Board members are fiduciaries of an organization and board minutes are considered legal documents that can also serve as a record for future reference. Minutes can provide evidence that a board has exercised care in decision making as well as serve as proof that the board operates in accordance with their own stated requirements (likely… [keep reading…]
Category: TBC News
NEW NYS Tax Credit for Homeowners. Do You Qualify?
New York State has a NEW property tax credit for homeowners who make less than $250,000. To Qualify: You must be a NYS resident for the full year. In addition, the home must be your primary residence and you must have lived in the home at least 183 days during the year. The credit… [keep reading…]
Thinking about your 2021 personal tax return and items needed to file?
These are a few items to consider when gathering your personal income tax data for the upcoming tax year: Economic Impact Payment The IRS issued a third round of stimulus checks starting March 12, 2021. Be sure to let your tax preparer know how much you received. Payments were $1,400 for each individual plus an… [keep reading…]
Real Estate and the Current Local Economy
Real estate in the Capital Region is booming, rental prices are increasing and homes are selling at record highs. The local market inventory levels are still low which is resulting in local homes and apartments seeing an increase in value. Depending on your living situation it may be a great opportunity to take advantage of… [keep reading…]
LIFO Impacts on Auto Dealers
These last 2 years have certainly been a rollercoaster ride for most automobile dealers. From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [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…]
Tax Planning for Businesses
With tax year 2021 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 Planning for Individuals
With tax year 2021 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: Income/Deduction Deferral or Acceleration Consider the following to accelerate income into the current year:… [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…]
COVID-19 Impact On Single Audits
During the COVID-19 pandemic many organizations received some form of federal relief funding. The CARES Act and the American Rescue Plan provided a wide range of programs to assist governments and organizations with much needed funding. In some instances, the increase in funding has created additional audit requirements. State and local governments and nonprofits who… [keep reading…]