TBC Information Network

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

New Form for 2020

New for 2020 – the IRS has created a new Form for 2020 to report Miscellaneous Compensation only – This is Form 1099 NEC (Non-Employee Compensation).  The 1099 MISC. has been revised and box numbers rearranged and is still applicable for other reporting. To get more information about the 1099-NEC please view it HERE.  You… [keep reading…]

3 Big TCJA changes affecting 2018 individual tax returns and beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree… [keep reading…]

What will your marginal income tax rate be?

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing… [keep reading…]

4 ways to encourage use of an employee assistance program

Unfortunately, it’s not uncommon for good employees to battle personal problems, such as substance dependence, financial or legal woes, or mental health issues. These struggles can negatively affect their productivity and the working environment around them. Employers can help by offering an employee assistance program (EAP). An EAP helps assist at-risk employees in finding the… [keep reading…]

The pass-through provisions of the TCJA: The devil is in the details

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but determining just… [keep reading…]

Now may be a good time to start a paid family and medical leave program

Does your organization have a formalized program under which it offers employees paid time off for an illness or family emergency? If not, there’s now an excellent reason to consider establishing one: The Tax Cuts and Jobs Act, passed late last year, created a tax credit for qualifying employers that begin providing paid family and… [keep reading…]

Teal, Becker & Chiaramonte Certified Public Accountants