(authored by RSM US LLP) Growth, inflation and hiring in the United States are all cooling toward a more sustainable pace, which will most likely define the second half of the year as the Federal Reserve gets ready to reduce its restrictive policy rate. […]
Read More… from As the economy cools, the Fed needs to cut rates
(authored by RSM US LLP) Strong employment has sustained consumer spending levels, Commerce Department data for June released on Tuesday shows. Rdriven by robust employment despite consumers’ depleted savings and high interest rates. […]
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(authored by RSM US LLP) While the economy is cooling down, we believe that the concerns over the so-called death of the American consumer have been exaggerated. […]
Read More… from Retail sales were unchanged in June but still exceed forecasts
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation. The adjustments are announced earlier in the year than other inflation-adjusted amounts. This allows employers to get ready for the next year. Fundamentals of HSAs An HSA is a trust created […]
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With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]
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(authored by RSM US LLP) Reduce estate taxes? Consider a SLAT to maintain spouse’s financial security. […]
Read More… from Estate planning Q&A: Spousal Lifetime Access Trusts explained
(authored by RSM US LLP) A strong dollar not only means that there is a healthy demand for American-made goods and services, but, perhaps more important, it is also a show of confidence in the U.S. government and financial institutions. […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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. July […]
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Let’s say you plan to use a C corporation to operate a newly acquired business. Or perhaps you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So, for shareholders of closely held C corporations, it can be a tax-smart move to […]
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Thomas Howell Ferguson P.A. CPAs (THF), a Top 200-ranked Accounting Firm in the nation by Inside Public Accounting, announced that Megan Chen was promoted to Manager within Assurance Services. Megan Chen has been with THF since 2020 and has provided assurance services to government, not-for-profit, insurance, and for-profit organizations. Most of her experience has concentrated […]
Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely in service partnerships such as architecture or law firms. For example, service partnership partners may incur entertainment expenses when developing new client relationships. They may also incur expenses for transportation to and from client meetings, professional publications, […]
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Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]
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(authored by RSM US LLP) Reduce estate taxes? Consider a GRAT: Transfer wealth using minimal lifetime gift and estate tax exemption […]
Read More… from Estate planning Q&A: Grantor Retained Annuity Trusts explained
Are you wondering how to grow your business by adding a new partner? There are several financial and legal implications when adding a new partner to a partnership. An example: You and your partners plan to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash […]
Read More… from How to grow your business with a new partner: Here are some tax considerations
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]
In the greater Tallahassee area, residents are still recovering from the tornadoes and storms that devastated communities earlier this month. At least three tornadoes and winds over 100 mph hit the area May 10, damaging homes, downing trees, and leaving thousands without power. Red Cross volunteers from across the country are arriving daily to help […]
(authored by RSM US LLP) Explore the tax implications of debt cancellation across different entities with our introductory guide on CODI. […]
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Submitted by: Ben A. (Steve) Stevens, III, CPA, Shareholder Embrace the Storm: Hurricane Season 2024 With a keen eye on the horizon, Thomas Howell Ferguson P.A. CPAs (THF) Government Consulting Services (GovCon) is gearing up for the impending hurricane season and encourages you to do the same. The 2024 hurricane season is poised to be […]
(authored by RSM US LLP) With the American population aging, postmortem contributions are critical opportunities for nonprofits to receive charitable contributions […]
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(authored by RSM US LLP) SECURE 2.0 provides new opportunities for plan participants to take retirement distributions without incurring early withdrawal penalties. […]
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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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(authored by RSM US LLP) A payroll process review can support risk mitigation, data accuracy and security, and improve efficiency so it can better support your business. […]
Read More… from Is your payroll process accurate, secure and compliant?
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. Be aware that there are two additional features that are especially favorable to small businesses: […]
Read More… from Valuable tax break when applying the research credit against payroll taxes
(authored by RSM US LLP) Outsourcing payroll, also known as managed payroll, can decrease risk, increase accuracy, protect sensitive data and improve business continuity. […]
Read More… from Could outsourcing payroll be a good choice for your business?
(authored by RSM US LLP) Unexpected turnover can threaten payroll continuity. Learn how your organization can leverage temporary payroll emergency response support. […]
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(authored by RSM US LLP) Spending rose by 0.8% on the month, compared with the forecast of 0.5%, while the personal consumption expenditures index-an inflation measure closely watched by the Federal Reserve—came in at 0.3% for both the overall and core readings, compared with the 0.4% forecast for overall inflation. […]
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Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm,” a leading accounting firm, welcomes Pamela (Pam) Byrd, PHR, SHRM-CP, as the Thomas Howell Ferguson P.A. CPAs (THF) People Champion, Human Resources Director. Pam joins THF with nearly 20 years of experience in human resources (HR). Her most recent experience includes serving as the Human Resource […]
Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm,” a leading accounting firm, welcomes Tax Services Senior Manager Yun (Fong) Yan, CPA and Client Accounting Services (CAS) Manager Christine (Chris) Sawchyn to the Tallahassee office location. Fong Yan, CPA, joined the firm with over 20 years of experience in C and S corporations, partnerships, and […]
(authored by RSM US LLP) Employers with less than 100 employees who have recently adopted or are considering a retirement plan have a tax savings opportunity. […]
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(authored by RSM US LLP) The evolving retirement plan landscape opens opportunities for companies to review employee compensation packages and consider changes to their plans. […]
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(authored by RSM US LLP) To improve traceability and detect and protect organic integrity across the supply chain, the United States Department of Agriculture created the National Organic Program (NOP) Strengthening Organic Enforcement (SOE) rule, which will become effective on March 19, 2024. […]
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(authored by RSM US LLP) Federal government contractors need to prepare the incurred cost submission (ICS). Learn best practices for preparing this important document. […]
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Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of […]
(authored by RSM US LLP) Considerations for structuring compensation and benefit plans that help companies minimize the costs and risks of retiring workers. […]
Read More… from Compensation and benefits planning can help you navigate an aging workforce
(authored by RSM US LLP) As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance. […]
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The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets When discussing the inflation-adjusted tax amounts, let’s first begin with rates and brackets. If you run your business as a sole proprietorship or pass-through business […]
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What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]
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(authored by RSM US LLP) How companies are adapting hiring practices and workforce strategies, given the shrinking U.S. labor force, according to the U.S. Chamber of Commerce. […]
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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