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 […]
Valuable tax break when applying the research credit against payroll taxes
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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Thomas Howell Ferguson P.A. CPAs (THF) welcomes Tax Services Senior Manager Yun (Fong) Yan, CPA and Client Accounting Services Manager Christine (Chris) Sawchyn to the firm
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) Wins ClearlyRated’s 2024 Best of Accounting Award For Service Excellence
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 […]
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
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 route for business tax purposes?
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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Remote workforces are complicating state tax nexus and withholding
(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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IRS releases guidance on Roth catch-up contributions under SECURE 2.0
(authored by RSM US LLP) Notice 2023-62 provides an administrative transition period for Roth catch-up contributions to high-income individuals. […]
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