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The Thomas Howell Ferguson Blog

IRS releases 2025 tax inflation adjustments

(authored by RSM US LLP) The IRS revenue procedures provides the amount for inflation-adjusted items for 2025. Amounts adjusted for inflation include the individual tax brackets, the section 199A qualified business income thresholds, the amount of average annual gross receipts to qualify as a small taxpayer, the limitations for section 179 expensing, estate and gift exemptions, as well as several other provisions. […]

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Should you convert your business from a C to an S corporation?

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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U.S. spending and inflation improve above expectations

(authored by RSM US LLP) Spending rose by 0.8% on the month, compared with the forecast of 0.5%, while the personal consumption expenditures index-an inflation measure closely watched by the Federal Reserve—came in at 0.3% for both the overall and core readings, compared with the 0.4% forecast for overall inflation. […]

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Are you ready for USDA’s new organic certification requirements?

(authored by RSM US LLP) To improve traceability and detect and protect organic integrity across the supply chain, the United States Department of Agriculture created the National Organic Program (NOP) Strengthening Organic Enforcement (SOE) rule, which will become effective on March 19, 2024. […]

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