If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business. In addition, you have held it for more […]
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Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]
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Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in […]
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The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). They adjust these amounts each year based on inflation. They announce the adjustments earlier in the year than other inflation-adjusted amounts. This allows employers to get ready for the next year. Fundamentals of HSAs A trust creates or organizes an […]
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With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July […]
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Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]
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Are you wondering how to grow your business by adding a new partner? There are several financial and legal implications when adding a new partner to a partnership. An example: You and your partners plan to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash […]
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Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. Be aware that there are two additional features that are especially favorable to small businesses: […]
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(authored by RSM US LLP) Unexpected turnover can threaten payroll continuity. Learn how your organization can leverage temporary payroll emergency response support. […]
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Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm,” a leading accounting firm, welcomes Tax Services Senior Manager Yun (Fong) Yan, CPA and Client Accounting Services (CAS) Manager Christine (Chris) Sawchyn to the Tallahassee office location. Fong Yan, CPA, joined the firm with over 20 years of experience in C and S corporations, partnerships, and […]
Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of […]
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets When discussing the inflation-adjusted tax amounts, let’s first begin with rates and brackets. If you run your business as a sole proprietorship or pass-through business […]
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What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]
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(authored by RSM US LLP) As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance. […]
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