A lot can change in a year. Your financial goals may change. Your investment mix may shift. Your insurance needs may be different. Because things change, it’s important to look over your finances every year or so to determine whether there are any adjustments you may want to make to help keep your finances on… [keep reading…]
Tag: Teal Becker & Chiaramonte
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…]
Tax Updates and Planning for Individuals
With tax year 2022 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: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]
Tax Updates and Planning for Businesses
With tax year 2022 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…]
2022 Tax Year Changes That Could Impact Your Manufacturing Company
The 2022 Tax year is swiftly coming to an end. Taxpayers should be on the lookout for three provisions effective January 1, 2023 which could have a significant impact on entity returns for the manufacturing industry; (1) the Tax Cuts and Jobs Act (TCJA) of 2018’s amendment to §174, (2) the Internal Revenue Code (IRC)… [keep reading…]
Additional Best Practices for Establishing a 401(k) Plan
As a follow-up to our article on August 19, 2022, we continue to look at best practices for establishing a 401(k) Plan. It is a great benefit for employees but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following end of year items. Annual… [keep reading…]
Energy Efficient Incentives for New Construction and Renovation
The Inflation Reduction Act of 2022 (IRA) updated and reinstated several notable credits and deductions related to Solar and Energy efficiency. Construction of new residential or commercial structures are ideal candidates for these tax savings but they do not preclude existing structures being renovated. Below are a few notable tax considerations. 179D Deduction 179D is… [keep reading…]
What Goes into Running a Smooth Board Meeting
It can be quite frustrating for board members if board meetings are not run smoothly and effectively. Effectively utilizing the board’s time together is important to keep the board mission-focused and forward-thinking. Wasted time at meetings could impact an organization negatively and financially. How a board meeting can be run smooth and effectively comes down… [keep reading…]
IRS Announces Pilot Program for Plan Audits
In June 2022 the IRS announced that they were beginning a pilot program of pre-audits, whereby they will send a letter to a plan sponsor which informs them that their plan has been selected for audit, along with instructions that state that they have 90 days from the date of the letter in which to… [keep reading…]