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The Thomas Howell Ferguson Blog

Assurance Services Director, Taylor Harmon, CPA, receives the FICPA Horizon Award for 2025

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, […]

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THF Named a 2025 Best of Accounting Winner by ClearlyRated for Outstanding Service

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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Small business strategy: A heavy vehicle plus a home office equals tax savings

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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THF welcomes David Ludwick as Chief Financial Officer and Jana Sayler as Senior Manager of Client Accounting Services (CAS)

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 […]

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How Section 1231 gains and losses affect business asset sales

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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Understanding the Work Opportunity Tax Credit

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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Operating as a C corporation: Weigh the benefits and drawbacks

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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The tax treatment of intangible assets

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 […]

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Drive down your business taxes with local transportation cost deductions

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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Healthy savings: How tax-smart HSAs can benefit your small business and employees

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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How your business can prepare for and respond to an IRS audit

The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits […]

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When can you deduct business meals and entertainment?

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that […]

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Self-employment tax: A refresher on how it works

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The […]

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The amount you and your employees can save for retirement is going up slightly in 2025

How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent […]

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From flights to meals: A guide to business travel tax deductions

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and […]

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Employers: In 2025, the Social Security wage base is going up

Changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 in 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business has employees, you may […]

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How can you build a golden nest egg if you’re self-employed?

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also […]

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THF proudly announces the elevation of Catherine Stout and Ying Wang to Shareholders.

Tallahassee, FL – Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”) is pleased to announce the elevation of Assurance Services Catherine Stout, CPA, and Tax Services Ying Wang, CPA, to Shareholders. Catherine Stout, CPA, Catherine Stout, CPA, who joined THF in January 2015, specializes in assurance and accounting services across various industry sectors, including […]

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Advantages of keeping your business separate from its real estate

Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed […]

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Understanding your obligations: Does your business need to report employee health coverage?

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 […]

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IRS releases 2025 tax inflation adjustments

(authored by RSM US LLP) The IRS revenue procedures provides the amount for inflation-adjusted items for 2025. Amounts adjusted for inflation include the individual tax brackets, the section 199A qualified business income thresholds, the amount of average annual gross receipts to qualify as a small taxpayer, the limitations for section 179 expensing, estate and gift exemptions, as well as several other provisions. […]

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Thomas Howell Ferguson P.A. CPAs (THF) announces promotions within the Tax Services department

Thomas Howell Ferguson P.A. CPAs (THF) is proud to announce the promotion of several team members within its Tax Services department. The newly promoted individuals and their respective titles are as follows: Director                                Nicholas (Nick) R. Gilpin, CPA       Manager   Victoria Cronin, Peter Fleck, and Becky Register, CPA. Senior Jay Cumbie, Erin Dupont, and Arianna Neely. […]

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Thomas Howell Ferguson P.A. CPAs (THF) announces promotions within the Government Consulting Services department

Thomas Howell Ferguson P.A. CPAs (THF) is proud to announce the promotion of several team members within its Government Consulting Services (GCS) department. The newly promoted individuals and their respective titles are as follows: Director Nicole Acosta, Lean Six Sigma, PMP, CGB, FCCN, FCCM Senior Consultant Jacob Allen Ryan Hagen Michael Horne Chris Smith Consultant […]

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Thomas Howell Ferguson P.A. CPAs (THF) announces promotions within the Assurance Services and Administration departments

Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”) is proud to announce the promotion of several team members within its Assurance Services and Administration departments. The newly promoted individuals and their respective titles are as follows: Senior Jacquelyn McGuigan Anna Sojka Recruiting & University Relations Manager LaQuisha Persak These team members have demonstrated their […]

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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 […]

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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-sized 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 the […]

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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, […]

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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 […]

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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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