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
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 […]
Can You Turn Business Losses into Tax Relief?
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 or Employee? A Florida Tax Guide
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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No tax on tips and overtime: What employers should know
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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How Educational Assistance Plans Can Boost Your Business and Retain Top Talent
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 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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Evaluating and Executing a Business Transformation Plan
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 Salary IRS-Compliant? What C Corp and S Corp Owners Need to Know
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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Choosing the Best Sales Compensation Model for Your Business
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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Thomas Howell Ferguson Government Consulting Services: Pillar Impacts
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 Promotes Devin Masson to Assurance Manager
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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Tax Tips for Employers: Maximizing Deductions & Managing Tip Income
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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2025 Tax Limits & Inflation Updates: What Business Owners Need to Know
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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Beneficial Ownership Interest (BOI) Reporting Requirements
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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Thomas Howell Ferguson: Empowering Communities with Experienced Disaster Planning & FEMA Recovery Services
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 standard business mileage rate increased in 2025
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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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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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. […]
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. […]
