Words Count

The Thomas Howell Ferguson Blog

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 […]

Read More… from Paycheck Protection Program (PPP) – Loan Details

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 […]

Read More… from 7 Mistakes to Avoid in Continuity of Operations Plan (COOP)

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 […]

Read More… from Paycheck Protection Program (PPP) – How much can I borrow?

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 […]

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

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 […]

Read More… from Paycheck Protection Program (PPP) – Impact on Business

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 […]

Read More… from SBA Economic Injury Disaster Loan (EIDL)

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 […]

Read More… from CARES Act – Impact on Individuals

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 […]

Read More… from CARES Act – Impact on Not-For-Profit Organizations

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 […]

Read More… from CARES Act – Small Business Relief

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 […]

Read More… from Families First Coronavirus Relief Act Update!

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 […]

Read More… from COVID-19 – Grant and Loan Programs with Links

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 […]

Read More… from IRS Will Now Accept Email and Digital Signatures

April 15th Tax Deadline – Updated Information re: COVID-19!

To our clients and friends, Tax guidance continues to change as the Treasury Department and IRS work to do their part in providing taxpayers relief in response to the COVID-19 pandemic. Last Friday, we sent an update regarding income tax payment relief provided by the IRS via IRS Notice 2020-17. Following that communication, the IRS […]

Read More… from April 15th Tax Deadline – Updated Information re: COVID-19!

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. […]

Read More… from Standard and Itemized Deductions: Which One Is for You?

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 […]

Read More… from What Is The “Right” Number of Board of Directors?

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. […]

Read More… from THF Congratulates Mike Yuhas and Lindsey Gregory for Receiving Their CPA License

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 […]

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

No More Parking Taxes for Not-For-Profits!

The Tax Cuts and Jobs Act enacted in 2017 imposed a parking tax under I.R.C. Section 512(a)(7). This parking tax has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act signed into law on December 20, 2019. This Act retroactively repeals for tax-exempt organizations the unrelated business income tax on disallowed fringe […]

Read More… from No More Parking Taxes for Not-For-Profits!

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 […]

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

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 […]

Read More… from THF Promotes Lorelle Chapman and Madeline Ruttenbur to Senior

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 […]

Read More… from THF Promotes Nick Gilpin and Jorge Rivera to Manager

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, […]

Read More… from New Standards for Not-For-Profits Affect Several Major Areas

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 […]

Read More… from THF Promotes Dennis Gallant to Director and Bainbridge Market Leader and Matthew Walker to Senior Manager

THF Named One of the 2019 Best of the Best Accounting Firms

THF has been named one of the 2019 Best of the Best Accounting Firms by INSIDE Public Accounting (IPA). Continuing the tradition of more than 25 years, IPA has released the 2019 list of the Best of the Best public accounting firms in the nation. This group, the highest performers within the profession, are ranked on […]

Read More… from THF Named One of the 2019 Best of the Best Accounting Firms

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) […]

Read More… from THF Welcomes Renn Vickers to the Assurance Services Department

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 […]

Read More… from Deductions Eliminated by the Tax Cuts and Jobs Act

THF Congratulates Kayla Twogood on Joining the Lee’s Place Board of Directors

THF congratulates Kayla Twogood on joining the Lee’s Place Board of Directors. Lee’s Place was founded in 2000 after the president Brenda Rabalais lost her son, Lee, to cancer. This organization sets out to provide grief, loss, and trauma counseling to individuals and families that may not otherwise be able to afford it.  The Lee’s […]

Read More… from THF Congratulates Kayla Twogood on Joining the Lee’s Place Board of Directors

THF Acquires Bainbridge Firm Dowdy & Whittaker CPAs

THF has recently acquired the Bainbridge, Georgia firm, Dowdy & Whittaker CPAs. Dowdy & Whittaker CPAs has been providing tax and accounting services for over 30 years in the Bainbridge community.  Owners John Dowdy and Charles Whittaker are well-known and successful business owners who have been leaders in the community and strong advocates and supporters […]

Read More… from THF Acquires Bainbridge Firm Dowdy & Whittaker CPAs

THF Welcomes Kayla Twogood to the Tax Services Department

THF welcomes Kayla Twogood as a Senior to the Tax Services Department. Kayla Twogood, a Colorado native, received her bachelor’s degree in business administration with a concentration in accounting and her master’s degree in accounting with a specialization in taxation from Colorado State University.  She is a licensed CPA by the state of Colorado and […]

Read More… from THF Welcomes Kayla Twogood to the Tax Services Department

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 […]

Read More… from Deductions Eliminated by the Tax Cuts and Jobs Act

THF Congratulates Allison Harrell and Andrea Medley on Joining Local Boards

THF congratulates Allison Harrell on joining the Governor’s Club Board of Governors and Andrea Medley on joining the American Red Cross North Florida Region Board. Allison is a Shareholder in the Assurance Services Department at THF.  She attended Florida State University and received her bachelor’s degree in accounting and her master’s degree in accountancy with […]

Read More… from THF Congratulates Allison Harrell and Andrea Medley on Joining Local Boards

What is a Tax Checkup and Why Does Your Organization Need One?

Over time an organization, as well as related tax and case laws, can change significantly.  These changes, although subtle on a year-by-year basis, can considerably alter the tax exposure of your exempt entity. A comprehensive tax “checkup” serves as a diagnostic tool to help identify tax exposure areas and planning strategies. A tax checkup provides […]

Read More… from What is a Tax Checkup and Why Does Your Organization Need One?

3 Tips on Using Cryptocurrency in Business

In today’s day and age, it is important to understand what cryptocurrency is.  Cryptocurrency or virtual currency, is a digital medium of exchange that can be used for purchasing, selling, and storing value, but it is not backed by a sovereign government.  The U.S. Treasury currently classifies cryptocurrency as intangible property.  Despite the name, it […]

Read More… from 3 Tips on Using Cryptocurrency in Business

THF Congratulates Taylor Harmon on being recognized as a Tallahassee Network of Young Professionals’ Golden A.C.E. Award Winner!

THF congratulates Taylor Harmon on being recognized as a the Tallahassee Network of Young Professionals’ Golden A.C.E award winner. The Golden A.C.E. Awards recognizes the Capital City’s top “20 Under 40” young professionals. A Golden A.C.E. recipient is an emerging young leader in their respective industry and represents the award’s namesake – to highlight those in […]

Read More… from THF Congratulates Taylor Harmon on being recognized as a Tallahassee Network of Young Professionals’ Golden A.C.E. Award Winner!

THF’s Tampa Team Named Winner of United Way Suncoast Award

   THF’s Tampa Team has been named the winner of the United Way Spirit of Suncoast Award in the category of “less than 100 employees” for the 2018 campaign year. United Way’s Spirit of Suncoast Award honors local companies for their exceptional commitment and investment by their organization and their employees. The award is presented […]

Read More… from THF’s Tampa Team Named Winner of United Way Suncoast Award

Why Should You Have a Succession Plan?

An often overlooked process for companies is the development of a succession plan.  Succession plans are used to address the inevitable changes that occur when business owners, partners or key employees resign, retire, are fired, get sick, or pass away.  This strategy for the identification and development of future leaders is necessary to ensure a […]

Read More… from Why Should You Have a Succession Plan?

THF Congratulates Brandon Mott on Being Selected as an FICPA Horizon Award Recipient

THF congratulates Brandon Mott on being selected as a Florida Institute of Certified Professional Accountants (FICPA) Horizon Award recipient. The FICPA’s Horizon Awards recognize the brightest young CPAs who are advancing the CPA profession and working to better their communities through service. Honorees are considered to be accelerating the accounting field through professional experience, leadership, […]

Read More… from THF Congratulates Brandon Mott on Being Selected as an FICPA Horizon Award Recipient