A critical decision a business owner may contemplate is whether to rent or own the property for their business. There are many factors to consider in deciding whether to purchase or lease a property, including one that many business owners may not be aware of. One of the biggest advantages to owning a property over… [keep reading…]
Impacts of ASC 606 for Manufacturing Companies
As private companies are now a few years into the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, it is important to note the impact this has had on the manufacturing industry and understand the changes to revenue recognition so owners may better operate their businesses. By definition, a manufacturer should… [keep reading…]
New York State Makes Important Updates to Pass-Through Entity Tax
Extends election due date to September 15, 2022 and creates new opportunity for certain S corporations On May 6th, 2022 Governor Hochul signed a bill extending the due date to elect into New York State’s pass-through entity tax (PTET) regime until September 15, 2022 for the 2022 tax year. While this extension provides welcome relief… [keep reading…]
TBC Announces New Shareholders
Mumford, Mullen, and Vena Named Shareholders Albany, N Y: Stephanie L. Mumford, CPA, Geoffrey Mullen, CPA, and Mark Vena, CPA have recently been named Shareholders for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC). The promotion for Mumford, Mullen, and Vena took place on April 1st. Mumford joined in 1999, while Mullen joined in 2020, and… [keep reading…]
Choosing the Right Retirement Plan for Your Business
A retirement plan is a great way for business owners and self-employed individuals to build wealth for retirement. Most plans are easy to set up and operate and offer significant tax advantages. Plus, you generally can contribute more to a business retirement plan than you can to a personal IRA. Here are a few types… [keep reading…]
U.S. Companies with Foreign Sales May Benefit from Tax Credit
Included in the many provisions of 2017’s Tax Cuts and Jobs Act (“TCJA”) was the creation of the Foreign Derived Intangible Income (“FDII”) Deduction for tax years beginning after December 31, 2017. While the naming of the deduction may lead taxpayers to question their eligibility, many U.S. companies with foreign sales may find that they… [keep reading…]
What’s Important When it Comes to Documenting Board Minutes
Board members are fiduciaries of an organization and board minutes are considered legal documents that can also serve as a record for future reference. Minutes can provide evidence that a board has exercised care in decision making as well as serve as proof that the board operates in accordance with their own stated requirements (likely… [keep reading…]
NEW NYS Tax Credit for Homeowners. Do You Qualify?
New York State has a NEW property tax credit for homeowners who make less than $250,000. To Qualify: You must be a NYS resident for the full year. In addition, the home must be your primary residence and you must have lived in the home at least 183 days during the year. The credit… [keep reading…]
Thinking about your 2021 personal tax return and items needed to file?
These are a few items to consider when gathering your personal income tax data for the upcoming tax year: Economic Impact Payment The IRS issued a third round of stimulus checks starting March 12, 2021. Be sure to let your tax preparer know how much you received. Payments were $1,400 for each individual plus an… [keep reading…]
Real Estate and the Current Local Economy
Real estate in the Capital Region is booming, rental prices are increasing and homes are selling at record highs. The local market inventory levels are still low which is resulting in local homes and apartments seeing an increase in value. Depending on your living situation it may be a great opportunity to take advantage of… [keep reading…]