TBC Information Network

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

NYS COVID-19 Small Business Grant

On August 25, 2021, the NYS COVID-19 Small Business Recovery Grant Program expanded its criteria for grant eligibility.  Specifically, the grant program now allows businesses to apply with: Annual gross receipts of less than $2,500,000, and Who received PPP funds in amounts of $250,000 or less. Please see below for more details.  The program is… [keep reading…]

Posted in Tax

Thinking About Renting Your Residence or Vacation Home?

If you’ve ever considered renting out your family’s vacation home, or your personal residence, you’re in luck! The IRS has special provisions in the tax code for both vacation home rentals and the short-term rental of your personal residence that could result in you receiving tax-free income. There is a special section in the Internal… [keep reading…]

IRS to Delay Tax Filing Deadline

The National News Media has reported that the Internal Revenue Service (IRS) has delayed the 2020 tax filing deadline until mid-May.  We do not have official word yet from the IRS as to whether there will be a delay, what filing requirements will be affected, and  what the actual deadline will be.   Additionally, we do… [keep reading…]

Notice: IRS Advice on Uncashed Checks and Notices to Pay

You may have noticed that the Internal Revenue Service (IRS) has not cashed your check or you may have received a failure to pay notice from IRS even though you timely paid their tax due by check.  Unfortunately, if a taxpayer mailed a check, with or without a tax return, it may still be unopened… [keep reading…]

CARES Act – Unemployment Insurance Coverage

The CARES Act generally provides assistance to individuals who are unemployed, partially unemployed, or unable to work due to COVID-19. The CARES ACT provides for the following unemployment benefit programs: Pandemic Unemployment Assistance (PUA) – this program will extend benefits to those individuals who are not otherwise eligible for unemployment benefits (i.e. independent contractors, self-… [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…]