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The Thomas Howell Ferguson Blog

7 Key Steps for a Continuity of Operations Plan (COOP)

A Continuity of Operations Plan (COOP) is an effort within governmental departments and agencies to ensure that the Primary Mission Essential Functions (PMEFs) continue to be performed during a wide-range of emergencies, including localized acts of nature, accidents, pandemics, and technological or attack-related emergencies. The Coronavirus (COVID-19) is now a serious global threat. An increasing […]

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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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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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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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Tax Reform: Changes to Depreciation Affect Businesses Now

If you are a business owner, the Tax Cuts and Jobs Act may affect your depreciation deductions and taxes. You can generally depreciate tangible property except land, which includes buildings, machinery, vehicles, furniture, and equipment. Changes to depreciation and how they will affect businesses may include: Businesses can immediately expense more under the new law. […]

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Co-Hosts THF and the Florida State University, College of Business, The Florida Catastrophic Storm Risk Management Center Announce Aon as New Title Sponsor for INCON – Insurance Conference on Financial Reporting.

Co-hosts Thomas Howell Ferguson P.A. CPAs and the Florida State University, College of Business, The Catastrophic Storm Risk Management Center announce Aon as new title sponsor for the eighth annual INCON – Insurance Conference on Financial Reporting. Aon is a leading global professional services firm. Operating in 120 countries, Aon provides a broad range of […]

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Popular Mileage Tracking Apps

Whether you’re traveling for business, charity, medical purposes, or pleasure, it is important to track your mileage for tax purposes. The IRS has documentation requirements in order to claim business mileage deductions. You will need to keep a mileage log for each year you claim this deduction. Your mileage log must include the starting mileage […]

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Standard Mileage Rates for 2018 Up from 2017 Rates

The 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes have been issued. Beginning January 1, 2018, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 54.5 cents for every mile of business […]

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