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The Thomas Howell Ferguson Blog

Starting a business? How expenses will be treated on your tax return

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re […]

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Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. 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 under tax law. Tax auditors are adept at rooting […]

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Thomas Howell Ferguson P.A. CPAs moves up to the 135th ranking in Inside Public Accounting’s Top 200 Firms for 2022

Thomas Howell Ferguson P.A. CPAs (THF) a professional accounting, assurance, government consulting, and tax services firm headquartered in Tallahassee, Florida, moves up to the 135th ranking in Inside Public Accounting’s Top 200 Firms for 2022. INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession and provides assistance to […]

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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

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