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The Thomas Howell Ferguson Blog

Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?

Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]

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Is There An Extension for 990 Forms?

Is there an extension for 990 Forms?   The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]

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Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations

Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]

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Paycheck Protection Program (PPP) Q&A

Information about the Paycheck Protection Program (PPP) is changing rapidly.  Because it is changing so quickly, we want to remind you of the importance of checking your sources.  For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page.  You can find their Paycheck Protection […]

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What is the Main Street Lending Program from the Federal Reserve?

What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]

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Paycheck Protection Program (PPP), Can the Loan Be Forgiven?

Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]

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Recommendations for Paycheck Protection Program (PPP) Application Documents

AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession.  As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]

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CARES Act – Benefits for Donors to Not-For-Profit Organizations

The CARES Act also provides incentives to donors to 501(c)(3) organizations. There is a new deduction for total charitable contributions of up to $300 made by an individual taxpayer. This is an “above the line” deduction so all taxpayers would be eligible to take the deduction, even those who use the standard deduction. The deduction […]

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CARES Act – Things You Need To Know – Get The Facts

Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020.  This is an 800+ page bill.  Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]

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Paycheck Protection Program (PPP) – What do Borrowers and Lenders Need to Know?

What are the Paycheck Protection Program (PPP) loan terms and conditions? Loans will be guaranteed under the Paycheck Protection Program (PPP) under the same terms, conditions, and processes as other 7(a) loans, with certain changes including, but not limited to: The guarantee percentage is 100 percent. No collateral will be required. No personal guarantees will […]

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What can the Paycheck Protection Program (PPP) Loan be used for?

What can the Paycheck Protection Program (PPP) Loan be used for? The proceeds of a Paycheck Protection Program (PPP) loan are to be used for: Payroll costs (to calculate payroll costs, click here); Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; […]

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How do I apply for the Paycheck Protection Program (PPP) Loan?

You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]

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Paycheck Protection Program (PPP) – Loan Details

The Paycheck Protection Program (PPP) loan can help many businesses, but what are the loan details? Check out the specifics below. What is the interest rate on a Paycheck Protection Program (PPP) loan? The interest rate will be 100 basis points or one percent. The Administrator, in consultation with the Secretary, determined that a one […]

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7 Mistakes to Avoid in Continuity of Operations Plan (COOP)

The world isn’t getting less risky – pandemic events like COVID-19, catastrophic weather, devastating cyber threats, unthinkable man-made disasters, and more. Now more than ever, it’s imperative that organizations know how to respond to critical events and ensure essential functions are maintained. But is your organization fully prepared in the event of a crisis? Many […]

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Paycheck Protection Program (PPP) – How much can I borrow?

I have determined that I am eligible for the Paycheck Protection Program (PPP). How much can I borrow? Under the Paycheck Protection Program (PPP), the maximum loan amount is the lesser of $10 million or an amount that you will calculate using a payroll-based formula specified in the CARES Act, as explained below. How do […]

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Paycheck Protection Program (PPP) – Can I be ineligible even if I meet the requirements?

Paycheck Protection Program (PPP) Eligibility Requirements You are eligible if you are: A small business with fewer than 500 employees A small business that otherwise meets the SBA’s size standard A 501(c)(3) with fewer than 500 employees An individual who operates as a sole proprietor An individual who operates as an independent contractor An individual […]

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Paycheck Protection Program (PPP) – Impact on Business

In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have. What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll.  Loans guaranteed under […]

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SBA Economic Injury Disaster Loan (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for the SBA Economic Injury Disaster Loan (EIDL) advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available […]

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CARES Act – Impact on Individuals

Recovery Rebates All US resident individuals with an adjusted gross income of up to $75,000 ($150,000 married), and a work-eligible Social Security Number (SSN), are eligible for the full $1,200 rebate ($2,400 for those who are married and file jointly).  Additionally, individuals are eligible for an extra $500 per qualifying child, given that the qualifying […]

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CARES Act – Impact on Not-For-Profit Organizations

The CARES Act contains several provisions that are applicable to not-for-profit organizations.  The process for obtaining available relief will largely depend on your tax classification under Section 501(a) of the Internal Revenue Code (the Code). For 501(c)(3) and 501(c)(19) organizations with 500 or fewer employees, including full-time and part-time employees, that have been in existence […]

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CARES Act – Small Business Relief

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep their workers employed during the COVID-19 pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their […]

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Families First Coronavirus Relief Act Update!

Congress has passed, and President Trump signed into law on March 18, 2020, the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for three sections that likely will be of particular interest for employers (both for-profit and not-for-profit organizations alike): (1) Emergency Family and Medical Leave Act Expansion, (2) Emergency Paid Sick Leave, and […]

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CARES Act – Stimulus Calculator

This calculator helps a taxpayer calculate the amount of stimulus rebate expected to be received per the provisions contained in the Coronavirus Aid Relief and Economic Security (CARES) Act.  For ideas on how this will affect you, click here to access the CARES Act Stimulus Calculator.           […]

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COVID-19 – Grant and Loan Programs with Links

There are multiple options being offered right now to help for-profit and not-for-profit organizations during this difficult time.  How do you know what is best for you?  Please feel free to reach out to our team with questions.  In the meantime, below are some options for you to consider:   Tallahassee-Leon County Office of Economic […]

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IRS Will Now Accept Email and Digital Signatures

Effective immediately, the IRS will begin to temporarily accept images of signatures (scanned or photographed) and digital signatures on documents related to the determination of collection of tax liability.  This has been put in place to help taxpayers and the tax professional community during the COVID-19 pandemic. Additionally, IRS employees are now being allowed to […]

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Standard and Itemized Deductions: Which One Is for You?

When filing your taxes, you may struggle to determine whether you should choose to use the standard deduction or itemize your deduction.  Finding the solution to this is very important as deductions reduce the amount of taxable income when filing your federal income tax return.  Basically, deductions can reduce the amount of taxes you owe. […]

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What Is The “Right” Number of Board of Directors?

While setting a standard for board-member size may not be at the top of your priority list, this decision is critical for the competence and health of your entire not-for-profit organization. In order to create more flexibility, bylaws specifying an ideal range for board size may be better for your organization as opposed to establishing […]

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THF Congratulates Mike Yuhas and Lindsey Gregory for Receiving Their CPA License

THF congratulates Mike Yuhas and Lindsey Gregory for receiving their Certified Public Accountant (CPA) license. Mike Yuhas received his bachelor’s degree in International Business from Westminster College and his Master of Accounting in Taxation from Florida State University. He is in our Tallahassee office and works as a staff accountant in the tax services department. […]

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

Thomas Howell Ferguson (THF) has been named one of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine. 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 were recruited via an online survey, as well […]

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THF Congratulates Matt Walker on Joining the United Way Suncoast Young Leader’s Society Steering Committee

THF congratulates Matt Walker on joining the United Way Suncoast Young Leader’s Society Steering Committee. The United Way Suncoast (UWS) Young Leaders’ Society (YLS) Steering Committee members provide leadership to build YLS into the most recognized, esteemed, and influential group in the region through its volunteerism, leadership development, and advocacy of the three pillars of the […]

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THF Promotes Lorelle Chapman and Madeline Ruttenbur to Senior

THF congratulates Lorelle Chapman and Madeline Ruttenbur on their promotions to Senior in the Assurance Services Department. Lorelle began working at THF in January 2017.  She has been working in accounting for more than four years providing assurance services.  Lorelle received her bachelor’s degree in accounting from Florida State University. Madeline began working at THF […]

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THF Promotes Nick Gilpin and Jorge Rivera to Manager

THF congratulates Nick Gilpin and Jorge Rivera on their promotions to Manager in the Tax Services Department. Nick Gilpin joined THF in 2014 and has over five years of experience providing tax compliance and consulting services.  Having a broad foundation in various fields, Nick’s primary focus and professional development has been concentrated on THF’s large […]

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New Standards for Not-For-Profits Affect Several Major Areas

The Financial Accounting Standards Board (FASB) developed several new accounting standards in recent years. Regarding nonprofits, there are many areas that these new standards will affect moving forward. One new standard already being adopted by many nonprofit organizations is the new nonprofit financial statement format, ASU 2016-14. This standard affects many areas including liquidity disclosures, […]

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THF Promotes Dennis Gallant to Director and Bainbridge Market Leader and Matthew Walker to Senior Manager

THF congratulates Dennis Gallant on his promotion to Director and Bainbridge Market Leader in the Tax Services Department and Matthew Walker on his promotion to Senior Manager in the Assurance Services Department. Dennis joined THF in 2015.  He has been providing tax compliance and consulting services for more than 24 years.  He received his bachelor’s […]

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THF Welcomes Renn Vickers to the Assurance Services Department

THF welcomes Renn Vickers to the Assurance Services Department! Renn, a Tallahassee native, attended Florida State University and earned her bachelor’s degree and master’s degree in accounting.  Since 1988, Renn has been providing accounting and assurance services to a variety of industries including governmental, not-for-profit, and insurance.  Renn is a licensed Certified Public Accountant (CPA) […]

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Deductions Eliminated by the Tax Cuts and Jobs Act

Although the 2018 Tax Cuts and Jobs Act provided some new tax breaks, it also erased many deductions that you may have routinely claimed.  The following eliminated deductions are scheduled to remain through 2025, pending congressional action. Home Equity Loan Interest. According to the new tax law, the deduction for home equity interest from 2018 […]

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