TBC Information Network

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

New Lease Standards Effective for Private Companies

In April 2020, Financial Accounting Standards Board (FASB) voted to defer the effective date of Accounting Standards Codification (ASC) 842, Leases for certain entities. Now effective for fiscal years beginning after December 15, 2021, all private companies will be required to adopt the new standard which will impact the way most lease agreements are reported… [keep reading…]

The Department Of Labor Guidance On Locating Missing Participants

The Department of Labor (DOL) issued guidance and best practices on January 12, 2021 to pension plans in hopes that Plan Sponsors can locate missing participants.  The guidance provides various communication strategies and ways to search for missing participants.  The end goal is to have zero missing plan participants, which may be difficult to accomplish,… [keep reading…]

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

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