(authored by RSM US LLP) SECURE 2.0 permits employers to make matching contributions to a retirement plan for employees burdened by student loan debt. […]
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AICPA – New Service Organization Controls (SOC) Guidance
(authored by RSM US LLP) The AICPA recently released updated guidance to assist teams in implementing System and Organization Controls (SOC) 2 and 3 reports. […]
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Ten quick reminders for FTC
(authored by RSM US LLP) Recent FTC guidance and delayed TCJA provisions will likely impact a taxpayer’s ability to take an FTC going forward. Start analyzing the impact now. […]
Required minimum distributions after SECURE 2.0
(authored by RSM US LLP) SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs. […]
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Retirement plan changes for long-term, part-time employees
(authored by RSM US LLP) SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans. […]
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National Taxpayer Advocate: light at end of the tunnel, long way to go
(authored by RSM US LLP) The NTA reports on the 10 most serious problems encountered by taxpayers and makes recommendations to alleviate these problems. […]
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Key takeaways for employers under the SECURE 2.0 Act of 2022
(authored by RSM US LLP) SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs). […]
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2023 annual revenue procedures updates for exempt organizations
(authored by RSM US LLP) IRS 2023 annual revenue procedures have limited changes affecting exempt organizations. […]
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Year-end tax planning ideas for your small business
When is the best time for year-end tax planning for a small business? Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will […]
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2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. 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. August […]
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Help When Needed: Apply The Research Credit Against Payroll Taxes
Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. You can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or […]
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Can You Deduct the Costs of a Spouse on a Business Trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the […]
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Entrepreneurs and Taxes: How Expenses are Claimed on Tax Returns
It is difficult to determine which expenses to claim on tax returns. While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they have more time, […]
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Numerous Tax Limits Affecting Businesses have Increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security Tax The amount of an employee’s earnings that are subject to Social Security tax is capped for 2022 at […]
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Businesses with Employees Who Receive Tips may be Eligible for a Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicaid (FICA) taxes that you pay on your employees’ tip income. Basics of the Credit The FICA credit applies with respect to tips that your employees […]
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Will the Standard Business Mileage Rate Go Up in 2022? Yes!
After two years of no increases, the optional standard business mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck […]
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There Still May be Time for Your Small Business to Cut 2021 Taxes
Don’t let the holiday rush keep your small business from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or office equipment in the new year? First, you must buy them and place them in […]
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THF Congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on Their Promotion to Senior in the Assurance Services Department
THF congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on their promotion to Senior in the Assurance Services Department. Matthew Warren joined THF in September 2018 and has over three years of experience in public accounting providing assurance services. He received his Bachelor of Arts degree in Accounting from Flagler College. Matthew operates […]
Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties
With Thanksgiving just around the corner, the holiday season will soon be here. This time of year, your business may want to show its gratitude to employees and customers. Giving them gifts or hosting holiday parties after a year of forgoing them due to the pandemic can show them this gratitude. It’s a good time […]
THF Congratulates Matthew Walker and Catherine Stout on Their Promotion to Director
THF congratulates Matthew Walker and Catherine Stout on their promotion to Director in the Assurance Services Department. Matthew joined THF in January 2013 and has over eight years of experience in public accounting providing assurance and accounting services. He received his bachelor’s degree in accounting from Florida State University. Matthew is very involved in the […]
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The Deductibility of Corporate Expenses Covered by Officers or Shareholders
It is often difficult to determine the deductibility of corporate expenses covered by officers or shareholders. Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being non-deductible both by an officer and the corporation unless proper steps are taken. This […]
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Getting a New Business Off The Ground: How Start-Up Expenses Are Handled On Your Tax Return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know […]
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break. It was extended and modified by the American Rescue Plan Act (ARPA). The ERTC was enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers […]
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THF Wins Working Well Weight Loss Challenge
THF won the Working Well 12-week weight loss Jackpot Challenge through Healthy Wage. Working Well is a not-for-profit organization whose mission is to provide resources, information, education, and events to improve the well-being of the community’s workforce. Working Well, Inc. partnered with Healthy Wage to provide a 12-week weight loss Jackpot Challenge. 15 teams of […]
Traveling for Business Again? What Can You Deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. There are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Under the Tax Cuts […]
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THF Congratulates Christie Battles on joining the Board of Directors and Finance Committee of the Second Harvest of the Big Bend
THF congratulates Christie Battles on joining the Board of Directors and the Finance Committee of the Second Harvest of the Big Bend.Second Harvest of the Big Bend’s mission is to feed the hungry in the Big Bend through the network of partner agencies. Furthermore, they strive to educate and engage the community in the fight […]
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Stay up to date with the 2021 Q3 tax calendar! Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Certainly contact us to ensure you’re meeting all […]
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Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses
Do you know the DOs and DON’Ts of recordkeeping? If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth […]
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Are You Hiring Your Children this Summer? Reap Tax and Nontax Benefits
Are you a business owner looking to hire your children this summer? Did you know you can obtain tax breaks and other nontax benefits? The children can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free […]
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2022 Health Savings Accounts Amounts Announced
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts. Fundamentals of HSAs What is a Health Savings Account (HSA)? It is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” It can only be established for the benefit of an […]
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THF Congratulates Taylor Harmon on His Acceptance into Leadership Tallahassee Class 39
THF congratulates Taylor Harmon on his acceptance into Leadership Tallahassee Class 39. Leadership Tallahassee, a division of the Greater Tallahassee Chamber of Commerce, is a year-long program that educates and encourages participants to actively seek positive and constructive changes in the community through leadership roles. The selection process is competitive, and qualified applicants must have […]
An S Corporation Could Cut Your Self-Employment Tax
Is your business organized as a sole proprietorship or as a wholly-owned limited liability company (LLC)? Then you are subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is imposed on 92.35% […]
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Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an […]
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Providing Education Assistance to Employees? Follow these Rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]
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Claiming the Business Energy Credit for Using Alternative Energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax […]
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THF Congratulates Chandler Russell on joining the InfraGard North Florida Members Alliance Board of Directors
THF congratulates Chandler Russell on joining the InfraGard North Florida Members Alliance (InfraGard) Board of Directors. The mission of InfraGard North Florida is in alignment with the InfraGard National program. In short, their core goal is to continue partnerships between private industry, the public sector, the Federal Bureau of Investigation (FBI), and other government agencies […]
Simple Retirement Savings Options for Your Business
Are you thinking about setting up a retirement plan for yourself and your employees? Are you worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? In short, there are two options to consider: “simplified employee pension” (SEP) “savings incentive match plan for employees” (SIMPLE) SEPs are intended as an […]
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THF Congratulates Ying Wang on Being Named One of the Tallahassee Democrat’s “25 Women You Need to Know”
THF congratulates Ying Wang on being selected as one of the 2021 “25 Women You Need to Know,” by the Tallahassee Democrat. Each year, the Tallahassee Democrat seeks to recognize the 25 women in the city of Tallahassee and the surrounding area. The outstanding women on the list have achieved great success in their businesses […]
FAQs by Not-For-Profit Organizations
We sat down with one of our not-for-profit leaders, Allison Harrell, to review some frequently asked questions by not-for-profit organizations. Planning FAQs Question: What tips or direction can you give organizations on how to better prepare for the future? We are concerned about losing a leader for the short or long term due to COVID.Allison: […]
Audit vs. Review vs. Internal Controls Assessment
Does your organization need an audit, review, or internal controls assessment? Because every organization is different, there are different types of assurance services that your company can undergo based on your needs. There are many things that will help determine which services are the right fit for your organization. Your organization’s primary purpose, mission, funding, […]
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