As private companies are now a few years into the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, it is important to note the impact this has had on the manufacturing industry and understand the changes to revenue recognition so owners may better operate their businesses. By definition, a manufacturer should… [keep reading…]
Tag: Albany
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…]
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…]
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…]
CARES Act – Individual Provisions
The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers. Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]
CARES Act – Business Provisions
The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers. Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]
SBA Loan Program and Application Process
The Small Business Administration (SBA) has expanded its Economic Injury Disaster Loan program to provide working capital loans of up to $2 million to give much needed economic relief and support to small businesses across the country. To learn how you can apply for a loan keep reading and if you have any questions please… [keep reading…]
Family First Coronavirus Response Act
On March 18, 2020, President Trump signed the Family First Coronavirus Response Act. Included in this law, was a refundable credit for paid sick leave and paid family leave taken on the Employer’s Quarterly Federal Tax Return (Form 941). Employers with fewer than 500 employees must provide an employee with paid sick time if the… [keep reading…]
Lombardi and Commisso Named Shareholders
Albany, N Y: Tina Lombardi, CPA and Vincent J. Commisso, CPA, have recently been named as Shareholders for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC). The promotion for both Lombardi and Commisso took place on June 1st. Lombardi joined the TBC team in 1991 while Commisso joined in 2007. Both Lombardi and Commisso graduated from… [keep reading…]
3 Big TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree… [keep reading…]