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The Thomas Howell Ferguson Blog

Thomas Howell Ferguson P.A. CPAs promotes Nicole (Nikki) Champion to IT Support Manager

Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, congratulates Nicole (Nikki) Champion on her promotion to IT Support Manager. Nikki Champion serves as the IT Support Manager for all four of the firm’s office locations, including Bainbridge, Georgia; Panama City, […]

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Our People Make An Impact: Manny Quiñones

Our people make an impact not only within our firm, but also in their communities. Recently, we sat down with Assistant Controller Manny Quiñones to discuss his recent victories as baseball coach of the Levy Park and Winthrop Park Little League Baseball teams who won the Cal Ripken World Series. Tell us about yourself and […]

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2022 Q4 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 fourth quarter of 2022. 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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Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business. Tax […]

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Year-end tax planning ideas for your small business

When is the best time for year-end tax planning for a small business? Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will […]

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Inflation Reduction Act provisions of interest to Small Businesses

The Inflation Reduction Act (IRA) was signed into law by President Biden on August 16. It contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. […]

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Self-Employed? Build a Nest Egg with a Solo 401(K) Plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. […]

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Why an LLC might be the best choice of entity for your business

The business entity you choose can affect your taxes, your personal liability, and other issues. Limited liability companies (LLC) are somewhat hybrid entities. They can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds. Owners of […]

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Your Business May Be Required to Report Employee Health Coverage

Certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic Rules Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information about offers of […]

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How to Treat Business Website Costs for Tax Purposes

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to […]

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Thomas Howell Ferguson P.A. CPAs moves up to the 135th ranking in Inside Public Accounting’s Top 200 Firms for 2022

Thomas Howell Ferguson P.A. CPAs (THF) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, moves up to the 135th ranking in Inside Public Accounting’s Top 200 Firms for 2022. INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession and provides assistance to […]

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Three Tax Breaks for Small Businesses

Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts, and estates. It excludes C corporations or their shareholders. The QBI deduction can be […]

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Morning Motivation: I Already Know that I’m Enough

“And I would ask what I should bring, but I already know that I’m enough.” In the ABC Sitcom, Abbott Elementary Principal Ava Coleman (played by comedian Janelle James) decides to assist educator Janine Teagues (played by comedian and viral sensation Quinta Brunson) with the Abbott Elementary step-team. Rather than saying she will bring a […]

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Thomas Howell Ferguson P.A. CPAs Participates in The Second Harvest of the Big Bend’s Backpack Packing Blitz

Our THF Team members were fortunate to participate in the Second Harvest of the Big Bend’s Backpack Packing Blitz on Friday, July 22, 2022. THF staff gathered at the Florida State University Donald L. Tucker Civic Center to pack 20,000 backpacks to benefit students within the Big Bend community. This event was one of Envision […]

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Important Considerations when Engaging in a Like-Kind Exchange

A business or individual can dispose of appreciated real property without being taxed on the gain by exchanging it. You can defer tax on your gain through a “like-kind” exchange or the Internal Revenue Code Section 1031. What’s a Like-Kind Exchange? A like-kind exchange is a swap of real property held for investment or for […]

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How do taxes factor into an M&A transaction?

Is your business considering an M&A transaction and wondering how it will affect your taxes? Although merger and acquisition (M&A) activity has been down in 2022, companies are still being bought and sold. It’s important to understand how the transaction will be taxed under current law. Here are some tips. Stocks vs. Assets From a […]

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2022 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 2022. 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. August […]

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Julian Dozier Becomes 95th Chair of the Florida Institute of Certified Public Accountants

ORLANDO, Fla. – The Florida Institute of Certified Public Accountants (FICPA) is proud to announce that Julian Dozier, CPA, ABV, CFF, CFE, began his tenure as the Chair of the FICPA on July 1, 2022. “The FICPA has positively impacted every stage of my career, and I appreciate my fellow volunteers for entrusting me with […]

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Is Your Corporation Eligible For The Dividends-Received Deduction?

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” has a design to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically receive taxation at a lower rate on dividends than on capital gains. Ordinarily, […]

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Help When Needed: Apply The Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. You can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or […]

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How Inflation Could Affect Your Financial Statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, transportation, medical services, and other goods that people buy for day-to-day living. […]

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Florida Businesses: New Requirement to Submit New Hire Information for Independent Contractors

A new requirement to submit new hire information for independent contractors has been passed in the State of Florida. Now, businesses must submit new hire information for their independent contractors to the Florida Department of Revenue. This is a significant change for businesses as previously reporting of independent contractors by a business was optional. Background […]

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Businesses with Employees Who Receive Tips may be Eligible for a Tax Credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicaid (FICA) taxes that you pay on your employees’ tip income. Basics of the Credit The FICA credit applies with respect to tips that your employees […]

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THF Named One Of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine

THF has been named one of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine for the third year in a row! For the third year, Forbes partnered with the market research company Statista to create the award list through an independent survey of tax and accounting professionals who provided thousands of recommendations. Respondents […]

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THF Congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on Their Promotion to Senior in the Assurance Services Department

THF congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on their promotion to Senior in the Assurance Services Department. Matthew Warren joined THF in September 2018 and has over three years of experience in public accounting providing assurance services. He received his Bachelor of Arts degree in Accounting from Flagler College. Matthew operates […]

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Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties

With Thanksgiving just around the corner, the holiday season will soon be here. This time of year, your business may want to show its gratitude to employees and customers. Giving them gifts or hosting holiday parties after a year of forgoing them due to the pandemic can show them this gratitude. It’s a good time […]

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Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study

Has your business experienced depreciation? Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Under current law, the […]

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