(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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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. […]
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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5 Ways Nonprofits Can Stay Agile
(authored by RSM US LLP) To stay nimble, nonprofit organizations should examine these five areas to enhance their ability to adapt to change. […]
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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Employers, be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]
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2023 Q1 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 first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]
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Choosing a business entity? Here are the pros and cons of a C corporation
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A […]
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How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the […]
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The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, […]
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Key takeaways for employers under the SECURE 2.0 Act of 2022
(authored by RSM US LLP) SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs). […]
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2023 annual revenue procedures updates for exempt organizations
(authored by RSM US LLP) IRS 2023 annual revenue procedures have limited changes affecting exempt organizations. […]
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Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. This is sometimes referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Taxpayers other than corporations may be entitled to a deduction of up to 20% of their QBI. For […]
Is your business closing? Here are your final tax responsibilities
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. A business must file a final income tax return and some […]
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Computer Software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the […]
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Intangible Assets: How must the costs incurred be capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. Why are intangibles complicated? IRS regulations require the capitalization of costs to: Capitalized costs can’t be deducted in the year paid or incurred. If they’re deductible at all, they must be ratably deducted over the life of the […]
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2023 Limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]
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Inflation means you and your employees can save more for retirement in 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due […]
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FINREP Texas Kicks Off the Inaugural Conference in 2022! (Part Two)
November 18, 2022 – Austin, Texas – Noelle Codispoti from The National Alliance for Insurance Education & Research discussed the opportunities for recruiting and retaining the next generation of professionals in the insurance industry. She focused on three things that team members need: She discussed the importance of communication to the employees on the plan […]
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TDEM Division Chief Kicks Off the Inaugural FINREP Texas Forum in 2022!
November 17, 2022 – Austin, Texas – The FINREP Texas Forum kicked off its inaugural conference with approximately 40 people from the insurance industry in Texas. The opening session set the stage for goals for the conference: Education and Collaboration. Texas Division of Emergency Management (TDEM) Division Chief, Joshua Bryant, updated the attendees with facts […]
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Thomas Howell Ferguson P.A. CPAs participates in the Tallahassee Memorial HealthCare (TMH) Foundation third annual PinkPower Flamingo Challenge
In honor of breast cancer awareness month, Thomas Howell Ferguson P.A. CPAs (THF), the 135th largest accounting firm in the nation, continued its participation in the third annual PinkPower Flamingo Challenge. This is sponsored by Tallahassee Memorial HealthCare (TMH) Foundation and First Commerce Credit Union. THF challenged team members to support the breast cancer awareness […]
Brandon Mott, CPA and Ben A. “Steve” Stevens III, CPA are admitted to the Shareholder group at Thomas Howell Ferguson P.A. CPAs
Thomas Howell Ferguson P.A. CPAs (THF), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida admits Brandon Mott, CPA and Ben A. “Steve” Stevens III, CPA to the Shareholder group. “Brandon started his career with THF. We were the first CPA firm that he worked with, and he worked through […]
Recap: What is impacting Florida’s Economy? A presentation delivered by Jerry D. Parrish, Ph.D.
Jerry D. Parrish, Ph.D. is an Economist and professor within the Florida State University- Center for Economic Forecasting and Analysis. He holds a research background in energy, the environment, health, and economic development and agriculture. Previously, he served as the Chief Economist and Director of Research for The Florida Chamber Foundation and Chief Economist and […]
What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business […]
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ICYMI: Understanding Business Financials for Future Success, a presentation by THF Shareholder, Dennis Gallant, CPA
Shareholder, Dennis Gallant, CPA presented a discussion on understanding business financials to members of the Bainbridge-Decatur Chamber of Commerce in Bainbridge, Georgia. He explained in detail the basic principles that business owners should know, such as reviewing balance sheets and understanding assets, knowing a business’ income statement, determining if the business made a profit or […]
THF Corporate Recruiter & University Relations Specialist LaQuisha S. Persak is appointed to the Tallahassee-Leon County Commission on the Status of Women & Girls
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 Corporate Recruiter & University Relations Specialist, LaQuisha S. Persak, on her appointment to the Tallahassee-Leon County Commission on the Status of Women & Girls (CSWG). The Tallahassee-Leon County […]
Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits that employees generally can exclude from income: A no-additional-cost benefit. This involves a service provided to […]
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Thomas Howell Ferguson P.A. CPAs promotes Peter Fleck and Rebecca Weitzel to Senior in the Tax Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Peter Fleck and Rebecca Weitzel as they are promoted to Senior in the Tax Services Department. Peter Fleck is a proud double alumnus of Florida State University where he holds a Bachelor of Science degree […]
Thomas Howell Ferguson P.A. CPAs promotes Ben Moon to Manager in the Tax Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Ben Moon as he has been promoted to Manager in the Tax Services Department. Ben Moon brings to the firm six years of his expertise in tax and assurance services. He is a double-alumnus of […]
