TBC Information Network

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

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…]

New York State Makes Important Updates to Pass-Through Entity Tax

Extends election due date to September 15, 2022 and creates new opportunity for certain S corporations On May 6th, 2022 Governor Hochul signed a bill extending the due date to elect into New York State’s pass-through entity tax (PTET) regime until September 15, 2022 for the 2022 tax year.  While this extension provides welcome relief… [keep reading…]

TBC Announces New Shareholders

Mumford, Mullen, and Vena Named Shareholders Albany, N Y:  Stephanie L. Mumford, CPA, Geoffrey Mullen, CPA, and Mark Vena, CPA have recently been named Shareholders for Teal, Becker & Chiaramonte, CPAs, P.C. (TBC). The promotion for Mumford, Mullen, and Vena took place on April 1st.  Mumford joined in 1999, while Mullen joined in 2020, and… [keep reading…]

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…]

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…]

2020 Income Tax Refunds

The IRS has acknowledged that numerous 2020 refunds have been held up and are still being processed, with even some taxpayers that filed at the start of the filing season still waiting for their refunds.  The IRS has clarified that some tax returns take longer to process than others, including when a return: Includes errors… [keep reading…]

IRS Releases Updated PPP Guidance – No Deduction for Expenses in 2020 if Forgiveness is Expected

On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The revenue ruling denies a deduction for PPP qualified forgiveness expenses if the taxpayer reasonably expects to receive forgiveness of the PPP loan regardless of whether the taxpayer has submitted a forgiveness application by the end of 2020. This pertains to… [keep reading…]

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