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The Thomas Howell Ferguson Blog

THF recently hosted the 10th annual Insurance Conference on Financial Reporting (INCON)

THF recently hosted the 10th annual Insurance Conference on Financial Reporting (INCON) with the Florida State University Catastrophic Storm Risk Management Center. INCON is a conference for insurer CFOs, controllers, treasurers, and others who deal with insurer financial matters. This conference offers unparalleled opportunities to stay abreast of changes that impact the activities and financial […]

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Modifications to the Main Street Lending Program Expands Eligibility to Not-For-Profits

On Friday, July 24th, the Federal Reserve Board released modifications to the Main Street Lending Program that will provide greater access to credit for not-for-profit organizations.  The Board approved two new loan options to provide support to a broad set of not-for-profit organizations that were in sound financial condition prior to the pandemic.  The Board […]

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CARES Act Funding Overview Webinar

Our very own Steve Stevens had the opportunity to speak on the overview of the CARES Act Funding.  Check out the full webinar here, or you can read some of the notes from the session below. CARES Act Local Government Program Process for counties to receive CARES funding Counties accessed disbursement using the DEM Grants Management […]

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FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar

In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed.  In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]

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How Do I Fill Out the Paycheck Protection Program (PPP) Forgiveness Calculation Form?

We know that some of these forms may seem daunting. Follow the instructions below for more clarity on how to complete the PPP Forgiveness Calculation Form. Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN) • Enter the same information as on your Borrower Application Form. Business Address/Business Phone/Primary Contact/E-mail Address • Enter […]

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What Costs May Be Reimbursable By FEMA for COVID-19?

What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]

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CARES Act Relief for Not-For-Profit Organizations – Employee Retention Credit

If your organization was not able to receive money through the Paycheck Protection Program, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite experiencing economic hardship related to COVID-19. Like other eligible employers, […]

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What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?

Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period.  Payroll costs are considered paid on the day that paychecks are distributed, […]

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Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

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Private Nonprofits Eligible for FEMA Reimbursement

Are you wondering if your private nonprofit is eligible for FEMA reimbursement?  This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center.  For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]

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What Should Veterans Do To Get Their Stimulus Money?

What should veterans do to get their stimulus money from the IRS? How do they get their money for their dependents? The Internal Revenue Service (IRS) issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries. If they didn’t file a tax return in 2018 or 2019 and have dependents, they […]

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Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)

On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing.  The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]

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Senator Rick Scott Meets with CPAs to Focus on PPP Loans

United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]

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Will there be additional funding for the Paycheck Protection Program (PPP)?

Will there be additional funding for the Paycheck Protection Program (PPP)? Members of the Senate began nearing a deal on Sunday that would bring an additional $370 billion into loan programs for small businesses.  Talks were sparked after the initial $349 billion ran out of money on Thursday. Of this amount, $310 billion will be […]

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Paycheck Protection Program (PPP), Can the Loan Be Forgiven?

Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]

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How do I apply for the Paycheck Protection Program (PPP) Loan?

You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]

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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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3 Tips on Using Cryptocurrency in Business

In today’s day and age, it is important to understand what cryptocurrency is.  Cryptocurrency or virtual currency, is a digital medium of exchange that can be used for purchasing, selling, and storing value, but it is not backed by a sovereign government.  The U.S. Treasury currently classifies cryptocurrency as intangible property.  Despite the name, it […]

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THF’s Tampa Team Named Winner of United Way Suncoast Award

   THF’s Tampa Team has been named the winner of the United Way Spirit of Suncoast Award in the category of “less than 100 employees” for the 2018 campaign year. United Way’s Spirit of Suncoast Award honors local companies for their exceptional commitment and investment by their organization and their employees. The award is presented […]

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THF Congratulates Brandon Mott on Being Selected as an FICPA Horizon Award Recipient

THF congratulates Brandon Mott on being selected as a Florida Institute of Certified Professional Accountants (FICPA) Horizon Award recipient. The FICPA’s Horizon Awards recognize the brightest young CPAs who are advancing the CPA profession and working to better their communities through service. Honorees are considered to be accelerating the accounting field through professional experience, leadership, […]

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THF Congratulates Megan Keplinger on Joining the Tallahassee Network of Young Professionals Board

THF congratulates Megan Keplinger on joining the Tallahassee Network of Young Professionals Board as the Marketing Chair. The Tallahassee Network of Young Professionals was established with the goal to foster personal and professional growth by connecting members through fun and engaging activities, while simultaneously offering career enhancing opportunities. Its mission is to make Tallahassee a city […]

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THF Congratulates Allan Franklin III on Earning the Certified Fraud Examiner (CFE) Designation and Joining the Board of Directors of Infragard of Tallahassee

THF congratulates Allan Franklin III on earning the Certified Fraud Examiner (CFE) designation.  He has also been invited to join the Board of Directors of Infragard of Tallahassee. The CFE is a credential awarded by the Association of Certified Fraud Examiners (ACFE).  The ACFE is a provider of anti-fraud training and education.  With over 80,000 members, […]

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THF Welcomes Beau Liao and Matthew Warren to the Firm

THF welcomes Beau Liao and Matthew Warren to the firm. Matthew, a Tallahassee native, received his bachelor’s degree in accounting from Flagler College. Matthew attended Chiles High School and is in his first year of public accounting. Beau, originally from China, received his bachelor’s degree in accounting from Florida State University, followed by his master’s […]

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THF Promotes Gabe Crook, Jessica Gonzalez Shipe, and Megan Keplinger

THF congratulates Gabe Crook and Jessica Gonzalez Shipe on their promotions to Senior in the Assurance Services Department along with Megan Keplinger to Marketing and Business Development Coordinator. Gabe graduated with a bachelor’s degree in business administration from Florida State University.  Gabe joined THF in 2015, and has been providing accounting and management services for over […]

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THF Promotes Will Groom and Tim Icardi to Senior in the Tax Services Department!

THF promotes Will Groom and Tim Icardi to Senior within the Tax Services Department. Will joined the THF team in September 2016.  His current responsibilities include the preparations of C-Corporation, S-Corporation, partnership, individual, not-for-profit, and state tax returns.  Will graduated with a bachelor’s degree in accounting and finance followed by a master’s degree in taxation […]

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THF Names Two New Shareholders: Brian Walgamott and Julian Dozier!

THF announces that Julian Dozier and Brian Walgamott have been admitted as shareholders and will join the eight other shareholders as owners of the company. A graduate of Leadership Tallahassee Class 32, Julian Dozier has been providing assurance, consulting, and other accounting services since 2006. He has a special interest in for-profit entities with specialized […]

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THF Welcomes Lexi Quigley and Jillian Sliger as Full Time Accounting Professionals

THF welcomes Jillian Sliger and Lexi Quigley to the firm as full time accounting professionals. Jillian received her bachelor’s degree and master’s degree in accounting at Florida State University.  She started at THF part-time in  September 2017 while finishing her master’s degree. She has two years of experience in the accounting industry. Her areas of practice […]

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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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The One Vulnerability Cyber Thieves Are Desperate to Exploit: Weak Passwords

Cybersecurity attacks are becoming more pervasive and seemingly effortless to pull off. Cybercriminals who can execute a successful attack are seizing credit card numbers, bank account information, and even Social Security numbers. You can strengthen your organization’s cybersecurity risk management plan by addressing this one vulnerability: weak passwords. The capture or reuse of passwords, or […]

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The New NFP Financial Reporting Standard ASU 2016-14: The Top 5 Things Your Board Should Know!

The ASU 2016-14 was recently modified to update the current model. The changes improve information in financial statements and notes and allows NFP organizations to better tell their story. This applies to all NFPs and is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. WARNING: This blog contains intense, […]

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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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