TBC Information Network

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

IRS Form 1099-MISC & Form 1099-NEC

If, as part of your trade or business, you made any of the following types of payments, you are required by law to report certain payments of income it made during the calendar year to the IRS and to the recipient by filing Form 1099-MISC or Form 1099-NEC. The following types of payments made in the course… [keep reading…]

Business Year End Planning

Tax Planning for Businesses With tax year 2023 ending, 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… [keep reading…]

Individual Year End Planning

Tax Planning for Individuals Annual gift exclusion and estate tax exemption The annual gift exclusion for 2023 is $17,000 per person and will increase to $18,000 in 2024. Married couples who elect to gift split can give $34,000 per person in 2023 and $36,000 in 2024.  There are no  limits on how many donees can… [keep reading…]

The Corporate Transparency Act

The Corporate Transparency Act In an era marked by increasing economic interconnectivity, transparency in corporate practices has become a critical aspect of ensuring fair and ethical business conduct. Signed into law on January 1, 2021 as part of the National Defense Authorization Act, the Corporate Transparency Act (CTA) seeks to enhance corporate transparency by addressing… [keep reading…]

Solar Savings: How Being Environmentally Friendly Pays

The federal government offers an Investment Tax credit (ITC) for commercial solar photovoltaics (PV). For businesses, this credit is filed on IRS form 3468. The solar energy credit is a tax credit that can be claimed on federal income for a percentage of the cost of a solar PV system paid for by the taxpayer…. [keep reading…]

Tax Updates and Planning for Individuals

With tax year 2022 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 Individuals: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]

Tax Updates and Planning for Businesses

With tax year 2022 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…]

Tax Considerations in Light of New Lease Standards

Over five years after its original issuance, the new accounting lease standard (ASC 842) will become effective for all private companies for fiscal years beginning after December 15, 2021.  While we have discussed the financial statement impact of ASC 842 in previous editions of TBC Today, companies should also consider the potential impact on their… [keep reading…]

NYS Pass Through Entity Tax Program

The New York State’s Pass Through Entity Tax (PTET) program allows eligible partnerships and S corporations to pay tax at the entity level to provide tax deductions that may otherwise be disallowed when the income is reported on the partners’/shareholders’ personal returns.   The program allows the partners/shareholders the ability to deduct New York State taxes… [keep reading…]

New York State Makes Important Updates to Pass-Through Entity Tax

Extends election due date to September 15, 2022 and creates new opportunity for certain S corporations On May 6th, 2022 Governor Hochul signed a bill extending the due date to elect into New York State’s pass-through entity tax (PTET) regime until September 15, 2022 for the 2022 tax year.  While this extension provides welcome relief… [keep reading…]

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