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 Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers […]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 […]
THF Congratulates Christie Battles on joining the Board of Directors and Finance Committee of the Second Harvest of the Big Bend
THF congratulates Christie Battles on joining the Board of Directors and the Finance Committee of the Second Harvest of the Big Bend.Second Harvest of the Big Bend’s mission is to feed the hungry in the Big Bend through the network of partner agencies. Furthermore, they strive to educate and engage the community in the fight […]
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Stay up to date with the 2021 Q3 tax calendar! Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Certainly contact us to ensure you’re meeting all […]
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses
Do you know the DOs and DON’Ts of recordkeeping? If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. 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 […]
Are You Hiring Your Children this Summer? Reap Tax and Nontax Benefits
Are you a business owner looking to hire your children this summer? Did you know you can obtain tax breaks and other nontax benefits? The children can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free […]
2022 Health Savings Accounts Amounts Announced
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts. Fundamentals of HSAs What is a Health Savings Account (HSA)? It is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” It can only be established for the benefit of an […]
THF Congratulates Taylor Harmon on His Acceptance into Leadership Tallahassee Class 39
THF congratulates Taylor Harmon on his acceptance into Leadership Tallahassee Class 39. Leadership Tallahassee, a division of the Greater Tallahassee Chamber of Commerce, is a year-long program that educates and encourages participants to actively seek positive and constructive changes in the community through leadership roles. The selection process is competitive, and qualified applicants must have […]
An S Corporation Could Cut Your Self-Employment Tax
Is your business organized as a sole proprietorship or as a wholly-owned limited liability company (LLC)? Then you are subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is imposed on 92.35% […]
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an […]
Q&A from the May 12th FREDA ARPA Webinar
As the Treasury recently announced their launch of the Coronavirus State and Local Fiscal Recovery Funds, we know that there’s going to be questions on how to prepare for them, how they can be used, and much more. FREDA previously hosted a Planning for the American Rescue Plan Act Funds: Lessons Learned from the CARES […]
Providing Education Assistance to Employees? Follow these Rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]
Claiming the Business Energy Credit for Using Alternative Energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax […]
THF Congratulates Chandler Russell on joining the InfraGard North Florida Members Alliance Board of Directors
THF congratulates Chandler Russell on joining the InfraGard North Florida Members Alliance (InfraGard) Board of Directors. The mission of InfraGard North Florida is in alignment with the InfraGard National program. In short, their core goal is to continue partnerships between private industry, the public sector, the Federal Bureau of Investigation (FBI), and other government agencies […]
Michael Rosciam
Since 1995, Michael has been providing assurance and accounting services. A graduate of San Diego State University with a Bachelor of Science in Accounting, he has experience in insurance and governmental industries. Mike has been the Accounting Technology Manager for nine years at THF. He possess both accounting and IT knowledge with a background that includes information […]
“Reasonable Compensation”: Know the Ins and Outs!
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason? A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the […]
Steve Stevens
Since 1989, Steve has provided assurance, consulting, and other accounting services, including five years with a Big Four firm in a Director capacity. Industries served include government, not-for-profit, for-profit, insurance, and health and human services. Responsibilities include managing and directing staff performing engagements for performance audits, operational reviews, cost plan, Medicaid audits, and various consulting […]
