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 […]
Subscribe to our newsletter
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 […]
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. […]
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 […]
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 […]
April 15th Tax Deadline – Updated Information re: COVID-19!
To our clients and friends, Tax guidance continues to change as the Treasury Department and IRS work to do their part in providing taxpayers relief in response to the COVID-19 pandemic. Last Friday, we sent an update regarding income tax payment relief provided by the IRS via IRS Notice 2020-17. Following that communication, the IRS […]
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. […]
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 […]
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. […]
THF Named One Of “America’s Top Recommended Tax and Accounting Firms” by Forbes Magazine
Thomas Howell Ferguson (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 […]
No More Parking Taxes for Not-For-Profits!
The Tax Cuts and Jobs Act enacted in 2017 imposed a parking tax under I.R.C. Section 512(a)(7). This parking tax has been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act signed into law on December 20, 2019. This Act retroactively repeals for tax-exempt organizations the unrelated business income tax on disallowed fringe […]
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 […]
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 […]
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 […]
New Standards for Not-For-Profits Affect Several Major Areas
The Financial Accounting Standards Board (FASB) developed several new accounting standards in recent years. Regarding nonprofits, there are many areas that these new standards will affect moving forward. One new standard already being adopted by many nonprofit organizations is the new nonprofit financial statement format, ASU 2016-14. This standard affects many areas including liquidity disclosures, […]
THF Promotes Dennis Gallant to Director and Bainbridge Market Leader and Matthew Walker to Senior Manager
THF congratulates Dennis Gallant on his promotion to Director and Bainbridge Market Leader in the Tax Services Department and Matthew Walker on his promotion to Senior Manager in the Assurance Services Department. Dennis joined THF in 2015. He has been providing tax compliance and consulting services for more than 24 years. He received his bachelor’s […]
THF Named One of the 2019 Best of the Best Accounting Firms
THF has been named one of the 2019 Best of the Best Accounting Firms by INSIDE Public Accounting (IPA). Continuing the tradition of more than 25 years, IPA has released the 2019 list of the Best of the Best public accounting firms in the nation. This group, the highest performers within the profession, are ranked on […]
THF Welcomes Renn Vickers to the Assurance Services Department
THF welcomes Renn Vickers to the Assurance Services Department! Renn, a Tallahassee native, attended Florida State University and earned her bachelor’s degree and master’s degree in accounting. Since 1988, Renn has been providing accounting and assurance services to a variety of industries including governmental, not-for-profit, and insurance. Renn is a licensed Certified Public Accountant (CPA) […]
Deductions Eliminated by the Tax Cuts and Jobs Act
Although the 2018 Tax Cuts and Jobs Act provided some new tax breaks, it also erased many deductions that you may have routinely claimed. The following eliminated deductions are scheduled to remain through 2025, pending congressional action. Home Equity Loan Interest. According to the new tax law, the deduction for home equity interest from 2018 […]
THF Congratulates Kayla Twogood on Joining the Lee’s Place Board of Directors
THF congratulates Kayla Twogood on joining the Lee’s Place Board of Directors. Lee’s Place was founded in 2000 after the president Brenda Rabalais lost her son, Lee, to cancer. This organization sets out to provide grief, loss, and trauma counseling to individuals and families that may not otherwise be able to afford it. The Lee’s […]
