TBC Information Network

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

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…]

Address Correction on Paper Filed Form 1096

The Internal Revenue Service (IRS) has issued an address correction on paper filed Form 1096 – Annual Summary and Transmittal of U.S. Information Returns.  If you are paper filing your Form 1096, you must use the following address: Internal Revenue Service Austin Submission Processing Center P.O. Box 149213 Austin, TX 78714-9213 If you previously submitted… [keep reading…]

Employee Retention Tax Credit

The employee retention tax credit is now available for employers who previously received, or will receive, a Paycheck Protection Program loan.  This change in the law provides significant benefits to employers who have been negatively impacted in 2020 and 2021 due to the economic downturn related to Covid-19.  We have detailed the specifics below.   Feel… [keep reading…]

NYS PPP Deductibility

On January 13, 2021, New York State issued an update on tax conformity related to tax stimulus provisions passed by Congress throughout 2020.  One significant change is related to the taxability of the Paycheck Protection Program (PPP) loan forgiveness income and the related deductibility of expenses paid with PPP funds.  New York State has posted… [keep reading…]

Teal, Becker & Chiaramonte Certified Public Accountants