After two years of no increases, the optional standard business mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck […]
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THF has been named one of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine for the third year in a row! For the third year, Forbes partnered with the market research company Statista to create the award list through an independent survey of tax and accounting professionals who provided thousands of recommendations. Respondents […]
Don’t let the holiday rush keep your small business from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or office equipment in the new year? First, you must buy them and place them in […]
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THF congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on their promotion to Senior in the Assurance Services Department. Matthew Warren joined THF in September 2018 and has over three years of experience in public accounting providing assurance services. He received his Bachelor of Arts degree in Accounting from Flagler College. Matthew operates […]
With Thanksgiving just around the corner, the holiday season will soon be here. This time of year, your business may want to show its gratitude to employees and customers. Giving them gifts or hosting holiday parties after a year of forgoing them due to the pandemic can show them this gratitude. It’s a good time […]
Has your business experienced depreciation? Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Under current law, the […]
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THF congratulates Lorelle Chapman and Alexander Frey on their promotion to Manager in the Assurance Services Department. Lorelle Chapman joined THF in January 2017 and has over four years of experience in public accounting providing assurance and accounting services. She received her Bachelor of Science degree in accounting from Florida State University. Lorelle operates out […]
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Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the transportation […]
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THF congratulates Micah Kunkel and Paola Arbulu on their promotion to Senior Manager in the Tax Services Department. Micah Kunkel joined THF in 2009 and has over 12 years of experience providing tax compliance and consulting services. He received his Bachelor of Science degree in accounting and finance from Valdosta State University. Micah previously served […]
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Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. To clarify, keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. In addition, contact us to ensure you’re meeting all applicable deadlines and to learn more […]
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THF congratulates Matthew Walker and Catherine Stout on their promotion to Director in the Assurance Services Department. Matthew joined THF in January 2013 and has over eight years of experience in public accounting providing assurance and accounting services. He received his bachelor’s degree in accounting from Florida State University. Matthew is very involved in the […]
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THF congratulates Anna Dean for earning her Certified Public Accountant (CPA) license. Anna Dean received her Bachelor of Business Administration in Accounting and Master of Accountancy from Georgia College & State University. She operates out of the THF Bainbridge office and works as a staff accountant in the tax services department. Anna joined the firm […]
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Are you currently involved with a merger and acquisition (M&A) transaction? Low-interest rates and other factors have caused global merger and acquisition activity to reach new highs in 2021. Refinitiv, a provider of financial data reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion […]
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The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim Bonus Depreciation or a Section 179 Deduction for Asset Additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property […]
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A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic Rules for Theft Losses The tax code […]
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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 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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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. 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 […]
Is a limited liability company (LLC) the right choice for your small business? Perhaps you operate your small business as a sole proprietorship and want to form an LLC to protect your assets. Or, maybe you are launching a new business and want to know your options for setting it up. An LLC is somewhat […]
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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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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 […]
Do you own or manage a business with employees? There’s a harsh tax penalty that you could be at risk for paying personally. It’s called the “Trust Fund Recovery Penalty.” This penalty applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered […]
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The Employee Retention Tax Credit (ERTC) is a valuable tax break. It was extended and modified by the American Rescue Plan Act (ARPA). The ERTC was enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers […]
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THF won the Working Well 12-week weight loss Jackpot Challenge through Healthy Wage. Working Well is a not-for-profit organization whose mission is to provide resources, information, education, and events to improve the well-being of the community’s workforce. Working Well, Inc. partnered with Healthy Wage to provide a 12-week weight loss Jackpot Challenge. 15 teams of […]
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. There are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Under the Tax Cuts […]
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THF congratulates Christie Battles on joining the Board of Directors and the Finance Committee of the Second Harvest of the Big Bend.Second Harvest of the Big Bend’s mission is to feed the hungry in the Big Bend through the network of partner agencies. Furthermore, they strive to educate and engage the community in the fight […]
Stay up to date with the 2021 Q3 tax calendar! Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Certainly contact us to ensure you’re meeting all […]
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Do you know the DOs and DON’Ts of recordkeeping? If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth […]
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Are you a business owner looking to hire your children this summer? Did you know you can obtain tax breaks and other nontax benefits? The children can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free […]
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The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts. Fundamentals of HSAs What is a Health Savings Account (HSA)? It is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” It can only be established for the benefit of an […]
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THF congratulates Taylor Harmon on his acceptance into Leadership Tallahassee Class 39. 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 […]
Is your business organized as a sole proprietorship or as a wholly-owned limited liability company (LLC)? Then you are subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is imposed on 92.35% […]
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As the Treasury recently announced their launch of the Coronavirus State and Local Fiscal Recovery Funds, we know that there’s going to be questions on how to prepare for them, how they can be used, and much more. FREDA previously hosted a Planning for the American Rescue Plan Act Funds: Lessons Learned from the CARES […]
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]
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Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax […]
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THF congratulates Chandler Russell on joining the InfraGard North Florida Members Alliance (InfraGard) Board of Directors. The mission of InfraGard North Florida is in alignment with the InfraGard National program. In short, their core goal is to continue partnerships between private industry, the public sector, the Federal Bureau of Investigation (FBI), and other government agencies […]
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason? A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the […]
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Are you thinking about setting up a retirement plan for yourself and your employees? Are you worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? In short, there are two options to consider: “simplified employee pension” (SEP) “savings incentive match plan for employees” (SIMPLE) SEPs are intended as an […]
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The implementation of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is officially here (after a one year optional delay granted by FASB. In addition, there is another revenue recognition standard that will have an impact on not-for-profits specifically. The FASB issued ASU 2018-08, Clarifying the Scope […]
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