The Thomas Howell Ferguson Blog

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Paycheck Protection Program (PPP) – Impact on Business

In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have. What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll.  This will be […]

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SBA Economic Injury Disaster Loan (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for the SBA Economic Injury Disaster Loan (EIDL) advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available […]

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CARES Act – Impact on Individuals

Recovery Rebates All US resident individuals with an adjusted gross income of up to $75,000 ($150,000 married), and a work-eligible Social Security Number (SSN), are eligible for the full $1,200 rebate ($2,400 for those who are married and file jointly).  Additionally, individuals are eligible for an extra $500 per qualifying child, given that the qualifying […]

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CARES Act – Impact on Not-For-Profit Organizations

The CARES Act contains several provisions that are applicable to not-for-profit organizations.  The process for obtaining available relief will largely depend on your tax classification under Section 501(a) of the Internal Revenue Code (the Code). For 501(c)(3) and 501(c)(19) organizations with 500 or fewer employees, including full-time and part-time employees, that have been in existence […]

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CARES Act – Small Business Relief

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep their workers employed during the COVID-19 pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their […]

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Families First Coronavirus Relief Act Update!

Congress has passed, and President Trump signed into law on March 18, 2020, the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for three sections that likely will be of particular interest for employers (both for-profit and not-for-profit organizations alike): (1) Emergency Family and Medical Leave Act Expansion, (2) Emergency Paid Sick Leave, and […]

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CARES Act – Stimulus Calculator

This calculator helps a taxpayer calculate the amount of stimulus rebate expected to be received per the provisions contained in the Coronavirus Aid Relief and Economic Security (CARES) Act.  For ideas on how this will affect you, click here to access the CARES Act Stimulus Calculator.           […]

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COVID-19 – Grant and Loan Programs with Links

There are multiple options being offered right now to help for-profit and not-for-profit organizations during this difficult time.  How do you know what is best for you?  Please feel free to reach out to our team with questions.  In the meantime, below are some options for you to consider:   Tallahassee-Leon County Office of Economic […]

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IRS Will Now Accept Email and Digital Signatures

Effective immediately, the IRS will begin to temporarily accept images of signatures (scanned or photographed) and digital signatures on documents related to the determination of collection of tax liability.  This has been put in place to help taxpayers and the tax professional community during the COVID-19 pandemic. Additionally, IRS employees are now being allowed to […]

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Tax-Exempt Organizations Return & Payment Due Dates with Notice 2020-18

The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic; however, this notice has little impact on tax-exempt organizations. Notice 2020-18 applies exclusively to income tax returns and payments due on April 15, 2020, postponing the due date for those to July 15, 2020. Forms 990, […]

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Standard and Itemized Deductions: Which One Is for You?

When filing your taxes, you may struggle to determine whether you should choose to use the standard deduction or itemize your deduction.  Finding the solution to this is very important as deductions reduce the amount of taxable income when filing your federal income tax return.  Basically, deductions can reduce the amount of taxes you owe. […]

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What Is The “Right” Number of Board of Directors?

While setting a standard for board-member size may not be at the top of your priority list, this decision is critical for the competence and health of your entire not-for-profit organization. In order to create more flexibility, bylaws specifying an ideal range for board size may be better for your organization as opposed to establishing […]

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THF Congratulates Mike Yuhas and Lindsey Gregory for Receiving Their CPA License

THF congratulates Mike Yuhas and Lindsey Gregory for receiving their Certified Public Accountant (CPA) license. Mike Yuhas received his bachelor’s degree in International Business from Westminster College and his Master of Accounting in Taxation from Florida State University. He is in our Tallahassee office and works as a staff accountant in the tax services department. […]

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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. 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 were recruited via an online survey, as well as, through a […]

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THF Congratulates Matt Walker on Joining the United Way Suncoast Young Leader’s Society Steering Committee

THF congratulates Matt Walker on joining the United Way Suncoast Young Leader’s Society Steering Committee. The United Way Suncoast (UWS) Young Leaders’ Society (YLS) Steering Committee members provide leadership to build YLS into the most recognized, esteemed, and influential group in the region through its volunteerism, leadership development, and advocacy of the three pillars of the […]

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THF Promotes Lorelle Chapman and Madeline Ruttenbur to Senior

THF congratulates Lorelle Chapman and Madeline Ruttenbur on their promotions to Senior in the Assurance Services Department. Lorelle began working at THF in January 2017.  She has been working in accounting for more than four years providing assurance services.  Lorelle received her bachelor’s degree in accounting from Florida State University. Madeline began working at THF […]

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THF Promotes Nick Gilpin and Jorge Rivera to Manager

THF congratulates Nick Gilpin and Jorge Rivera on their promotions to Manager in the Tax Services Department. Nick Gilpin joined THF in 2014 and has over five years of experience providing tax compliance and consulting services.  Having a broad foundation in various fields, Nick’s primary focus and professional development has been concentrated on THF’s large […]

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