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The Thomas Howell Ferguson Blog

What Governments Should Know about the CARES Act Relief Package

What should governments know about the CARES Act and the Supplemental Appropriations Act relief package? The Consolidated Appropriations Act, 2021 passed Congress with strong bipartisan support. President Trump signed it into law on December 27, 2020.  To sum up, this relief package provides critical support to the American people and will further strengthen our economic […]

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Best Practices for 2021 Budgeting for Not-For-Profits

With everything surrounding COVID-19 and this past year, budgeting for 2021 will prove to be a challenge for many not-for-profits. Some not-for-profits had to decrease their services and staffing. Others have redirected their mission to serve their community’s more pressing needs. Many fundraising events were canceled this year in an effort to adhere to social […]

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Paycheck Protection Program (PPP) Second Draw Q&A

In December, Congress passed a bill allotting $284 billion in new funding. The Paycheck Protection Program (PPP) Second Draw will provide the hardest-hit businesses a chance at a second loan. The PPP 2.0 makes other changes too, including eligibility and limits for some loan sizes. Dennis Gallant answers some commonly asked questions on the Second […]

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Key Takeaways from the Second Round of the Paycheck Protection Program (PPP)

What are the key takeaways from the second round of the Paycheck Protection Program (PPP)? The Consolidated Appropriations Act (CAA) 2021 permits certain small businesses who received a Paycheck Protection Program (PPP) loan and experienced a 25% reduction in gross receipts to take a PPP Second Draw Loan of up to $2 million. Who is […]

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THF Named One Of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine for 2021

THF has been named one of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine for the second year in a row. Forbes partnered with the market research company Statista to create a list of the most recommended firms in the U.S. based on surveys of similar professionals and clients. Respondents were recruited via […]

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THF Congratulates Ying Wang and Megan Townsend on their new leadership roles with community boards

THF congratulates Ying Wang and Megan Townsend on their new leadership roles with community boards.   New Leadership Roles Ying Wang recently joined the Girls on the Run Board of Directors. Girls on the Run is an after-school program. It is designed to inspire girls of all abilities to recognize and embrace their inner strength. […]

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How to Avoid Post-Disaster Scams

Criminals and scammers often try to take advantage of the generous donors who want to help disaster victims. These scams often pop up after a hurricane, wildfire, or other disaster. This year, with the COVID-19 pandemic, everyone should be vigilant. So, how do these scams start? Disaster scams normally start with unsolicited contact. The scammer […]

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THF Promotes Lindsey Gregory to Senior and Melisa Chui and Randon Holt to Consultant II

THF congratulates Lindsey Gregory on her promotion to Senior in the Assurance Services Department and Melisa Chui and Randon Holt on their promotion to Consultant II in the Government Services Department. Lindsey joined THF in September 2018 and has over two years of experience in public accounting providing assurance services.  Lindsey received her bachelor’s degree […]

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THF recently hosted the 10th annual Insurance Conference on Financial Reporting (INCON)

THF recently hosted the 10th annual Insurance Conference on Financial Reporting (INCON) with the Florida State University Catastrophic Storm Risk Management Center. INCON is a conference for insurer CFOs, controllers, treasurers, and others who deal with insurer financial matters. This conference offers unparalleled opportunities to stay abreast of changes that impact the activities and financial […]

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THF Promotes Nicole Acosta to Manager and Brittany Bechtel to Senior Consultant

THF congratulates Nicole Acosta on her promotion to Manager and Brittany Bechtel on her promotion to Senior Consultant. Nicole Acosta joined THF in June 2018 and has over six years of experience providing disaster recovery, procurement, and consulting services. She works in the government services department in the Tallahassee office. Nicole received her bachelor of […]

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THF Promotes Chandler Russell, Phil Focaracci, and Tim Icardi to Manager

THF congratulates Chandler Russell, Phil Focaracci, and Tim Icardi on their promotion to Manager. Chandler Russell joined THF in October 2015 and has over five years of experience in public accounting providing assurance services.  She works in the assurance services department in the Tallahassee office. She received her Bachelor of Science in accounting and Masters […]

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FEMA Public Assistance Guidance Release

The Federal Emergency Management Agency (FEMA) has released its updated Public Assistance Guidance for COVID-19 reimbursable expenditures under the Public Assistance Program.  The guidance is meant to clarify these parameters, particularly in relation to emergency protective measures. As of September 15, FEMA may provide assistance only for the following emergency protective measures in response to […]

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THF Named One of the 2020 Best of the Best Accounting Firms and the 105th Largest Accounting Firm in the Nation by Inside Public Accounting

THF has been named one of the 2020 Best of the Best Accounting Firms and the 105th largest accounting firm in the nation by INSIDE Public Accounting (IPA). The IPA 400, recognizing the top U.S. based accounting firms, is the most comprehensive list of North American public accounting firms available. IPA annually ranks the largest […]

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Modifications to the Main Street Lending Program Expands Eligibility to Not-For-Profits

On Friday, July 24th, the Federal Reserve Board released modifications to the Main Street Lending Program that will provide greater access to credit for not-for-profit organizations.  The Board approved two new loan options to provide support to a broad set of not-for-profit organizations that were in sound financial condition prior to the pandemic.  The Board […]

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CARES Act Funding Overview Webinar

Our very own Steve Stevens had the opportunity to speak on the overview of the CARES Act Funding.  Check out the full webinar here, or you can read some of the notes from the session below. CARES Act Local Government Program Process for counties to receive CARES funding Counties accessed disbursement using the DEM Grants Management […]

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The CARES Act’s Impact on Retirement Plans

Congress passed the Coronavirus Aid, Relief, and Economic (CARES) Act on March 27, 2020.  The CARES Act includes provisions that impact retirement plans of all types.  Continue reading to learn more about the key CARES Act provisions passed. Coronavirus-Related Distribution This is a new distribution category that may be added to existing plans. Plans may […]

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FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar

In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed.  In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]

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THF Congratulates Andrea Medley on Being Accepted into Leadership Tallahassee Class 38

THF congratulates Andrea Medley on being accepted into Leadership Tallahassee Class 38. Leadership Tallahassee, a division of the Greater Tallahassee Chamber of Commerce, is a year-long program that educates and encourages participants to actively seek positive and constructive changes in the community through leadership roles. The selection process is competitive and qualified applicants must have […]

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How Does the Paycheck Protection Program Flexibility Act (PPPFA) Impact My Paycheck Protection Program (PPP) Loan?

Recently, the Paycheck Protection Program Flexibility Act (PPPFA), was signed into law.  This gives borrowers additional time and flexibility to use Paycheck Protection Program (PPP) loan proceeds. The PPPFA is intended to serve as an additional boost for small businesses trying to muscle through this pandemic-induced economic crisis. Continue reading to see how your business […]

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Effective Dates Delayed for Some Accounting Standards Updates

In response to uncertainties surrounding COVID-19, the Financial Accounting Standards Board (FASB) voted on Wednesday, May 20, 2020, to extend the effective date for certain Accounting Standards Updates (ASU). Following is a summary of the FASB’s actions from that meeting. Revenue Recognition ASU The effective date of the FASB revenue recognition ASU has been extended […]

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What Costs May Be Reimbursable By FEMA for COVID-19?

What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]

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CARES Act Relief for Not-For-Profit Organizations – Employee Retention Credit

If your organization was not able to receive money through the Paycheck Protection Program, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite experiencing economic hardship related to COVID-19. Like other eligible employers, […]

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What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?

Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period.  Payroll costs are considered paid on the day that paychecks are distributed, […]

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Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

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Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs

Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board.  During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]

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Private Nonprofits Eligible for FEMA Reimbursement

Are you wondering if your private nonprofit is eligible for FEMA reimbursement?  This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center.  For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]

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Private Nonprofit Work Eligible for FEMA Reimbursement

Under the Stafford Act, eligible emergency protective measures taken by private nonprofits to respond to the COVID-19 emergency may be eligible for FEMA reimbursement. In this situation, reimbursement would fall under category B of FEMA’s Public Assistance program. Please remember that this is at the direction or guidance of public health officials. How does FEMA […]

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Do Private Nonprofit Organizations Qualify for FEMA Reimbursement?

During this pandemic, many nonprofit organizations are trying to understand if they qualify to receive reimbursement from FEMA.  Here are a few things to consider if you work for a nonprofit or sit on a board of a nonprofit. What is the criteria to be an eligible private nonprofit for FEMA reimbursement? To be an […]

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Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness

Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible.  Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]

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How Does Gross Income Affect Expenses Forgiven Under the PPP?

How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]

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What is the Status of My Stimulus Check from the IRS?

Are you trying to check the status of your stimulus check from the IRS?  Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]

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CARES Act – Employers Can Claim an Employee Retention Tax Credit

Were you able to receive relief from the small business loans offered through the CARES Act? If the answer is no, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite […]

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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

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What Should Veterans Do To Get Their Stimulus Money?

What should veterans do to get their stimulus money from the IRS? How do they get their money for their dependents? The Internal Revenue Service (IRS) issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries. If they didn’t file a tax return in 2018 or 2019 and have dependents, they […]

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Paycheck Protection Program (PPP) – Payroll Costs

While there is a lot of speculation surrounding payroll costs as they pertain to the Paycheck Protection Program (PPP), below are answers to questions that we have at this time.  The most important thing to remember if you apply for this program is to document, document, document. What qualifies as “payroll costs” under the Payment […]

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