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The Thomas Howell Ferguson Blog

Julian Dozier Becomes 95th Chair of the Florida Institute of Certified Public Accountants

ORLANDO, Fla. – The Florida Institute of Certified Public Accountants (FICPA) is proud to announce that Julian Dozier, CPA, ABV, CFF, CFE, began his tenure as the Chair of the FICPA on July 1, 2022. “The FICPA has positively impacted every stage of my career, and I appreciate my fellow volunteers for entrusting me with […]

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Is Your Corporation Eligible For The Dividends-Received Deduction?

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” has a design to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically receive taxation at a lower rate on dividends than on capital gains. Ordinarily, […]

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Help When Needed: Apply The Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. You can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or […]

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How Inflation Could Affect Your Financial Statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, transportation, medical services, and other goods that people buy for day-to-day living. […]

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Florida Businesses: New Requirement to Submit New Hire Information for Independent Contractors

A new requirement to submit new hire information for independent contractors has been passed in the State of Florida. Now, businesses must submit new hire information for their independent contractors to the Florida Department of Revenue. This is a significant change for businesses as previously reporting of independent contractors by a business was optional. Background […]

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Businesses with Employees Who Receive Tips may be Eligible for a Tax Credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicaid (FICA) taxes that you pay on your employees’ tip income. Basics of the Credit The FICA credit applies with respect to tips that your employees […]

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THF Named One Of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine

THF has been named one of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine for the third year in a row! For the third year, Forbes partnered with the market research company Statista to create the award list through an independent survey of tax and accounting professionals who provided thousands of recommendations. Respondents […]

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THF Congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on Their Promotion to Senior in the Assurance Services Department

THF congratulates Matthew Warren, Ryan Cummings, Christie Giovannone, and Megan Chen on their promotion to Senior in the Assurance Services Department. Matthew Warren joined THF in September 2018 and has over three years of experience in public accounting providing assurance services. He received his Bachelor of Arts degree in Accounting from Flagler College. Matthew operates […]

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Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties

With Thanksgiving just around the corner, the holiday season will soon be here. This time of year, your business may want to show its gratitude to employees and customers. Giving them gifts or hosting holiday parties after a year of forgoing them due to the pandemic can show them this gratitude. It’s a good time […]

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Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study

Has your business experienced depreciation? Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Under current law, the […]

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THF Congratulates Lorelle Chapman and Alexander Frey on their Promotion to Manager

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 […]

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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 […]

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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 […]

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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 […]

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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 trillion […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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