Although retirement may be years away, the steps you take today to plan and save for it can make a big difference in your financial security decades from now. Here are 10 general tips that you may find helpful when saving for retirement. For specific advice about planning and saving for retirement, please consult your… [keep reading…]
Category: General
10 Financial Things to Review Annually
A lot can change in a year. Your financial goals may change. Your investment mix may shift. Your insurance needs may be different. Because things change, it’s important to look over your finances every year or so to determine whether there are any adjustments you may want to make to help keep your finances on… [keep reading…]
Seeing the Big Picture with Your Business Exit
By: Stephen L. Ferraro, CPA/ABV/CFF, CEBC, MAFF, CVA Partner, Ferraro, Amodio & Zarecki CPAs The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business. However, there is a tremendous amount… [keep reading…]
Teal, Becker & Chiaramonte Celebrates 50th Anniversary
Albany, NY: 2021 has marked the 50th anniversary for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), the largest CPA firm based in the Capital Region. TBC has been serving thousands of clients for five decades in the areas of accounting, auditing, tax and advisory services, as well as other specialty services including pension administration services,… [keep reading…]
New Lease Standards Effective for Private Companies
In April 2020, Financial Accounting Standards Board (FASB) voted to defer the effective date of Accounting Standards Codification (ASC) 842, Leases for certain entities. Now effective for fiscal years beginning after December 15, 2021, all private companies will be required to adopt the new standard which will impact the way most lease agreements are reported… [keep reading…]
TBC Announces New Shareholders
Albany, N Y: Sarah Robinson, CPA, Gretchen Guenther, J.D. M.S., CPA, and Ryan McEvoy, CPA have recently been named as Shareholders for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC). The promotion for Robinson, Guenther, and McEvoy took place on April 1st. Robinson joined in 1999, while Guenther joined the TBC team for the first time… [keep reading…]
COVID-19’s Impact on State and Local Governments
The pandemic has had a huge impact on the economy. The impact has been far and wide affecting individuals and businesses. State and local governments have also been severely impacted. The pandemic has created significant declines in sales and other taxes and fees because consumption of goods and services have fallen. People are staying home… [keep reading…]
Cares Act Changes for Eligible Retirement Plans
The Coronavirus Aid, Relief, and Economic Security Act (CARES) brings changes and relief to eligible retirement plans for qualifying emergencies and adverse financial consequences related to the current pandemic. Certain highlights of the Cares Act include: The CARES Act relaxes early distribution rules allowing distributions up to $100,000, waiver of the 10% early withdrawal penalty… [keep reading…]
New York Investment Credit
One of the major benefits of being a manufacturer in New York is the various tax credits that New York offers to businesses whose primary purpose is the production of goods within the state. Among the most beneficial of these credits is the New York Investment Tax Credit (“ITC”). Manufacturers who place in service qualified… [keep reading…]
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…]