thfnewadmin, Author at Thomas Howell Ferguson

Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study

Posted on October 18, 2021

Has your business experienced depreciation? Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Under current law, the […]

THF Congratulates Lorelle Chapman and Alexander Frey on their Promotion to Manager

Posted on October 15, 2021

THF congratulates Lorelle Chapman and Alexander Frey on their promotion to Manager in the Assurance Services Department. Lorelle Chapman joined THF in January 2017 and has over four years of experience in public accounting providing assurance and accounting services. She received her Bachelor of Science degree in accounting from Florida State University. Lorelle operates out […]

New Per Diem Business Travel Rates Became Effective on October 1

Posted on October 12, 2021

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the transportation […]

THF Congratulates Micah Kunkel and Paola Arbulu on their Promotion to Senior Manager

Posted on October 8, 2021

THF congratulates Micah Kunkel and Paola Arbulu on their promotion to Senior Manager in the Tax Services Department. Micah Kunkel joined THF in 2009 and has over 12 years of experience providing tax compliance and consulting services. He received his Bachelor of Science degree in accounting and finance from Valdosta State University. Micah previously served […]

2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted on October 6, 2021

Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. To clarify, keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. In addition, contact us to ensure you’re meeting all applicable deadlines and to learn more […]

THF Congratulates Matthew Walker and Catherine Stout on Their Promotion to Director

Posted on October 1, 2021

THF congratulates Matthew Walker and Catherine Stout on their promotion to Director in the Assurance Services Department. Matthew joined THF in January 2013 and has over eight years of experience in public accounting providing assurance and accounting services. He received his bachelor’s degree in accounting from Florida State University. Matthew is very involved in the […]

THF Congratulates Anna Dean for Earning Her CPA License

Posted on September 28, 2021

THF congratulates Anna Dean for earning her Certified Public Accountant (CPA) license. Anna Dean received her Bachelor of Business Administration in Accounting and Master of Accountancy from Georgia College & State University. She operates out of the THF Bainbridge office and works as a staff accountant in the tax services department. Anna joined the firm […]

Merger and Acquisition Transactions: Be Careful When Reporting to the IRS

Posted on September 27, 2021

Are you currently involved with a merger and acquisition (M&A) transaction? Low-interest rates and other factors have caused global merger and acquisition activity to reach new highs in 2021. Refinitiv, a provider of financial data reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion […]

Tax Breaks to Consider During National Small Business Week

Posted on September 13, 2021

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim Bonus Depreciation or a Section 179 Deduction for Asset Additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property […]

Claiming a Theft Loss Deduction if Your Business is the Victim of Embezzlement

Posted on September 8, 2021

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic Rules for Theft Losses The tax code […]

Want to Find Out What IRS Auditors Know About Your Business Industry?

Posted on August 31, 2021

How does the IRS prepare for a business audit? Generally, an IRS examiner does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can […]

THF Congratulates Lorelle Chapman and Phillip Bealor for Passing Their CPA Exam

Posted on August 30, 2021

THF congratulates Lorelle Chapman and Phillip Bealor for passing their Certified Public Accountant (CPA) exam. Lorelle Chapman received her bachelor’s degree in accounting from Florida State University. She operates out of the THF Tallahassee office and works as a senior accountant in the assurance services department. Lorelle joined the firm in January 2017. Phillip Bealor […]

Getting a Divorce? Be Aware of Tax Implications if You Own a Business

Posted on August 25, 2021

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-Free Property Transfers You can generally divide most assets, including cash and business ownership interests, […]

THF Congratulates Megan Keplinger Townsend on Being Inducted into the United Way Suncoast Campaign Coordinator Hall of Fame

Posted on August 18, 2021

THF congratulates Megan Keplinger Townsend on being inducted into the United Way Suncoast Campaign Coordinator Hall of Fame. Megan served as the United Way Suncoast Campaign Coordinator for THF in 2020 and is serving again for 2021. Megan was nominated by the United Way Suncoast for going above and beyond to run a best practice […]

Is an LLC the Right Choice for Your Small Business?

Posted on August 11, 2021

Is a limited liability company (LLC) the right choice for your small business? Perhaps you operate your small business as a sole proprietorship and want to form an LLC to protect your assets. Or, maybe you are launching a new business and want to know your options for setting it up. An LLC is somewhat […]

Tax Benefits for Educators

Posted on November 3, 2017

As teachers, administrators, and aides have kicked off the new school year, taxes may not be heavy on their minds just yet. However, knowing what to track throughout the school year can help reduce the burden at tax time. There are three key work-related tax benefits that may help educators reduce what they pay in taxes. […]

2017 Best of Tallahassee

Posted on October 31, 2017

Tallahassee Magazine is proud to spotlight the top 2 businesses voted per category in the 2017 “Best of Tallahassee” at their event on Nov. 1 at The Hangar at Million Air Tallahassee (at Tallahassee International Airport). Readers voted some 200 regional businesses as best in their field for 2017, the 18th year of issuing these awards. The winners represent fine dining, trendy clothes, […]

5 Helpful Tips about Employee Business Expenses

Posted on October 25, 2017

Taxpayers who pay unreimbursed work-related expenses out of their own pocket may be able to deduct them, if certain criteria is met. In general, the deduction for employee business expenses is part of a taxpayer’s itemized deduction shown on Schedule A of their personal tax return and is deductible to the extent that the expenses […]

5 Things to Know to Avoid Surprises at Tax Time

Posted on October 19, 2017

The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages; however, taxpayers often have taxes withheld from certain other income including pensions, bonuses, commissions, and gambling winnings. Individuals who do not pay tax withholding, like the self-employed, as well as those who earn income such as dividends, interest, capital gains, […]

THF Congratulates Chandler, Allan, Lee, Phil, and Samantha on their Promotions!

Posted on October 18, 2017

THF congratulates Chandler Russell and Allan Franklin on their promotions to Senior in the Assurance Services Department and Lee Lovett, Phil Focaracci, and Samantha Pettis on their promotions to Senior in the Tax Services Department. Chandler joined THF in 2015 and has over two years of public accounting experience. She has provided a range of […]

Tips to Keep in Mind When Selling a Home

Posted on October 12, 2017

Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Here are some tips to keep in mind when selling your home: Gain. If there is a gain from the sale of the main home, the homeowner may be able to exclude up […]

THF Promotes Ying, Alyssa, Paola, Elaine, and Jeannie on their well-deserved promotions!

Posted on October 9, 2017

THF congratulates Ying Wang on her promotion to Senior Manager in the Tax Services Department; Alyssa Roti, Paola Blackburn, and Elaine Sutter on their promotions to Manager in the Tax Services Department; and Jeannie Lim on her promotion to Retirement Plan Specialist in the Tax Services Department. Ying joined THF in 2007 and has over […]

Tips on How to Reconstruct Records After a Hurricane

Posted on October 6, 2017

If you’re a victim of a natural disaster, you may need to reconstruct records to prove your losses for insurance purposes. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 11 tips to help you reconstruct your records: To establish the extent of the damage, you should take […]

THF Promotes Brian Walgamott, Mike Rosciam, and Kim Rogers!

Posted on October 4, 2017

THF congratulates Brian Walgamott on his promotion to Director, Tax Services, Mike Rosciam on his promotion to Director of IT & Assurance Services, and Kim Rogers on her promotion to Director of Office Management. Brian joined THF in 2008 and has nine years of public accounting experience working in areas of tax compliance, planning, and […]

THF Congratulates Chandler, Tim, and Jorge!

Posted on September 27, 2017

THF congratulates Chandler Russell on receiving her CPA license along with Tim Icardi and Jorge Rivera for passing the CPA exam. Chandler Russell grew up in Tallahassee and went to Maclay High School. She then proceeded to receive her bachelor’s and master’s degree in accounting from the University of Alabama. Chandler began working for THF […]

What You Should Know About Your Moving Expenses

Posted on September 8, 2017

With the end of the year quickly approaching, individuals may looking to relocate for a new job. Be sure to keep up with all those receipts, because the cost of moving may be deductible on your tax return. The IRS will let you deduct your moving expenses so long as you meet two basic “tests”: […]

Tap into Cash & Defer the Tax-Installment Sales

Posted on August 7, 2017

When qualifying property is sold and payments are received in the year of sale, the installment sale method of accounting for the transaction is available. Under the installment method, a portion of a gain resulting from the sale is reported as each payment is received. Each payment will generally consist of three parts: gain on […]

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