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The Thomas Howell Ferguson Blog

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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Thomas Howell Ferguson P.A. CPAs (THF) Wins ClearlyRated’s 2024 Best of Accounting Award For Service Excellence

Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of […]

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Key 2024 inflation-adjusted tax parameters for small businesses and their owners

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets When discussing the inflation-adjusted tax amounts, let’s first begin with rates and brackets. If you run your business as a sole proprietorship or pass-through business […]

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What’s the best accounting method route for business tax purposes?

What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]

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Beneficial Ownership Interest (BOI) Reporting Requirements 

The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024. Many small businesses are now required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national […]

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Choosing a business entity: Which way to go?

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal […]

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2024 Q1 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 first quarter of 2024. 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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How IRS auditors learn about your business industry

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these guides are available to the public on the IRS website. In other words, your business […]

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What types of expenses can’t be written off by your business?

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general […]

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Divorcing business owners should pay attention to the tax consequences

Undergoing a divorce can be stressful. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free In general, you can divide most assets, including […]

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Spouse-run businesses face special tax issues

The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return, on Form 1065. In addition, you and your spouse must be issued separate Schedule K-1s, which allocate the partnership’s taxable income, deductions […]

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Retirement saving options for your small business: Keep it simple

Planning your retirement savings options for your small business is much more simpler than you think. There are a couple of options to consider if you’re thinking about setting up a retirement plan for yourself and your employees. Despite concerns about the financial commitment and administrative burdens involved. Let’s take a look at a “simplified […]

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4 Ways Corporate Business Owners Can Help Ensure their Compensation is “Reasonable”

If you’re an incorporated business owner, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is that a corporation can deduct the salaries and bonuses it pays executives, not dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once […]

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Use an S corporation to mitigate federal employment tax bills

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! In 2023, the SE tax will be imposed at a painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare […]

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2023 Q4 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 fourth quarter of 2023. 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 recognizes several team members with promotions and position changes.

Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”), recognizes several team members with promotions and position changes. Each year, Shareholders recognize team members who have demonstrated their ability to handle additional technical and review requirements associated with their positions. Please join us in recognizing the following individuals on their promotions and position changes within […]

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Advantages and disadvantages of claiming big first-year real estate depreciation deductions

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section […]

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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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Traveling for business this summer? Here’s what you can deduct

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: […]

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2023 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 2023. 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. July […]

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Understanding financial statements & fiscal responsibility at the board level

Fiscal Responsibility at the Board Level When serving as a Board member, it is crucial to comprehend financial statements and uphold fiscal responsibility. In this blog post, we will explore best practices for reviewing financial statements and discuss the duties and responsibilities of being a Board member, ultimately equipping you with the confidence to be […]

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Take advantage of the rehabilitation tax credit when altering or adding to business space

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also […]

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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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Choosing an entity for your business? How about an S corporation?

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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THF Assurance Services Manager Chandler Russell, CPA is appointed Chair of the Supervisory Committee of Envision Credit Union Board of Directors

Thomas Howell Ferguson P.A. CPAs (THF or “the Firm”), a professional accounting, assurance, governmental consulting, and tax services firm headquartered in Tallahassee, Florida, is excited to recognize Assurance Services Manager Chandler Russell, CPA, on her re-election to the Envision Credit Union Board of Directors and appointed as Chair of the Supervisory Committee. Chandler was recently […]

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Education assistance benefits help attract, retain, and motivate your employees

Did you know your business can attract or retain employees by offering education assistance benefits? One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits […]

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Thomas Howell Ferguson P.A. CPAs (THF) celebrates the 2022-2023 academic year with John G. Riley Elementary School and the Tallahassee Chamber Classroom Connection program

Thomas Howell Ferguson P.A. CPAs (THF) or “the Firm”, celebrated the end of a successful 2022-2023 academic school year with John G. Riley Elementary School and the Tallahassee Chamber of Commerce Classroom Connection program. THF continued its participation with the Tallahassee Chamber of Commerce Classroom Connection program in partnership with World Class Schools and Leon […]

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