TBC Information Network

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

Impacts of ASC 606 for Manufacturing Companies

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…]

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…]

U.S. Companies with Foreign Sales May Benefit from Tax Credit

Included in the many provisions of 2017’s Tax Cuts and Jobs Act (“TCJA”) was the creation of the Foreign Derived Intangible Income (“FDII”) Deduction for tax years beginning after December 31, 2017.  While the naming of the deduction may lead taxpayers to question their eligibility, many U.S. companies with foreign sales may find that they… [keep reading…]

What’s Important When it Comes to Documenting Board Minutes

Board members are fiduciaries of an organization and board minutes are considered legal documents that can also serve as a record for future reference. Minutes can provide evidence that a board has exercised care in decision making as well as serve as proof that the board operates in accordance with their own stated requirements (likely… [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…]

Real Estate and the Current Local Economy

Real estate in the Capital Region is booming, rental prices are increasing and homes are selling at record highs. The local market inventory levels are still low which is resulting in local homes and apartments seeing an increase in value. Depending on your living situation it may be a great opportunity to take advantage of… [keep reading…]

LIFO Impacts on Auto Dealers

These last 2 years have certainly been a rollercoaster ride for most automobile dealers.  From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [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…]

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