Small Business Blog

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...

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.

2 min read

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...

2 min read

Government’s Response to COVID-19 – March 18, 2020

TMA Accounting:

We continue to monitor news regarding the government’s response to the COVID-19 outbreak and want to keep you updated on what we know now.

1 min read

Temporary Process Changes – Coronavirus (COVID-19)

TMA Accounting:

Our thoughts are with those who have been directly affected by the coronavirus (COVID-19) outbreak. Our top priority is the safety of our employees,...

5 min read

The Wayfair Burden on Small Businesses

TMA Accounting:

The Supreme Court’s 2018 ruling in South Dakota v. Wayfair has had momentous ramifications across the board as states, tax practitioners and...

5 min read

7 Valuable Tax Credits for Small Businesses

TMA Accounting:

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But...

1 min read

Numerous Tax Limits Affecting Businesses Have Increased for 2020

TMA Accounting:

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be...

2 min read

Do you Want to Go into Business for Yourself?

TMA Accounting:

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that...

2 min read

Look Closely at Your Company’s Concentration Risks

TMA Accounting:

The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to...

1 min read

Numerous Tax Limits Affecting Businesses have Increased for 2020

TMA Accounting:

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be...

2 min read

Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020

TMA Accounting:

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

2 min read

Small Businesses: It May Not be Too Late to Cut Your 2019 Taxes

TMA Accounting:

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few...

2 min read

For Best Results, Start Your Strategic Planning Early

TMA Accounting:

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve,...

1 min read

Cyber Security and Your Small Business – Company Size Doesn’t Matter

TMA Accounting:

Think hackers are only trying to target large corporations for their cyber-attacks. Think again! If you are an employee of a small to medium-sized...

2 min read

The Chances of an IRS Audit are Low, but You Should be Prepared

TMA Accounting:

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018,...

2 min read

Putting Together the Succession Planning & Retirement Planning Puzzle

TMA Accounting:

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while...

2 min read

The Tax Implications of a Company Car

TMA Accounting:

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for...

IRS Detects New Phishing Scam

TMA Accounting:

The IRS announced it has detected a new phishing scam involving unsolicited emails from IRS imposters. Subject lines on the phony emails include...

2 min read

Should you Elect S Corporation Status?

TMA Accounting:

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the...

3 min read

Another Massive Data Breach: How to Help Protect Yourself

TMA Accounting:

The news of another massive online data breach may make you feel powerless to safeguard your financial privacy. But you can take some concrete steps...

3 min read

Changing Jobs? What Will Become of Your 401(k) Balance?

TMA Accounting:

1 min read

Employers: Be Aware (or Beware) of a Harsh Payroll Tax Penalty

TMA Accounting:

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh...

2 min read

Odd Word, Cool Concept: Gamification for Businesses

TMA Accounting:

“Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general sense,...

2 min read

What Type of Expenses Can’t be Written Off by Your Business?

TMA Accounting:

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t...

2 min read

Which Entity is Most Suitable for Your New or Existing Business?

TMA Accounting:

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax...

2 min read

Devote Some Time to Internal Leadership Development

TMA Accounting:

Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and...