TBC Information Network

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

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…]

Diversity and Inclusion on Your Nonprofit Board

Diversity and Inclusion are words we’re all hearing these days. How are they important to your nonprofit board? A board that’s more diverse and inclusive will bring more ways of looking at issues and problems, capitalizing on the different ideas and points of view. Including voices from a wider range of backgrounds will add value… [keep reading…]

Tax Considerations in Light of New Lease Standards

Over five years after its original issuance, the new accounting lease standard (ASC 842) will become effective for all private companies for fiscal years beginning after December 15, 2021.  While we have discussed the financial statement impact of ASC 842 in previous editions of TBC Today, companies should also consider the potential impact on their… [keep reading…]

Best Practices for Establishing a 401(k) Plan

Establishing a 401(k) Plan for your employees is a great benefit, but employers must be aware of their fiduciary responsibilities.  To ensure your Plan is compliant and running well, consider the following best practices. Plan document review Every six years the Internal Revenue Service requires that Plan Documents be restated to properly reflect changes that… [keep reading…]

NYS Pass Through Entity Tax Program

The New York State’s Pass Through Entity Tax (PTET) program allows eligible partnerships and S corporations to pay tax at the entity level to provide tax deductions that may otherwise be disallowed when the income is reported on the partners’/shareholders’ personal returns.   The program allows the partners/shareholders the ability to deduct New York State taxes… [keep reading…]

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…]

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