TBC Information Network

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

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…]

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…]

LIFO Impacts on Auto Dealers

These last 2 years have certainly been a rollercoaster ride for most automobile dealers.  From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [keep reading…]

Tax Planning for Businesses

With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses. Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]

Posted in Tax

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…]

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

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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