Quiet Victories, Lasting Impact: The Heart of Government Consulting Services. Not all victories are loud. Some happen quietly, in boardrooms, at community events, and through the steady dedication of people who want to make an impact. At THF Government Consulting Services (GCS), we’re often recognized for our hurricane recovery efforts. These moments are urgent, visible, […]
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Business Owner Divorce? Avoid Tax Surprises with the Right Strategy A divorce is difficult enough—but for business owners, the stakes are even higher. Your company may be your largest asset, and dividing it incorrectly can lead to serious tax consequences. If you’re facing a business owner divorce, now is the time to protect your finances […]
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Beyond the Balance Sheet: Navigating Government Challenges with Confidence When most people think of a CPA firm, they picture accountants preparing financial statements, conducting audits, or filing tax returns. At Thomas Howell Ferguson (THF), those services are essential, but our Government Consulting Services (GCS) Department operates in a completely different manner. We don’t just look […]
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The One Big Beautiful Bill introduces substantial updates to various tax provisions, many of which extend or reshape elements of the Tax Cuts and Jobs Act and open new considerations for asset depreciation and construction planning. These changes may require taxpayers to revisit their cost segregation strategies and building timelines to fully capitalize on the available tax incentives for energy-efficient buildings and accelerated depreciation. […]
Learn effective succession planning tactics tailored for private clients and high-net-worth families aiming to secure their family business’ future. […]
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Whether you’re planning to relocate, expand, or repurpose a historic building for business use, the rehabilitation tax credit offers a powerful financial incentive. With up to 20% back on qualified expenditures, this federal business tax credit can help offset the cost of improvements that meet specific historic preservation criteria.At THF (Thomas Howell Ferguson CPAs), our […]
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According to the U.S. Census Bureau, nearly 447,000 new business applications were filed in May 2025 alone. If you’re one of the many entrepreneurs starting a new business, understanding how your startup costs are treated for tax purposes can make a big difference in your bottom line. At THF (Thomas Howell Ferguson CPAs), we guide […]
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Understanding 2 CFR 200 Uniform Guidance: What Disaster Procurement Really Requires When disaster strikes, whether it’s a hurricane, flood, or wildfire, public agencies often rely on federal funding to support response and recovery efforts. These funds come with strict rules, especially regarding procurement. For many local governments and agencies, navigating the layers of federal, state, […]
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In July, Congress passed a massive reconciliation bill unofficially dubbed the “One Big Beautiful Bill Act.” While the official name was removed to comply with Senate rules, this legislation is poised to reshape the U.S. tax code, permanently extending key provisions of the Tax Cuts and Jobs Act (TCJA), introducing new tax breaks, and rolling […]
TALLAHASSEE, Fla. – July 29, 2025 – Thomas Howell Ferguson P.A. CPAs (THF), a leading professional accounting and advisory firm, is pleased to announce the addition of John W. Stafford, CPA, CGMA as Senior Manager in the Tax Services Department. John brings over 25 years of accounting experience, including 17+ years in public accounting and […]
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Deployment Uncovered: What Disaster Response Really Looks Like, and Why Every Hand Matters We often hear the word deployed when our state braces for a hurricane making landfall. But have you ever wondered what deployment truly means and what it involves? Most people picture the National Guard and first responders rushing to help affected areas […]
If your business claims deductions for expenses like meals, vehicle use, or a home office, be prepared for close scrutiny from the IRS. These types of deductions are among the most commonly audited, and even honest taxpayers can find themselves in hot water if documentation is lacking. A recent U.S. Tax Court case (T.C. Memo. […]
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A sweeping piece of legislation—The One, Big, Beautiful Bill—is making its way through Congress and could reshape how businesses manage their taxes. From bonus depreciation to the qualified business income (QBI) deduction, these proposals aim to boost cash flow, reduce compliance burdens, and stimulate investment. While not yet law, understanding what’s on the table is […]
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Thomas Howell Ferguson P.A. CPAs (THF), a leading Florida-based public accounting and advisory firm, proudly announces that Jeff Barbacci, CPA, Managing Partner and CEO, has been named to Forbes’ 2025 Best-In-State CPAs list. This national recognition highlights top-performing certified public accountants (CPAs) who are making a significant impact in the accounting industry and their local […]
Hurricane Naming Convention Each year, we hear the names of tropical storms and hurricanes announced across various news outlets and platforms. Some of these names are quickly forgotten as the systems dissipate. Others, however, leave a lasting impression as communities grapple with the destruction left in their wake. While most of us are familiar with […]
Net Operating Loss Deduction: How Florida Businesses Can Transform Losses into Future Tax Relief Losses happen—even to healthy companies when hurricanes hit, supply chains stall, or demand dips. When your deductions outpace your income, the net operating loss deduction (NOL) lets you carry those losses forward and slash future tax bills. For cash-sensitive firms in […]
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Independent Contractor vs. Employee: A Florida Business Owner’s Guide to Getting Classification Right Florida businesses often rely on independent contractors to keep labor costs flexible—especially during staffing shortages and periods of high inflation. But a single misclassification can invite IRS audits, back-tax assessments, penalties, and even lawsuits. Use this guide to spot the line between […]
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ARTICLE | June 2, 2025 Authored by RSM US LLP Executive summary Provisions titled “No tax on tips” and “No tax on overtime” are part of the One Big Beautiful Bill Act, which the U.S. House of Representatives passed on May 22. The proposals create new individual income tax deductions for qualified tips and overtime […]
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Educational Assistance Plans: A Smart Investment for Your Workforce and Your Bottom Line Looking for a way to support your team’s professional development and enjoy tax savings? A Section 127 educational assistance plan might be the perfect fit.These employer-sponsored programs allow businesses to offer up to $5,250 per year in tax-free educational benefits to eligible […]
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MAKE IT HAPPEN: PREPARE AND EMBRACE THE STORM Make Preparedness Happen in 2025 As hurricane season approaches, the Thomas Howell Ferguson P.A. CPAs (THF) Government Consulting Services Team is focused on one thing: making preparedness happen—and we encourage you to do the same. Taking action now isn’t just important; it’s essential. The choices you make […]
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How to Evaluate and Undertake a Business Transformation Today’s business world moves fast. Technology changes, customer expectations evolve, and competition grows. To stay ahead, many companies are rethinking how they work. One way to do that is through a business transformation. A business transformation is a major change in how a company operates. It’s not […]
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Is Your Compensation Reasonable? A Guide for C Corp and S Corp Business Owners Setting your own salary as a business owner may seem straightforward—but if you’re operating as a C corporation or S corporation, the IRS is paying attention. Failing to pay yourself a “reasonable” salary could trigger tax reclassification, penalties, and unwanted audits. […]
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A successful sales team is essential for most small to midsize businesses. Without skilled and motivated salespeople, keeping revenue flowing can be tough. One of the best ways to attract and keep top sales talent is to offer a fair and motivating compensation plan. But finding the right sales compensation model can be tricky. There […]
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At Thomas Howell Ferguson, we are committed to making an impact at every level of government. Our recent success in a FEMA appeal for Central Florida Electric Cooperative (CFEC) is a prime example of how our expertise helps clients navigate complex regulatory challenges and secure the funding they deserve. This victory not only benefits CFEC […]
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Thomas Howell Ferguson P.A. CPAs (THF), a Top 200-ranked accounting firm by Inside Public Accounting, is proud to announce the promotion of Devin Masson to Manager within Assurance Services. Since joining THF in 2021, Devin has provided assurance and consulting services to clients within insurance, not-for-profit, governmental, and for-profit organizations. Her experience includes conducting financial […]
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Businesses in certain industries employ service workers who receive tips as a significant part of their compensation. These businesses include restaurants, hotels, and salons. Ensuring compliance with federal and state tax regulations is essential for any employer with tipped employees. Understanding tax deductions, the Section 179 deduction, and other tax benefits can help reduce taxable […]
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A variety of tax-related limits that affect businesses are indexed annually based on inflation. For 2025, many limits have increased, though the rate of increase has slowed due to cooling inflation. Understanding these changes can help businesses optimize tax strategies, reduce taxable income, and stay compliant with internal revenue regulations. Here’s a breakdown of the […]
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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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Navigating Disaster Recovery Challenges: Government Consultants with FEMA Experience Disaster planning and recovery present significant challenges for businesses and government entities at all levels. Creating and implementing a thorough disaster recovery plan requires specialized insight, strategic foresight, and deep understanding of FEMA requirements. That’s where Thomas Howell Ferguson’s disaster recovery consultants come in. THF’s emergency […]
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup […]
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Thomas Howell Ferguson P.A. CPAs (THF, or “the Firm”), a nationally recognized Top 200 Firm by Inside Public Accounting, is proud to announce that Taylor Harmon, CPA, Assurance Services Director, has been named a recipient of the 2025 Horizon Awards by the Florida Institute of Certified Public Accountants (FICPA). The prestigious Horizon Award, presented biennially, […]
Tallahassee, Florida – February 4, 2025 – Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for continuing to provide Superior Client Service. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided […]
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New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in […]
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Thomas Howell Ferguson P.A. CPAs (THF or, “the Firm”), a nationally recognized Top 200 Firm by Inside Public Accounting, is excited to welcome David Ludwick as Chief Financial Officer and Jana Sayler, CPA, as Senior Manager in the Client Accounting Services (CAS) department. David Ludwick brings 26 years of expertise in financial and accounting management […]
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses […]
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According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face […]
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When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows […]
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Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets? The term “intangibles” covers many items. Determining whether an acquired […]
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It refers to travel when you aren’t away from your tax home long enough to require […]
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As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA. […]
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