Cyrus Calhoun, Author at Thomas Howell Ferguson

THF Assurance Services Manager Chandler Russell, CPA is appointed Chair of the Supervisory Committee of Envision Credit Union Board of Directors

Posted on May 23, 2023

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 Assurance Services Manager Chandler Russell, CPA, on her re-election to the Envision Credit Union Board of Directors and appointed as Chair of the Supervisory Committee. Chandler was recently […]

Education assistance benefits help attract, retain, and motivate your employees

Posted on May 9, 2023

Did you know your business can attract or retain employees by offering education assistance benefits? One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits […]

Thomas Howell Ferguson P.A. CPAs (THF) celebrates the 2022-2023 academic year with John G. Riley Elementary School and the Tallahassee Chamber Classroom Connection program

Posted on May 8, 2023

Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm”, celebrated the end of a successful 2022-2023 academic school year with John G. Riley Elementary School and the Tallahassee Chamber of Commerce Classroom Connection program. THF continued its participation with the Tallahassee Chamber of Commerce Classroom Connection program in partnership with World Class Schools and Leon […]

Protect the “ordinary and necessary” advertising expenses of your business

Posted on May 2, 2023

Is advertising a business expense? Does your company use advertising as a means to gain business? If so, you may be able to cut advertising taxes. Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut […]

Changes in Section 174 make it a good time to review the R&E strategy of your business

Posted on April 27, 2023

Are there changes in Section 174? It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of […]

The tax advantages of hiring your child this summer

Posted on April 7, 2023

There are tax advantages of hiring your child(ren) for work during the summer. Learn how! Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes […]

2023 Q2 Tax calendar: Key deadlines for businesses and employers

Posted on April 4, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. 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 […]

Buying a new business vehicle? A heavy SUV is a tax-smart choice

Posted on March 7, 2023

Have you considered purchasing a business vehicle? Rather than getting a small car, a heavy SUV may be ideal to receive tax benefits on a business vehicle. Be mindful that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with […]

Do you run a business from home? You may be able to deduct home office expenses

Posted on February 23, 2023

You may be able to deduct home office expenses if you run a business from home. Learn more here. Many people began working from home during the COVID-19 pandemic — and many still run a business from home offices either all the time or on a hybrid basis. If you’re self-employed and run a business […]

Key tax issues in M&A transactions

Posted on February 23, 2023

Merger and acquisition (M&A) transactions activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If […]

A Guide to Qualified Disaster Relief Funds and How They Affect Not-for-Profits

Posted on February 20, 2023

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 […]

Have employees who receive tips? Here are the tax implications

Posted on February 7, 2023

Many businesses in certain industries have employees who receive tips as part of their compensation. These businesses include restaurants, hotels, and salons. Tip definition Tips are optional payments that customers make to employees who perform services. For employees who receive tips, those can be cash or noncash. Cash tips include those received directly from customers, […]

Many tax limits affecting businesses have increased for 2023

Posted on January 30, 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 […]

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

Posted on January 24, 2023

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 […]

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

Posted on January 16, 2023

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, […]

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

Posted on January 12, 2023

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 […]

2023 Q1 Tax Calendar: Key deadlines for businesses and other employers

Posted on January 12, 2023

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 […]

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

Posted on January 12, 2023

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 […]

How to minimize the S corporation LIFO recapture tax

Posted on January 12, 2023

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 […]

The standard business mileage rate is going up in 2023

Posted on January 10, 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, […]

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

Posted on December 20, 2022

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 […]

Is your business closing? Here are your final tax responsibilities

Posted on December 20, 2022

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 […]

Computer Software costs: How does your business deduct them?

Posted on December 15, 2022

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 […]

Intangible Assets: How must the costs incurred be capitalized?

Posted on December 15, 2022

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 […]

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

Posted on December 6, 2022

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 […]

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

Posted on December 6, 2022

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 […]

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

Posted on November 9, 2022

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 […]

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

Posted on November 9, 2022

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 […]

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

Posted on November 7, 2022

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 […]

What local transportation costs can your business deduct?

Posted on November 7, 2022

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 […]

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

Posted on November 2, 2022

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 […]

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

Posted on November 1, 2022

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 […]

Providing fringe benefits to employees with no tax strings attached

Posted on October 31, 2022

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 […]

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

Posted on October 27, 2022

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 […]

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

Posted on October 26, 2022

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 […]

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

Posted on October 24, 2022

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 […]

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

Posted on October 24, 2022

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 […]

Worried about an IRS audit? Prepare in advance

Posted on October 24, 2022

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 […]

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

Posted on October 18, 2022

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 […]

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

Posted on October 18, 2022

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. […]

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Tallahassee: 850.668.8100
Tampa: 813.227.9100
Bainbridge: 229.246.7500
Panama City: 850.668.8100