THF congratulates Lorelle Chapman and Alexander Frey on their promotion to Manager in the Assurance Services Department. Lorelle Chapman joined THF in January 2017 and has over four years of experience in public accounting providing assurance and accounting services. She received her Bachelor of Science degree in accounting from Florida State University. Lorelle operates out […]
New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the transportation […]
THF Congratulates Micah Kunkel and Paola Arbulu on their Promotion to Senior Manager
THF congratulates Micah Kunkel and Paola Arbulu on their promotion to Senior Manager in the Tax Services Department. Micah Kunkel joined THF in 2009 and has over 12 years of experience providing tax compliance and consulting services. He received his Bachelor of Science degree in accounting and finance from Valdosta State University. Micah previously served […]
2021 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 2021 (Q4). To clarify, keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. In addition, contact us to ensure you’re meeting all applicable deadlines and to learn more […]
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 […]
THF Congratulates Anna Dean for Earning Her CPA License
THF congratulates Anna Dean for earning her Certified Public Accountant (CPA) license. Anna Dean received her Bachelor of Business Administration in Accounting and Master of Accountancy from Georgia College & State University. She operates out of the THF Bainbridge office and works as a staff accountant in the tax services department. Anna joined the firm […]
Merger and Acquisition Transactions: Be Careful When Reporting to the IRS
Are you currently involved with a merger and acquisition (M&A) transaction? Low interest rates and other factors have caused global merger and acquisition activity to reach new highs in 2021. Refinitiv, a provider of financial data reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 […]
Tax Breaks to Consider During National Small Business Week
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim Bonus Depreciation or a Section 179 Deduction for Asset Additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property […]
Claiming a Theft Loss Deduction if Your Business is the Victim of Embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic Rules for Theft Losses The tax code […]
Want to Find Out What IRS Auditors Know About Your Business Industry?
How does the IRS prepare for a business audit? Generally, an IRS examiner does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can […]
THF Congratulates Lorelle Chapman and Phillip Bealor for Passing Their CPA Exam
THF congratulates Lorelle Chapman and Phillip Bealor for passing their Certified Public Accountant (CPA) exam. Lorelle Chapman received her bachelor’s degree in accounting from Florida State University. She operates out of the THF Tallahassee office and works as a senior accountant in the assurance services department. Lorelle joined the firm in January 2017. Phillip Bealor […]
Getting a Divorce? Be Aware of Tax Implications if You Own a Business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. 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. Tax-Free Property Transfers You can generally divide most assets, including cash and business ownership interests, […]
THF Congratulates Megan Keplinger Townsend on Being Inducted into the United Way Suncoast Campaign Coordinator Hall of Fame
THF congratulates Megan Keplinger Townsend on being inducted into the United Way Suncoast Campaign Coordinator Hall of Fame. Megan served as the United Way Suncoast Campaign Coordinator for THF in 2020 and is serving again for 2021. Megan was nominated by the United Way Suncoast for going above and beyond to run a best practice […]
Is an LLC the Right Choice for Your Small Business?
Is a limited liability company (LLC) the right choice for your small business? Perhaps you operate your small business as a sole proprietorship and want to form an LLC to protect your assets. Or, maybe you are launching a new business and want to know your options for setting it up. An LLC is somewhat […]
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 […]
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 […]
Who in a Small Business Can Be Hit With the “Trust Fund Recovery Penalty?”
Do you own or manage a business with employees? There’s a harsh tax penalty that you could be at risk for paying personally. It’s called the “Trust Fund Recovery Penalty.” This penalty applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered […]
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 […]
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 […]
