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The Thomas Howell Ferguson Blog

Want to Find Out What IRS Auditors Know About Your Business Industry?

How does the IRS prepare for a business audit? Generally, an IRS examiner does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can […]

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THF Congratulates Lorelle Chapman and Phillip Bealor for Passing Their CPA Exam

THF congratulates Lorelle Chapman and Phillip Bealor for passing their Certified Public Accountant (CPA) exam. Lorelle Chapman received her bachelor’s degree in accounting from Florida State University. She operates out of the THF Tallahassee office and works as a senior accountant in the assurance services department. Lorelle joined the firm in January 2017. Phillip Bealor […]

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Getting a Divorce? Be Aware of Tax Implications if You Own a Business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-Free Property Transfers You can generally divide most assets, including cash and business ownership interests, […]

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THF Congratulates Megan Keplinger Townsend on Being Inducted into the United Way Suncoast Campaign Coordinator Hall of Fame

THF congratulates Megan Keplinger Townsend on being inducted into the United Way Suncoast Campaign Coordinator Hall of Fame. Megan served as the United Way Suncoast Campaign Coordinator for THF in 2020 and is serving again for 2021. Megan was nominated by the United Way Suncoast for going above and beyond to run a best practice […]

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The Deductibility of Corporate Expenses Covered by Officers or Shareholders

It is often difficult to determine the deductibility of corporate expenses covered by officers or shareholders. Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being non-deductible both by an officer and the corporation unless proper steps are taken. This […]

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Getting a New Business Off The Ground: How Start-Up Expenses Are Handled On Your Tax Return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know […]

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