phillip Bealor, CPA,; Jenna Gray, MBA,; and Devin Masson as they are promoted to Senior in the Assurance Services Department. All of them have met the firm’s requirements to be an In-Charge and have demonstrated […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes Phillip Bealor, CPA; Jenna Gray, MBA; and Devin Masson to Senior in the Assurance Services Department

Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Taylor Harmon and Leigh Jenkins to Director in the Assurance Services Department

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, celebrates Taylor Harmon, CPA, and Leigh Jenkins, CPA, on their promotions to Director in the Assurance Services Department. Taylor has over seven years of experience in public accounting providing assurance and accounting […]

Read More… from Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Taylor Harmon and Leigh Jenkins to Director in the Assurance Services Department

Thomas Howell Ferguson P.A. CPAs promotes Nicole (Nikki) Champion to IT Support Manager

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, congratulates Nicole (Nikki) Champion on her promotion to IT Support Manager. Nikki Champion serves as the IT Support Manager for all four of the firm’s office locations, including Bainbridge, Georgia; Panama City, […]

Read More… from Thomas Howell Ferguson P.A. CPAs promotes Nicole (Nikki) Champion to IT Support Manager

2022 Q4 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 fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]

Read More… from 2022 Q4 Tax Calendar: Key deadlines for businesses and other employers

Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business. Tax […]

Read More… from Separating your business from its real estate

Year-end tax planning ideas for your small business

When is the best time for year-end tax planning for a small business? Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will […]

Read More… from Year-end tax planning ideas for your small business

Inflation Reduction Act provisions of interest to Small Businesses

The Inflation Reduction Act (IRA) was signed into law by President Biden on August 16. It contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. […]

Read More… from Inflation Reduction Act provisions of interest to Small Businesses

Self-Employed? Build a Nest Egg with a Solo 401(K) Plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. […]

Read More… from Self-Employed? Build a Nest Egg with a Solo 401(K) Plan

Why an LLC might be the best choice of entity for your business

The business entity you choose can affect your taxes, your personal liability, and other issues. Limited liability companies (LLC) are somewhat hybrid entities. They can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds. Owners of […]

Read More… from Why an LLC might be the best choice of entity for your business

Your Business May Be Required to Report Employee Health Coverage

Certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic Rules Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information about offers of […]

Read More… from Your Business May Be Required to Report Employee Health Coverage