Small Business Blog

2 min read

Ins & Outs of “Reasonable Compensation” for a Corporate Business Owner

TMA Accounting:

Owners of incorporated businesses know there’s a tax advantage to taking money from a C corporation as compensation rather than as dividends. The...

2 min read

PPP Adjusted to Prioritize Very Small Businesses

TMA Accounting:

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide...

2 min read

Launching a Small Business? Here are Some Tax Considerations

TMA Accounting:

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these...

1 min read

PPP Application Deadline Extended in New Law

TMA Accounting:

On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May...

2 min read

EIDL Loans, Offering Relief to Struggling Small Businesses

TMA Accounting:

4 min read

The Evolution of the Employee Retention Credit

TMA Accounting:

The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress...

2 min read

IRS Extends the Tax Paying and Filing Deadline for Individuals

TMA Accounting:

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until...

3 min read

The American Rescue Plan Act has Passed: What’s in it for You?

TMA Accounting:

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 Pandemic that has haunted the country for...

1 min read

Work Opportunity Tax Credit Extended Through 2025

TMA Accounting:

Are you a business owner thinking about hiring? Be aware that a recent law extended credit for hiring individuals from one or more targeted groups....

3 min read

Tips for Starting a New Business Today

TMA Accounting:

When one door closes, another opens. The COVID-19 pandemic has forced many small businesses to permanently shutter. But it has also provided new...

2 min read

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

TMA Accounting:

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by...

2 min read

View Your Financial Statements Through the Right Lens

TMA Accounting:

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand them. You’re likely also aware of...

1 min read

20 Tips from 20 Years!

TMA Accounting:

TMA has worked with hundreds of small businesses and our team has nearly 200 years of combined professional experience.

1 min read

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

TMA Accounting:

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this...

2 min read

Why Do Partners Often Report More Income on Tax Returns than in Cash?

TMA Accounting:

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership...

2 min read

10 Low-Cost/No-Cost Ways to Add Fun to the Workplace

TMA Accounting:

Looking for low or no-cost ways to bring a little fun into the workplace and tell your employees that you value them? Here are 10 ideas that might...

4 min read

5 Mid-Year Tax Planning Ideas for Small Business Owners

TMA Accounting:

The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it...

2 min read

6 Key IT Questions to Ask in the New Normal

TMA Accounting:

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some...

2 min read

Haven’t Filed Your 2019 Business Tax Return? Chip Away at Your Bill

TMA Accounting:

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that...

2 min read

Payroll Protection Program Flexibility Act

TMA Accounting:

Visitors, please read: The Payroll Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020. In general terms, the Act allows...

2 min read

SBA Reopens EIDL Program to Small Businesses and Nonprofits

TMA Accounting:

Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance...

2 min read

PPP Flexibility Act Eases Rules for Borrowers Coping with COVID-19

TMA Accounting:

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling...

3 min read

Is it Time to Reopen Your Business? 10 Questions to Ask Yourself

TMA Accounting:

Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen....

2 min read

How to Succeed at Virtual Team Building

TMA Accounting:

Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to...

1 min read

COVID‐19 Safety Action Plan

TMA Accounting:

Visitors, please read: We have adopted a COVID‐19 Safety Action Plan consistent with the State of Indiana’s “Suggested Guidelines for Professional...

2 min read

Tax Developments for Employers Impacted by COVID-19

TMA Accounting:

As you may know, the President recently signed the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief and Economic Security...

2 min read

What are the Key Distinctions Between Layoffs and Furloughs?

TMA Accounting:

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to...

4 min read

Tax Provisions of CARES Act for Businesses – April 1, 2020 Update

TMA Accounting:

Employee retention credit for employers Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the...

3 min read

Tax Provisions of CARES Act for Individual Taxpayers – April 1, 2020 Update

TMA Accounting:

Recovery rebates for individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200...

2 min read

Using Your Financial Statements During an Economic Crisis

TMA Accounting:

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions....

5 min read

Federal Government Tax-related Actions Taken to-date Regarding COVID-19

TMA Accounting:

Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important...