Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some […]
IRS releases guidance on Roth catch-up contributions under SECURE 2.0
(authored by RSM US LLP) Notice 2023-62 provides an administrative transition period for Roth catch-up contributions to high-income individuals. […]
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Accounting Brief: Taxable vs Non-Taxable Transactions in a Business Combination
(authored by RSM US LLP) The tax structure of a business combination does not merely impact the income tax line(s) within the financial statements. […]
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Why every private company needs an audit
(authored by RSM US LLP) A private company may strengthen its financial stability, operational efficiency and long-term success by having a regular audit. […]
2024 Q4 calendar: Key tax deadlines for businesses and other employers
Here are some of the key tax deadlines affecting businesses and other employers during the fourth quarter of 2024. 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: […]
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Understanding the new rules for Overtime-Exempt status employees
In April 2024, the US Department of Labor (DOL) released new rules regarding overtime-exempt salary pay for employees. This applies to the majority of professional and office workers who receive a fixed salary each pay period, with no extra payment for overtime hours. The recent changes to overtime-exempt status have increased the minimum salary requirement […]
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Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure […]
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Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules. Governing […]
Closing a business involves a number of tax responsibilities
The rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. Steps in closing a business A business must file a final federal income tax return and some other related forms the year […]
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It’s time for your small business to think about year-end tax planning
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or […]
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Reasons an LLC might be the ideal choice for your small to medium-size business
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. You can structure it to resemble a corporation for owner liability purposes. You can also structure […]
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Help ensure your partnership or LLC complies with tax law
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. 1. Identify and describe guaranteed payments to […]
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Understand how your business will be taxed in a merger or an acquisition(M&A)
In recent years, merger and acquisition (M&A) activity has been strong in many industries. If your business is considering a merger or an acquisition with another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, you can basically structure a transaction in two […]
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Thomas Howell Ferguson P.A. CPAs (THF) receives “Best of the Best Firms” 2024 recognition by INSIDE Public Accounting
Thomas Howell Ferguson P.A. CPAs (THF), a top 200 accounting firm, is recognized as one of the INSIDE Public Accounting (IPA) “Best of the Best Firms” for 2024. As reported by IPA, “IPA names 75 Best of the Best CPA firms – including 60 firms over $10 million in net revenue, 10 under $10 million, […]
Second quarter GDP is revised higher amid stronger consumer spending
(authored by RSM US LLP) With price stability essentially achieved, a well-performing labor market should continue to be a significant tailwind for growth, especially for consumer spending, in the last two quarters of the year. […]
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How nonprofits can navigate digital transformation
(authored by RSM US LLP) Nonprofits that learn how to navigate digital transformation are better positioned to thrive. But the unique constraints on nonprofits necessitate a different approach to digital transformation. […]
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Hope for pre-election legislative action on R&E expensing, other tax relief, ends in the Senate
(authored by RSM US LLP) Senate does not advance House-passed measure that would have temporarily restored R&E expensing, full bonus depreciation, and an EBITDA based interest deduction limitation standard […]
The possible tax landscape for businesses in the future
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and […]
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Strong employment enables consumers to maintain spending
(authored by RSM US LLP) Strong employment has sustained consumer spending levels, Commerce Department data for June released on Tuesday shows. Rdriven by robust employment despite consumers’ depleted savings and high interest rates. […]
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Consider borrowing from your corporation but structure the deal carefully
Have you considered borrowing funds from your corporation? If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. However, it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over […]
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The benefits of AI-driven contact centers for nonprofits
(authored by RSM US LLP) AI-driven contact centers offer many benefits for nonprofits. These contact centers provide a connected experience for stakeholders. […]
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Why a strong dollar is in America’s best interests
(authored by RSM US LLP) A strong dollar not only means that there is a healthy demand for American-made goods and services, but, perhaps more important, it is also a show of confidence in the U.S. government and financial institutions. […]
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As the economy cools, the Fed needs to cut rates
(authored by RSM US LLP) Growth, inflation and hiring in the United States are all cooling toward a more sustainable pace, which will most likely define the second half of the year as the Federal Reserve gets ready to reduce its restrictive policy rate. […]
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Business website expenses: How they’re handled for tax purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]
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THF raises $15,000 in support of Pace Center for Girls, Inc. Leon in “A Walk In Her Shoes” fundraiser and Purpose Walk
Thomas Howell Ferguson P.A. CPAs (THF), a top 200-ranked accounting firm by Inside Public Accounting, concluded its “A Walk In Her Shoes” fundraiser by donating $15,000 toward Pace Center for Girls, Inc. Leon and participating in the Purpose Walk. THF’s “Service is Sweet” Campaign From May through July, THF employees, families, and friends participated in […]
Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business. In addition, you have held it for more […]
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If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]
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Retail sales were unchanged in June but still exceed forecasts
(authored by RSM US LLP) While the economy is cooling down, we believe that the concerns over the so-called death of the American consumer have been exaggerated. […]
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Should you convert your business from a C to an S corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in […]
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Inflation enhances the 2025 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). They adjust these amounts each year based on inflation. They announce the adjustments earlier in the year than other inflation-adjusted amounts. This allows employers to get ready for the next year. Fundamentals of HSAs A trust creates or organizes an […]
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Hiring your child to work at your business this summer
With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]
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Estate planning Q&A: Spousal Lifetime Access Trusts explained
(authored by RSM US LLP) Reduce estate taxes? Consider a SLAT to maintain spouse’s financial security. […]
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2024 Q3 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 third quarter of 2024. 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. July […]
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The tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business. Or perhaps you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So, for shareholders of closely held C corporations, it can be a tax-smart move to […]
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Thomas Howell Ferguson P.A. CPAs promotes Megan Chen to Manager within the Assurance Services department.
Thomas Howell Ferguson P.A. CPAs (THF), a Top 200-ranked Accounting Firm in the nation by Inside Public Accounting, announced that Megan Chen was promoted to Manager within Assurance Services. Megan Chen has been with THF since 2020 and has provided assurance services to government, not-for-profit, insurance, and for-profit organizations. Most of her experience has concentrated […]
Figuring corporate estimated tax
Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely in service partnerships such as architecture or law firms. For example, service partnership partners may incur entertainment expenses when developing new client relationships. They may also incur expenses for transportation to and from client meetings, professional publications, […]
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Tax tips when buying the assets of a business
Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]
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Estate planning Q&A: Grantor Retained Annuity Trusts explained
(authored by RSM US LLP) Reduce estate taxes? Consider a GRAT: Transfer wealth using minimal lifetime gift and estate tax exemption […]
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How to grow your business with a new partner: Here are some tax considerations
Are you wondering how to grow your business by adding a new partner? There are several financial and legal implications when adding a new partner to a partnership. An example: You and your partners plan to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash […]
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