While the Tax Cuts and Jobs Act (“TCJA”) is nearly four years old, some of the key provisions of the legislation have not yet taken effect. Among these provisions are the changes to Section 174 of the tax code, which covers the deductibility of research and development expenditures. Companies that operate within the manufacturing industry… [keep reading…]
New Client Portal
At TBC we continue to grow our technology and strive to be a leader in the industry. In mid-September we will begin the transition to a new client portal called ShareFile. ShareFile will continue to provide a safe and secure environment for you to upload confidential documents just like the old portal solution. As we… [keep reading…]
NYS COVID-19 Small Business Grant
On August 25, 2021, the NYS COVID-19 Small Business Recovery Grant Program expanded its criteria for grant eligibility. Specifically, the grant program now allows businesses to apply with: Annual gross receipts of less than $2,500,000, and Who received PPP funds in amounts of $250,000 or less. Please see below for more details. The program is… [keep reading…]
NY PTE Tax – Update
New for the 2021 tax filing, New York implemented a Pass-Through Entity Tax (PTET) that is an optional program allowing a pass through entity to pay NYS taxes, provide a full Federal Tax Deduction on those taxes, and provide a credit for taxes paid on the owners/members/partners tax returns. You can find a summary of… [keep reading…]
SAS No. 136: Upcoming Changes for Employee Benefit Plans
Auditing Standards No 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to the Employee Retirement Income Security Act of 1974 (ERISA), will be effective for audits ending after December 15, 2021. In a previous article, we discussed the upcoming changes to employee benefit plan financial statements in detail. SAS… [keep reading…]
The NYS COVID-19 Small Business Recovery Grant Program
The NYS COVID-19 Small Business Recovery Grant Program offers approximately $800 million in funding for qualified small businesses and organizations. The businesses must have been in operation on or before March 1, 2019 and continue to operate as of the date of the application. The program is now accepting applications at: https://nysmallbusinessrecovery.com/ Grant Amounts Grant… [keep reading…]
Thinking About Renting Your Residence or Vacation Home?
If you’ve ever considered renting out your family’s vacation home, or your personal residence, you’re in luck! The IRS has special provisions in the tax code for both vacation home rentals and the short-term rental of your personal residence that could result in you receiving tax-free income. There is a special section in the Internal… [keep reading…]
TBC Announces New Shareholders
Albany, N Y: Sarah Robinson, CPA, Gretchen Guenther, J.D. M.S., CPA, and Ryan McEvoy, CPA have recently been named as Shareholders for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC). The promotion for Robinson, Guenther, and McEvoy took place on April 1st. Robinson joined in 1999, while Guenther joined the TBC team for the first time… [keep reading…]
2020 Income Tax Refunds
The IRS has acknowledged that numerous 2020 refunds have been held up and are still being processed, with even some taxpayers that filed at the start of the filing season still waiting for their refunds. The IRS has clarified that some tax returns take longer to process than others, including when a return: Includes errors… [keep reading…]
New York State’s Pass Through Entity (PTE) Tax
A controversial provision of the Tax Cuts and Jobs Act (TCJA) limited the itemized deductions related to state taxes (real property taxes plus state & local income taxes). Since its enactment, individual taxpayers have been limited to a maximum deduction of $10,000 on their federal income tax return. A number of states responded by enacting… [keep reading…]