During the FINREP Florida Forum in 2022, hosts, Thomas Howell Ferguson P.A. CPAs (THF), and the Florida State University College of Business, the Dr. William T. Hold/The National Alliance Program in Risk Management provided participants the opportunity to hear from experts within the Florida insurance industry. Charles Nyce, Ph.D., a professor within FSU’s Center for […]
Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Stacey Kolka and Ying Wang to Director in the Tax Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, celebrate Stacey Kolka, CPA, and Ying Wang, CPA, on their promotions to Director in the Tax Services Department. Stacey holds 30 years of experience in providing tax and consulting services to a […]
Worried about an IRS audit? Prepare in advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology, and increase audits of high-income taxpayers. But with […]
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Thomas Howell Ferguson P.A. CPAs promotes several consultants within the Governmental Consulting Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida, promotes Amanda Campbell to Consultant I and Scott Ereckson, Ryan Hagen, Michael Horne, Chris Smith, and Casey Waddill to Consultants II in the Governmental Consulting Services Department (GovCon). The GovCon team directly […]
Thomas Howell Ferguson P.A. CPAs promotes Nicole Acosta to Senior Manager and Brittany Bechtel to Manager in the Governmental Consulting Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), the 135th largest accounting firm in the nation by Inside Public Accounting, recognizes Nicole Acosta on her promotion as Senior Manager and Brittany Bechtel as Manager in the Governmental Consulting Services Department. Nicole Acosta holds 18 years of experience in disaster recovery, government consulting, and procurement. […]
Thomas Howell Ferguson P.A. CPAs promotes Phillip Bealor, CPA; Jenna Gray, MBA; and Devin Masson to Senior in the Assurance Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”), a three-time ranked Top 200 Firm by Inside Public Accounting, recognizes Phillip Bealor, CPA,; Jenna Gray, MBA,; and Devin Masson as they are promoted to Senior in the Assurance Services Department. All of them have met the firm’s requirements to be an In-Charge and have demonstrated […]
Thomas Howell Ferguson P.A. CPAs celebrates the promotions of Taylor Harmon and Leigh Jenkins to Director in the Assurance Services Department
Thomas Howell Ferguson P.A. CPAs (THF or “the firm”) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, celebrates Taylor Harmon, CPA, and Leigh Jenkins, CPA, on their promotions to Director in the Assurance Services Department. Taylor has over seven years of experience in public accounting providing assurance and accounting […]
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, […]
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 […]
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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Estate planning and income tax: Key considerations and planning points
(authored by RSM US LLP) You have mapped out your estate plan and feel confident in its estate tax efficiency. However, it is important to consider the income tax ramifications of each decision throughout the planning process to avoid unintended consequences. […]
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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 […]
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 […]
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 […]
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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Tax Obligations when a Business Closes its Doors
Has the ongoing pandemic put your business in a situation where you may have to close its doors? If your business closes its doors, we can assist you during this transition. A business must file a final income tax return and some other related forms for the year it closes its doors. The type of […]
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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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Businesses Will Soon Be Able to Deduct More Under The Standard Mileage Rate
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a […]
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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 […]
Law Firms Are Feeling Pressure Despite Steady Growth In Demand And Rates
(authored by RSM US LLP) Despite steady growth in demand for law services and lawyer billing rates in the first quarter of 2022, labor market challenges and inflationary pressures threaten profitability. […]
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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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U.S. May CPI: Inflation Continues To Broaden Out On Higher Gas And Housing Costs
(authored by RSM US LLP) Inflation continued to broaden out across the American economy in May, rising by 8.6% annually and underscoring the urgency among central bankers to restore price stability through an increase in the federal funds rate and a drawdown in its $8.9 trillion balance sheet. […]
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IRS Increases Mileage Rates For The Remainder of 2022
(authored by RSM US LLP) The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel. […]
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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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Architecture and Engineering Industry Trends
(authored by RSM US LLP) We examine the latest trends in the architecture and engineering industries and discuss what’s ahead for middle market business leaders. […]
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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 […]
Can You Deduct the Costs of a Spouse on a Business Trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the […]
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Entrepreneurs and Taxes: How Expenses are Claimed on Tax Returns
It is difficult to determine which expenses to claim on tax returns. While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they have more time, […]
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Numerous Tax Limits Affecting Businesses have Increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security Tax The amount of an employee’s earnings that are subject to Social Security tax is capped for 2022 at […]
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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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