COVID-19 Crisis

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

Employee retention credit for employers Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis. The credit is available to employers carrying on business during […]

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

Recovery rebates for individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules […]

Using Your Financial Statements During an Economic Crisis

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet […]

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

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 matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain […]

Assistance with Applying for SBA Disaster Loans

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 complete an application quickly and easily. If you would like our help with this, please contact our office.

Tips for Our Restaurant Clients During Covid-19 Outbreak

As a restaurant owner, you and your people provide a critical service in our community. Especially now, we want to extend our help. We have attached a pdf document with general guidance for restaurant owners during the COVID-19 outbreak. We hope it contains some ideas for how to manage through this difficult time. We would […]

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 […]