TBC Information Network

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

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…]

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…]

Solar Savings: How Being Environmentally Friendly Pays

The federal government offers an Investment Tax credit (ITC) for commercial solar photovoltaics (PV). For businesses, this credit is filed on IRS form 3468. The solar energy credit is a tax credit that can be claimed on federal income for a percentage of the cost of a solar PV system paid for by the taxpayer…. [keep reading…]

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