(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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IRS extends tax filing deadline for Hurricane Idalia victims
(authored by RSM US LLP) IRS grants disaster relief to hurricane victims in Florida. Affected taxpayers have until Feb. 15, 2024, to file returns and make payments. […]
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Advantages and disadvantages of claiming big first-year real estate depreciation deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section […]
Starting a business? How expenses will be treated on your tax return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re […]
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5 things to know about managing third-party relationship risks
(authored by RSM US LLP) Leveraging third parties can lead to significant efficiencies, but you must account for inherent risks that lie with your organization. […]
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Traveling for business this summer? Here’s what you can deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: […]
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Additional reminders about the Employee Retention Credit
(authored by RSM US LLP) RSM provides guidance on accounting for the Employee Retention Credit in an entity’s financial statements. […]
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Debunking 5 common myths about nonprofits and AI
(authored by RSM US LLP) There are many misconceptions about artificial intelligence. Here are five common myths to debunk about nonprofits and AI. […]
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2023 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 2023. 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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Understanding financial statements & fiscal responsibility at the board level
Fiscal Responsibility at the Board Level When serving as a Board member, it is crucial to comprehend financial statements and uphold fiscal responsibility. In this blog post, we will explore best practices for reviewing financial statements and discuss the duties and responsibilities of being a Board member, ultimately equipping you with the confidence to be […]
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Take advantage of the rehabilitation tax credit when altering or adding to business space
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also […]
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]
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Choosing an entity for your business? How about an S corporation?
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you won’t […]
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THF Assurance Services Manager Chandler Russell, CPA is appointed Chair of the Supervisory Committee of Envision Credit Union Board of Directors
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 […]
Education assistance benefits help attract, retain, and motivate your employees
Did you know your business can attract or retain employees by offering education assistance benefits? One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits […]
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Thomas Howell Ferguson P.A. CPAs (THF) celebrates the 2022-2023 academic year with John G. Riley Elementary School and the Tallahassee Chamber Classroom Connection program
Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm”, celebrated the end of a successful 2022-2023 academic school year with John G. Riley Elementary School and the Tallahassee Chamber of Commerce Classroom Connection program. THF continued its participation with the Tallahassee Chamber of Commerce Classroom Connection program in partnership with World Class Schools and Leon […]
Protect the “ordinary and necessary” advertising expenses of your business
Is advertising a business expense? Does your company use advertising as a means to gain business? If so, you may be able to cut advertising taxes. Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut […]
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Changes in Section 174 make it a good time to review the R&E strategy of your business
Are there changes in Section 174? It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of […]
FAQ: Capitalization and amortization of R&D costs under new section 174 rules
(authored by RSM US LLP) See how the new required tax treatment of R&D costs under section 174 affects federal, state, and international taxes, as well as software development. […]
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Health savings account benefits for employees and employers
(authored by RSM US LLP) Employee interest in health savings accounts (HSAs) has increased so employers should understand the benefits of offering them to employees. […]
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The tax advantages of hiring your child this summer
There are tax advantages of hiring your child(ren) for work during the summer. Learn how! Summer is around the corner, so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes […]
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How back-office outsourcing helps tech companies scale faster
(authored by RSM US LLP) Back-office outsourcing in these top three areas can help tech companies scale faster. […]
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Compensation considerations when an employee passes away
Making final payments to an employee’s beneficiary or estate when an employee passes away in-service can create tax complexities. […]
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IRAs are subject to the unrelated business income tax
Individual Retirement Accounts (IRAs) described in section 408 are subject to the unrelated business income tax (UBIT) to the extent their gross unrelated business taxable income (UBTI) exceeds $1,000. IRA fiduciaries generally have the responsibility of filing Form 990-T, Exempt Organization Business Income Tax Return, but the tax liability belongs to the IRA. […]
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2023 Q2 Tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. 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 […]
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Ten quick reminders for FTC
(authored by RSM US LLP) Recent FTC guidance and delayed TCJA provisions will likely impact a taxpayer’s ability to take an FTC going forward. Start analyzing the impact now. […]
SECURE 2.0’s new tool for helping employees with student loans
(authored by RSM US LLP) SECURE 2.0 permits employers to make matching contributions to a retirement plan for employees burdened by student loan debt. […]
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Nonprofits after the Great Resignation: Overcoming the workforce shortage
(authored by RSM US LLP) Nonprofits need to overcome the workforce shortage. Organizations must innovate because the labor market will remain tight for the foreseeable future. […]
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AICPA – New Service Organization Controls (SOC) Guidance
(authored by RSM US LLP) The AICPA recently released updated guidance to assist teams in implementing System and Organization Controls (SOC) 2 and 3 reports. […]
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Buying a new business vehicle? A heavy SUV is a tax-smart choice
Have you considered purchasing a business vehicle? Rather than getting a small car, a heavy SUV may be ideal to receive tax benefits on a business vehicle. Be mindful that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with […]
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Do you run a business from home? You may be able to deduct home office expenses
You may be able to deduct home office expenses if you run a business from home. Learn more here. Many people began working from home during the COVID-19 pandemic — and many still run a business from home offices either all the time or on a hybrid basis. If you’re self-employed and run a business […]
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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 […]
A Guide to Qualified Disaster Relief Funds and How They Affect Not-for-Profits
Do you have questions about qualified disaster relief funds? These can be different for different types of organizations. Let’s look at some details on this. What is a qualified disaster? Per IRC Code Section 139, a qualified disaster: What are qualified disaster relief funds? Qualified disaster relief funds provide aid to disaster victims and those […]
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Required minimum distributions after SECURE 2.0
(authored by RSM US LLP) SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs. […]
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Retirement plan changes for long-term, part-time employees
(authored by RSM US LLP) SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans. […]
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Have employees who receive tips? Here are the tax implications
Many businesses in certain industries have employees who receive tips as part of their compensation. These businesses include restaurants, hotels, and salons. Tip definition Tips are optional payments that customers make to employees who perform services. For employees who receive tips, those can be cash or noncash. Cash tips include those received directly from customers, […]
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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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National Taxpayer Advocate: light at end of the tunnel, long way to go
(authored by RSM US LLP) The NTA reports on the 10 most serious problems encountered by taxpayers and makes recommendations to alleviate these problems. […]
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Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax would increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, […]
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