The Thomas Howell Ferguson Blog

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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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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Simple Retirement Savings Options for Your Business

Are you thinking about setting up a retirement plan for yourself and your employees? Are you worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? In short, there are two options to consider: “simplified employee pension” (SEP) “savings incentive match plan for employees” (SIMPLE) SEPs are intended as an […]

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THF Congratulates Ying Wang on Being Named One of the Tallahassee Democrat’s “25 Women You Need to Know”

THF congratulates Ying Wang on being selected as one of the 2021 “25 Women You Need to Know,” by the Tallahassee Democrat. Each year, the Tallahassee Democrat seeks to recognize the 25 women in the city of Tallahassee and the surrounding area. The outstanding women on the list have achieved great success in their businesses […]

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FAQs by Not-For-Profit Organizations

We sat down with one of our not-for-profit leaders, Allison Harrell, to review some frequently asked questions by not-for-profit organizations. Planning FAQs Question:  What tips or direction can you give organizations on how to better prepare for the future? We are concerned about losing a leader for the short or long term due to COVID.Allison:  […]

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Audit vs. Review vs. Internal Controls Assessment

Does your organization need an audit, review, or internal controls assessment? Because every organization is different, there are different types of assurance services that your company can undergo based on your needs. There are many things that will help determine which services are the right fit for your organization. Your organization’s primary purpose, mission, funding, […]

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What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]

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