TBC Information Network

Teal, Becker & Chiaramonte offering valuable insights, impressions and commentary on today’s financial and business world.

Individual Tax Implications of Charitable Contributions

People support charitable organizations for a variety of reasons: they believe strongly in the organization’s mission, they’re an alumnus of a school, a business associate or a friend has asked for support, etc. Tax deductions may also be part of the decision to make charitable contributions. If you itemize deductions on your individual return, you… [keep reading…]

NYS Construction Wages Theft Law and What You Need to Know

The construction wages theft law, which takes effect on January 4th, 2022, is legislation which puts the “contractor”, meaning the construction manager, general or prime contractor, liable for unpaid wages owed to a worker by any subcontractor on any level of the project. This legislation is not just something for public work; it encompasses private… [keep reading…]

COVID-19 Impact On Single Audits

During the COVID-19 pandemic many organizations received some form of federal relief funding.  The CARES Act and the American Rescue Plan provided a wide range of programs to assist governments and organizations with much needed funding.  In some instances, the increase in funding has created additional audit requirements. State and local governments and nonprofits who… [keep reading…]

Succession Planning

Operating a business is a tremendous investment of time and effort. Years of hard work have been put into building your company into what it is today.  This, coupled with the fact that many companies have seen record profits recently, the importance of having a business plan that extends into the future cannot be overstated. … [keep reading…]

NY PTE Tax – Elections Due

On August 25, 2021 the New York State Department of Taxation and Finance issued TSB-M-21(1)C, (1)I providing guidance on the Pass-Through Entity Tax (PTET).  See prior article HERE. In that guidance it was advised that elections need to be made by March 15 of the tax year, ie. 2022 tax year is due on March… [keep reading…]

Posted in Tax

Changes to Tax Treatment of R&D Costs on the Horizon

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…]

Posted in Tax

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…]

Posted in Tax

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…]

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