Small Business Blog

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EIDL Loans, Offering Relief to Struggling Small Businesses

TMA Accounting:

4 min read

The Evolution of the Employee Retention Credit

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

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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...

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

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

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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....

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Tips for Starting a New Business Today

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

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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...

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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...

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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.

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

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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...

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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...

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

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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...

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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...

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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...

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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...

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Payroll Protection Program Flexibility Act

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

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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...

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

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

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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...

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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...

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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...

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What are the Key Distinctions Between Layoffs and Furloughs?

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

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

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

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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...

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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...

Assistance with Applying for SBA Disaster Loans

TMA Accounting:

In response to the coronavirus crisis, TMA is helping small business owners apply for SBA Disaster Loans. We have developed a process to help clients...

Tips for Our Restaurant Clients During Covid-19 Outbreak

TMA Accounting:

As a restaurant owner, you and your people provide a critical service in our community. Especially now, we want to extend our help.

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Ten Action Items that Business Owners Need to Do Now – March 20, 2020

TMA Accounting:

We are urging business owners to develop an aggressive plan to manage through this crisis. Below are ten important items to be considered in that...

3 min read

New Law – Families First Coronavirus Response Act (FFCRA) – March 19, 2020

TMA Accounting:

Last night, the President signed The Families First Coronavirus Response Act (FFCRA) into law. While the accounting profession is still learning the...