TBC Information Network

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

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…]

EFAST Login Changes – What You Need To Know

New ERISA Credentials Requirement: In an effort to enhance security and protect the integrity of Form 5500 filings, the Department Of Labor has introduced a new credentialing process for individuals signing the form. This credentialing process ensures that only authorized individuals with the appropriate qualifications and knowledge of ERISA regulations can sign off on these… [keep reading…]

Common Board Governance Mistakes

Board governance can directly impact how effective and successful a nonprofit organization can become. Governance relates to fulfilling the nonprofit’s mission as well as ensuring its sustainability. Whether you’re a long-standing member or newly elected, it can be easy to succumb to common mistakes that occur through governing a nonprofit. Below are a few common… [keep reading…]

Additional ERC Considerations for Auto Dealerships

The Employee Retention Credit (ERC) is one of the most powerful tax incentive programs available to businesses that we have ever seen (or will likely ever see again). The ERC has provided billions of dollars of much needed relief to thousands of businesses across the country that were impacted by the pandemic. While auto dealerships… [keep reading…]

6 Things You Can Accomplish with an Estate Plan

If you haven’t set up an estate plan yet, there is no time like the present to get started! Estate planning is the process of planning how your assets will be handled after you pass away or become incapacitated. It typically involves discussing your specific goals with an estate planning attorney who can tailor a… [keep reading…]

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