If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you won’t […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]
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If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the […]
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If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. This is sometimes referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Taxpayers other than corporations may be entitled to a deduction of up to 20% of their QBI. For […]
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. A business must file a final income tax return and some […]
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How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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. Note: […]
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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 […]
Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts, and estates. It excludes C corporations or their shareholders. The QBI deduction can be […]
Has the ongoing pandemic put your business in a situation where you may have to close its doors? If your business closes its doors, we can assist you during this transition. A business must file a final income tax return and some other related forms for the year it closes its doors. The type of […]
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Is your business considering an M&A transaction and wondering how it will affect your taxes? Although merger and acquisition (M&A) activity has been down in 2022, companies are still being bought and sold. It’s important to understand how the transaction will be taxed under current law. Here are some tips. Stocks vs. Assets From a […]
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