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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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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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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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 […]
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 […]
Read More… from From flights to meals: A guide to business travel tax deductions
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 […]
Read More… from Employers: In 2025, the Social Security wage base is going up
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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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 […]
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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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 […]
(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. […]
(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) 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. […]
Thomas Howell Ferguson P.A. CPAs (THF) is proud to announce the promotion of several team members within its Government Consulting Services (GCS) department. The newly promoted individuals and their respective titles are as follows: Director Nicole Acosta, Lean Six Sigma, PMP, CGB, FCCN, FCCM Senior Consultant Jacob Allen Ryan Hagen Michael Horne Chris Smith Consultant […]
Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”) is proud to announce the promotion of several team members within its Assurance Services and Administration departments. The newly promoted individuals and their respective titles are as follows: Senior Jacquelyn McGuigan Anna Sojka Recruiting & University Relations Manager LaQuisha Persak These team members have demonstrated their […]
(authored by RSM US LLP) The tax structure of a business combination does not merely impact the income tax line(s) within the financial statements. […]
Read More… from Accounting Brief: Taxable vs Non-Taxable Transactions in a Business Combination
Here are some of the key tax deadlines affecting businesses and other employers during the fourth 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. Note: […]
Read More… from 2024 Q4 calendar: Key tax deadlines for businesses and other employers
In April 2024, the US Department of Labor (DOL) released new rules regarding overtime-exempt salary pay for employees. This applies to the majority of professional and office workers who receive a fixed salary each pay period, with no extra payment for overtime hours. The recent changes to overtime-exempt status have increased the minimum salary requirement […]
Read More… from Understanding the new rules for Overtime-Exempt status employees
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure […]
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Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules. Governing […]
The rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. Steps in closing a business A business must file a final federal income tax return and some other related forms the year […]
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With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or […]
Read More… from It’s time for your small business to think about year-end tax planning
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. You can structure it to resemble a corporation for owner-liability purposes. You can also structure the […]
Read More… from Reasons an LLC might be the ideal choice for your small to medium-sized business
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. 1. Identify and describe guaranteed payments to […]
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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 […]
Read More… from Understand how your business will be taxed in a merger or an acquisition(M&A)
Thomas Howell Ferguson P.A. CPAs (THF), a top 200 accounting firm, is recognized as one of the INSIDE Public Accounting (IPA) “Best of the Best Firms” for 2024. As reported by IPA, “IPA names 75 Best of the Best CPA firms – including 60 firms over $10 million in net revenue, 10 under $10 million, […]
(authored by RSM US LLP) With price stability essentially achieved, a well-performing labor market should continue to be a significant tailwind for growth, especially for consumer spending, in the last two quarters of the year. […]
Read More… from Second quarter GDP is revised higher amid stronger consumer spending
(authored by RSM US LLP) Nonprofits that learn how to navigate digital transformation are better positioned to thrive. But the unique constraints on nonprofits necessitate a different approach to digital transformation. […]
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(authored by RSM US LLP) Senate does not advance House-passed measure that would have temporarily restored R&E expensing, full bonus depreciation, and an EBITDA based interest deduction limitation standard […]
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and […]
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(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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Have you considered borrowing funds from your corporation? If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. However, it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over […]
Read More… from Consider borrowing from your corporation but structure the deal carefully
(authored by RSM US LLP) AI-driven contact centers offer many benefits for nonprofits. These contact centers provide a connected experience for stakeholders. […]
Read More… from The benefits of AI-driven contact centers for nonprofits
(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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(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
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]
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Thomas Howell Ferguson P.A. CPAs (THF), a top 200-ranked accounting firm by Inside Public Accounting, concluded its “A Walk In Her Shoes” fundraiser by donating $15,000 toward Pace Center for Girls, Inc. Leon and participating in the Purpose Walk. THF’s “Service is Sweet” Campaign From May through July, THF employees, families, and friends participated in […]
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business. In addition, you have held it for more […]
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Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]
Read More… from If your business has co-owners, you probably need a buy-sell agreement
(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
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