Did your business make repairs to tangible property such as buildings, equipment, or vehicles in 2025? If so, those costs may be fully deductible on your 2025 income tax return, provided they qualify as repairs rather than improvements that must be capitalized and depreciated over time. Understanding the difference between repairs and improvements and leveraging […]
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If you own a business or are self-employed and haven’t yet established a tax-advantaged retirement plan, there’s still time to act for 2025. By setting up a Simplified Employee Pension (SEP) before filing your 2025 tax return, you can make deductible contributions that reduce your current-year tax liability. SEPs are especially attractive because they: If […]
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What Employers Need to Know About 2026 Tax Reporting Changes If your business pays employees or independent contractors, new IRS reporting rules are coming in 2026 that could impact your payroll systems, W-2 filing processes, and 1099 reporting thresholds. Thanks to the One Big Beautiful Bill Act (OBBBA) passed in 2025, employers will need to […]
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Tax Filing & Deduction Updates for Pass-Through Entities in 2026 Do you operate your business as a partnership, an LLC treated as a partnership, or an S corporation? These are known as pass-through entities because they pass income, deductions, and credits directly to their owners. While they don’t pay federal income tax at the entity […]
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What Business Expenses Are Tax Deductible in 2025? As tax season approaches, business owners are asking:“What expenses can I actually deduct on my 2025 tax return?” The answer isn’t always as simple as it seems. While many costs feel “business-related,” the IRS applies a more specific standard: expenses must be both ordinary and necessary. At […]
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Developing Leaders from Within: The Role of Senior Consultants at THF At Thomas Howell Ferguson (THF), Senior Consultants represent one of the core leadership tiers within our Government Consulting Services (GCS) department. Each Senior Consultant leads a team of five to six professionals, providing strategic direction, mentorship, and day-to-day guidance that supports both individual development […]
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2026 Business Tax Limits and Updates: What You Need to Know A new year brings new numbers and for business owners, those numbers can directly affect your tax strategy, deductions, and compliance. Whether you’re planning capital investments or managing employee benefits, staying up to date on the 2026 tax limits for businesses is critical. The […]
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Poor Records, Lost Deductions: What the Tax Court Wants Business Owners to Know Running a business is about more than selling products or delivering services, it’s about protecting what you earn. One of the most common ways businesses lose money is by failing to maintain proper financial records. A recent U.S. Tax Court case highlights […]
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If you haven’t finalized your year-end tax planning for your business, there’s still time to reduce your 2025 tax liability. While proactive, year-round planning is ideal, there are several smart strategies you can use in the final weeks of the year to capture business tax deductions. At THF, we help businesses of all sizes close […]
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When your closely held corporation needs financing, personally guaranteeing the loan can feel like an easy solution. But before signing on the dotted line, it’s important to understand the potential tax consequences. Acting as a guarantor means that if the corporation cannot repay the debt, you become legally responsible, and depending on the circumstances, that […]
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Tallahassee, FL — THF proudly announces the retirement of Winston Howell, CPA, CGMA, one of the Firm’s founding partners and shareholders emeritus, who retired earlier this fall. “We make a living by what we get, but we make a life by what we give,” said Winston, quoting Winston Churchill, a philosophy he has embodied throughout […]
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[Tallahassee, Fla.] – THF (Thomas Howell Ferguson P.A. CPAs), a leading Florida-based professional accounting and advisory services firm, is pleased to announce the acquisition of Hamic Previte & Sturwold, PA (HPS), a respected CPA firm with offices in Lakeland and Dade City. With over 150 team members, THF provides clients with a full range of […]
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TALLAHASSEE, FL (October 9, 2025) – THF (formally known as Thomas Howell Ferguson P.A. CPAs), a nationally recognized CPA and professional services firm, proudly announces the promotion of Skylar Bunch as Billing Specialist within its Internal Client Services (Administration). In her new role, Skylar will continue to play a critical part in ensuring that our […]
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TALLAHASSEE, FL (October 7, 2025) – THF (formally known as Thomas Howell Ferguson P.A. CPAs), a nationally recognized CPA and professional services firm, proudly announces the promotion of several professionals in its Government Consulting Services (GCS) department, reinforcing its commitment to innovative solutions and impactful results for government consulting services. The promoted team members include: […]
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Self-Employed? Here’s How to Reduce Your 2025 Self-Employment Tax If you’re self-employed and earning a strong income, you’ve likely asked: “Is there a way to reduce self-employment tax?” The good news? Yes—under the right conditions, converting to an S corporation (S corp) could lower your tax burden significantly. At THF (Thomas Howell Ferguson CPAs), we […]
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Quiet Victories, Lasting Impact: The Heart of Government Consulting Services. Not all victories are loud. Some happen quietly, in boardrooms, at community events, and through the steady dedication of people who want to make an impact. At THF Government Consulting Services (GCS), we’re often recognized for our hurricane recovery efforts. These moments are urgent, visible, […]
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Business Owner Divorce? Avoid Tax Surprises with the Right Strategy A divorce is difficult enough—but for business owners, the stakes are even higher. Your company may be your largest asset, and dividing it incorrectly can lead to serious tax consequences. If you’re facing a business owner divorce, now is the time to protect your finances […]
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Beyond the Balance Sheet: Navigating Government Challenges with Confidence When most people think of a CPA firm, they picture accountants preparing financial statements, conducting audits, or filing tax returns. At Thomas Howell Ferguson (THF), those services are essential, but our Government Consulting Services (GCS) Department operates in a completely different manner. We don’t just look […]
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Whether you’re planning to relocate, expand, or repurpose a historic building for business use, the rehabilitation tax credit offers a powerful financial incentive. With up to 20% back on qualified expenditures, this federal business tax credit can help offset the cost of improvements that meet specific historic preservation criteria.At THF (Thomas Howell Ferguson CPAs), our […]
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According to the U.S. Census Bureau, nearly 447,000 new business applications were filed in May 2025 alone. If you’re one of the many entrepreneurs starting a new business, understanding how your startup costs are treated for tax purposes can make a big difference in your bottom line. At THF (Thomas Howell Ferguson CPAs), we guide […]
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Understanding 2 CFR 200 Uniform Guidance: What Disaster Procurement Really Requires When disaster strikes, whether it’s a hurricane, flood, or wildfire, public agencies often rely on federal funding to support response and recovery efforts. These funds come with strict rules, especially regarding procurement. For many local governments and agencies, navigating the layers of federal, state, […]
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In July, Congress passed a massive reconciliation bill unofficially dubbed the “One Big Beautiful Bill Act.” While the official name was removed to comply with Senate rules, this legislation is poised to reshape the U.S. tax code, permanently extending key provisions of the Tax Cuts and Jobs Act (TCJA), introducing new tax breaks, and rolling […]
Deployment Uncovered: What Disaster Response Really Looks Like, and Why Every Hand Matters We often hear the word deployed when our state braces for a hurricane making landfall. But have you ever wondered what deployment truly means and what it involves? Most people picture the National Guard and first responders rushing to help affected areas […]
If your business claims deductions for expenses like meals, vehicle use, or a home office, be prepared for close scrutiny from the IRS. These types of deductions are among the most commonly audited, and even honest taxpayers can find themselves in hot water if documentation is lacking. A recent U.S. Tax Court case (T.C. Memo. […]
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A sweeping piece of legislation—The One, Big, Beautiful Bill—is making its way through Congress and could reshape how businesses manage their taxes. From bonus depreciation to the qualified business income (QBI) deduction, these proposals aim to boost cash flow, reduce compliance burdens, and stimulate investment. While not yet law, understanding what’s on the table is […]
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Thomas Howell Ferguson P.A. CPAs (THF), a leading Florida-based public accounting and advisory firm, proudly announces that Jeff Barbacci, CPA, Managing Partner and CEO, has been named to Forbes’ 2025 Best-In-State CPAs list. This national recognition highlights top-performing certified public accountants (CPAs) who are making a significant impact in the accounting industry and their local […]
Hurricane Naming Convention Each year, we hear the names of tropical storms and hurricanes announced across various news outlets and platforms. Some of these names are quickly forgotten as the systems dissipate. Others, however, leave a lasting impression as communities grapple with the destruction left in their wake. While most of us are familiar with […]
Net Operating Loss Deduction: How Florida Businesses Can Transform Losses into Future Tax Relief Losses happen—even to healthy companies when hurricanes hit, supply chains stall, or demand dips. When your deductions outpace your income, the net operating loss deduction (NOL) lets you carry those losses forward and slash future tax bills. For cash-sensitive firms in […]
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Independent Contractor vs. Employee: A Florida Business Owner’s Guide to Getting Classification Right Florida businesses often rely on independent contractors to keep labor costs flexible—especially during staffing shortages and periods of high inflation. But a single misclassification can invite IRS audits, back-tax assessments, penalties, and even lawsuits. Use this guide to spot the line between […]
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ARTICLE | June 2, 2025 Authored by RSM US LLP Executive summary Provisions titled “No tax on tips” and “No tax on overtime” are part of the One Big Beautiful Bill Act, which the U.S. House of Representatives passed on May 22. The proposals create new individual income tax deductions for qualified tips and overtime […]
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Educational Assistance Plans: A Smart Investment for Your Workforce and Your Bottom Line Looking for a way to support your team’s professional development and enjoy tax savings? A Section 127 educational assistance plan might be the perfect fit.These employer-sponsored programs allow businesses to offer up to $5,250 per year in tax-free educational benefits to eligible […]
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MAKE IT HAPPEN: PREPARE AND EMBRACE THE STORM Make Preparedness Happen in 2025 As hurricane season approaches, the Thomas Howell Ferguson P.A. CPAs (THF) Government Consulting Services Team is focused on one thing: making preparedness happen—and we encourage you to do the same. Taking action now isn’t just important; it’s essential. The choices you make […]
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How to Evaluate and Undertake a Business Transformation Today’s business world moves fast. Technology changes, customer expectations evolve, and competition grows. To stay ahead, many companies are rethinking how they work. One way to do that is through a business transformation. A business transformation is a major change in how a company operates. It’s not […]
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Is Your Compensation Reasonable? A Guide for C Corp and S Corp Business Owners Setting your own salary as a business owner may seem straightforward—but if you’re operating as a C corporation or S corporation, the IRS is paying attention. Failing to pay yourself a “reasonable” salary could trigger tax reclassification, penalties, and unwanted audits. […]
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A successful sales team is essential for most small to midsize businesses. Without skilled and motivated salespeople, keeping revenue flowing can be tough. One of the best ways to attract and keep top sales talent is to offer a fair and motivating compensation plan. But finding the right sales compensation model can be tricky. There […]
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At Thomas Howell Ferguson, we are committed to making an impact at every level of government. Our recent success in a FEMA appeal for Central Florida Electric Cooperative (CFEC) is a prime example of how our expertise helps clients navigate complex regulatory challenges and secure the funding they deserve. This victory not only benefits CFEC […]
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Thomas Howell Ferguson P.A. CPAs (THF), a Top 200-ranked accounting firm by Inside Public Accounting, is proud to announce the promotion of Devin Masson to Manager within Assurance Services. Since joining THF in 2021, Devin has provided assurance and consulting services to clients within insurance, not-for-profit, governmental, and for-profit organizations. Her experience includes conducting financial […]
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Businesses in certain industries employ service workers who receive tips as a significant part of their compensation. These businesses include restaurants, hotels, and salons. Ensuring compliance with federal and state tax regulations is essential for any employer with tipped employees. Understanding tax deductions, the Section 179 deduction, and other tax benefits can help reduce taxable […]
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A variety of tax-related limits that affect businesses are indexed annually based on inflation. For 2025, many limits have increased, though the rate of increase has slowed due to cooling inflation. Understanding these changes can help businesses optimize tax strategies, reduce taxable income, and stay compliant with internal revenue regulations. Here’s a breakdown of the […]
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The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024. Many small businesses are now required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national […]
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