TBC Information Network

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

2020 Income Tax Refunds

The IRS has acknowledged that numerous 2020 refunds have been held up and are still being processed, with even some taxpayers that filed at the start of the filing season still waiting for their refunds.  The IRS has clarified that some tax returns take longer to process than others, including when a return: Includes errors… [keep reading…]

New York State’s Pass Through Entity (PTE) Tax

A controversial provision of the Tax Cuts and Jobs Act (TCJA) limited the itemized deductions related to state taxes (real property taxes plus state & local income taxes). Since its enactment, individual taxpayers have been limited to a maximum deduction of $10,000 on their federal income tax return. A number of states responded by enacting… [keep reading…]

Could Your Business Benefit from a Cost Segregation Study?

What is a Cost Segregation Study?  A cost segregation study analyzes a business’s commercial real estate property to identify certain component assets that can be segregated from real property assets for tax reporting purposes.   When a cost segregation study is done a business can reclassify 39 year property into shorter lived property, such as 5… [keep reading…]

New York State Tax Treatment of Unemployment Compensation

The American Rescue Plan Act of 2021 enacted by Congress allows certain individuals to exclude up to $10,200 of unemployment compensation on their 2020 federal personal tax returns.  New York State recently issued guidance indicating that the state is decoupled from this federal law, and therefore any unemployment compensation that is excluded from federal gross… [keep reading…]

IRS to Delay Tax Filing Deadline

The National News Media has reported that the Internal Revenue Service (IRS) has delayed the 2020 tax filing deadline until mid-May.  We do not have official word yet from the IRS as to whether there will be a delay, what filing requirements will be affected, and  what the actual deadline will be.   Additionally, we do… [keep reading…]

Employee Retention Credit

As we approach the end of the first quarter of 2021, this might be a great time to evaluate whether your business may qualify for the employee retention credit in 2020 and 2021.  While companies who had a quarter-over-quarter (2020 vs 2019) reduction in gross receipts of at least 50% qualify for the 2020 credit,… [keep reading…]

Best Practices for Virtual Inventory Counts

For most companies with inventory on their balance sheet, the existence of that inventory is going to be a relevant assertion for auditing purposes. Historically, auditors have been able to obtain evidence of the existence of this inventory by physically going to the company’s location and observing the company’s inventory count. Unfortunately, with COVID-19 restrictions… [keep reading…]

Considerations for Nonprofits in Response to the Pandemic

In New York State alone there are thousands of not-for-profit organizations that employ over 1 million people and provide services to vulnerable children, adults and families.  As a result of COVID-19 many of these organizations are facing a higher demand for their services.  Some not-for-profits were already struggling financially before the pandemic and are now… [keep reading…]

Tax Considerations for 2021 Filing Season: Focus on Real Estate

As the 2021 tax filing season approaches it is important for business owners to identify tax savings and opportunities that exist as a result of the recent tax legislation and relief provisions enacted this past year. The IRS has also issued various guidance with respect to the CARES Act (March 2020) and the Economic Aid… [keep reading…]

Teal, Becker & Chiaramonte Certified Public Accountants