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 […]
Key tax issues in M&A transactions
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 […]
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 […]
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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 […]
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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 […]
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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 […]
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What Should You Know About the New Revenue Recognition?
The implementation of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is officially here (after a one year optional delay granted by FASB. In addition, there is another revenue recognition standard that will have an impact on not-for-profits specifically. The FASB issued ASU 2018-08, Clarifying the Scope […]
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Audit vs. Review vs. Internal Controls Assessment
Does your organization need an audit, review, or internal controls assessment? Because every organization is different, there are different types of assurance services that your company can undergo based on your needs. There are many things that will help determine which services are the right fit for your organization. Your organization’s primary purpose, mission, funding, […]
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What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)
On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]
Best Practices for 2021 Budgeting for Not-For-Profits
With everything surrounding COVID-19 and this past year, budgeting for 2021 will prove to be a challenge for many not-for-profits. Some not-for-profits had to decrease their services and staffing. Others have redirected their mission to serve their community’s more pressing needs. Many fundraising events were canceled this year in an effort to adhere to social […]
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FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar
In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed. In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]
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What Costs May Be Reimbursable By FEMA for COVID-19?
What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]
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What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?
Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period. Payroll costs are considered paid on the day that paychecks are distributed, […]
Paycheck Protection Program (PPP) – Payroll Costs Q&A
Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs. Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]
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Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs
Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board. During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]
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Private Nonprofits Eligible for FEMA Reimbursement
Are you wondering if your private nonprofit is eligible for FEMA reimbursement? This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center. For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]
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Private Nonprofit Work Eligible for FEMA Reimbursement
Under the Stafford Act, eligible emergency protective measures taken by private nonprofits to respond to the COVID-19 emergency may be eligible for FEMA reimbursement. In this situation, reimbursement would fall under category B of FEMA’s Public Assistance program. Please remember that this is at the direction or guidance of public health officials. How does FEMA […]
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Do Private Nonprofit Organizations Qualify for FEMA Reimbursement?
During this pandemic, many nonprofit organizations are trying to understand if they qualify to receive reimbursement from FEMA. Here are a few things to consider if you work for a nonprofit or sit on a board of a nonprofit. What is the criteria to be an eligible private nonprofit for FEMA reimbursement? To be an […]
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Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness
Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible. Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]
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How Does Gross Income Affect Expenses Forgiven Under the PPP?
How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]
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What is the Status of My Stimulus Check from the IRS?
Are you trying to check the status of your stimulus check from the IRS? Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]
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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?
Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]
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Q&A on the CARES Act and Paycheck Protection Program (PPP)
In partnership with the Greater Tallahassee Chamber of Commerce, THF CPAs, Canita Gunter Peterson and Andrea Medley, held a webinar to discuss relevant issues pertaining to the CARES Act and Paycheck Protection Program (PPP) and provided a Q&A session. You can watch the video above or read the transcription below. In late March, the […]
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Paycheck Protection Program (PPP) Q&A
The U.S. Department of the Treasury has released an additional Q&A update of Frequently Asked Questions surrounding the Paycheck Protection Program (PPP). A few questions asked in the FAQ update include: Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees […]
Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)
On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing. The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]
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Senator Rick Scott Meets with CPAs to Focus on PPP Loans
United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]
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Will there be additional funding for the Paycheck Protection Program (PPP)?
Will there be additional funding for the Paycheck Protection Program (PPP)? Members of the Senate began nearing a deal on Sunday that would bring an additional $370 billion into loan programs for small businesses. Talks were sparked after the initial $349 billion ran out of money on Thursday. Of this amount, $310 billion will be […]
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How have the Paycheck Protection Program (PPP) funds been spent so far?
Are you interested in learning more about how the Paycheck Protection Program (PPP) loans have been spent so far? You can check for updates on the SBA site here. How much of the Paycheck Protection Program (PPP) loans have been approved so far? As of April 16, 2020, the loan count was 1,661,367 with net […]
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Paycheck Protection Program (PPP) Lender Allowed to Apply for a PPP Loan?
Unlike other SBA loan programs, the financial terms for Paycheck Protection Program (PPP) loans are uniform for all borrowers. The standard underwriting process does not apply because no creditworthiness assessment is required for PPP loans. Consequently, there is no meaningful risk of underwriting bias or below-market rates and terms. It has also been recognized that […]
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Paycheck Protection Program (PPP) – Documentation for Loan Forgiveness
What documents do I need to provide for loan forgiveness for the Paycheck Protection Program (PPP)? If you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms, or your equivalent payroll processor records that best correspond to the covered period. This should also include evidence of any retirement […]
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How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness?
How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness? The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principle amount of the loan, plus any accrued interest. The actual amount of loan forgiveness will depend, in part, on the total amount spent over […]
How Can PPP Loans Be Used By Individuals With Income From Self-Employment Who File a 2019 Form 1040, Schedule C?
The proceeds of a PPP loan are to be used for the following. Owner compensation replacement, calculated based on 2019 net profit. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees. Mortgage interest payments (but not […]
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals. If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]
Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?
Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]
Is There An Extension for 990 Forms?
Is there an extension for 990 Forms? The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]
Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations
Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]
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Paycheck Protection Program (PPP) Q&A
Information about the Paycheck Protection Program (PPP) is changing rapidly. Because it is changing so quickly, we want to remind you of the importance of checking your sources. For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page. You can find their Paycheck Protection […]
What is the Main Street Lending Program from the Federal Reserve?
What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]
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Recommendations for Paycheck Protection Program (PPP) Application Documents
AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession. As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]
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CARES Act – Things You Need To Know – Get The Facts
Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020. This is an 800+ page bill. Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]
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