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

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 plan. Stabilize sales volume and explore new sources of revenue for recovery. Focus on taking care of existing customers. Be creative and proactive to build relationships with new customers. Review […]

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

Last night, the President signed The Families First Coronavirus Response Act (FFCRA) into law. While the accounting profession is still learning the details and how this will impact businesses, we wanted to provide an update. The FFCRA provides a) paid leave benefits to employees; b) tax credits for employers and self-employed taxpayers; and c) FICA […]

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

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. The US House of Representatives has passed HR 6201 which, in general terms, includes provisions for Employer credits related to costs of paying employees for sick leave, family medical leave, and […]

Temporary Process Changes – Coronavirus (COVID-19)

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, families and clients and providing you with the services you need. As we continue to monitor developments surrounding the outbreak, we want to update you about our response and steps TMA […]

The Wayfair Burden on Small Businesses

The Supreme Court’s 2018 ruling in South Dakota v. Wayfair has had momentous ramifications across the board as states, tax practitioners and businesses adapt to the burdens it generated, and the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access recently held a hearing on the decision’s impact. The states lost […]

7 Valuable Tax Credits for Small Businesses

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year […]

Numerous Tax Limits Affecting Businesses Have Increased for 2020

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 important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]

Do you want to go into business for yourself?

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction […]

Look Closely at Your Company’s Concentration Risks

The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A common problem among […]

Numerous tax limits affecting businesses have increased for 2020

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 important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]