No matter your age or the size of your estate, it is important to have an estate plan in place to help protect your family’s financial future, as well as your own. Here are a few general things to know about creating an estate plan. TRANSFERRING WEALTH TO HEIRS There is more than one way… [keep reading…]
Tag: Top CPA Firm
5 Mistakes overlooked in Buy/Sell Agreements
A Buy/Sell Agreement, also called a business pre-nuptial agreement, or a business will, is a legal document that is used as the mechanism governs business owners when one of them leaves the business. The reality is that every business owner is going to leave. The reasons could be the owner quits, dies, becomes disabled, retires,… [keep reading…]
3 Ways to Prepare Financially for Unexpected Events
Unexpected events, such as a job loss, medical emergency, or property damage, can set you back financially. Fortunately, there are steps you can take before these events occur to help minimize their impact on your finances. Review your insurance Insurance can help protect you financially when unexpected events occur. Reviewing your policies regularly can help… [keep reading…]
Accounting for Manufacturing: Key Considerations for Inventory Management
Manufacturing companies face unique accounting challenges due to the complex nature of their operations such as including inventory management. In this article, we will explore some key considerations and best practices in inventory management. Inventory Management: Effective inventory management is critical for manufacturing companies to control costs and ensure smooth operations. Accounting plays a crucial… [keep reading…]
Important Update: QuickBooks Desktop 2021 Discontinuation
As of May 31, 2024, QuickBooks will be discontinuing support for QuickBooks Desktop 2021, impacting the software’s functionality. What You Need to Know: Companies on QuickBooks Desktop Payroll who do not select a new subscription before May 31, 2024, will lose the ability to run payroll or file payroll taxes. Exploring Options: Many QuickBooks desktop… [keep reading…]
TBC Names New Shareholder
Pannucci Named Shareholder Albany, NY: Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), the largest CPA firm based in the Capital District, is pleased to announce Nathan Pannucci has been named Shareholder, effective January 1st. Mr. Pannucci, a dedicated professional who joined TBC in 2010, holds a Bachelor of Business Administration in Accounting from the State… [keep reading…]
IRS Form 1099-MISC & Form 1099-NEC
If, as part of your trade or business, you made any of the following types of payments, you are required by law to report certain payments of income it made during the calendar year to the IRS and to the recipient by filing Form 1099-MISC or Form 1099-NEC. The following types of payments made in the course… [keep reading…]
Individual Year End Planning
Tax Planning for Individuals Annual gift exclusion and estate tax exemption The annual gift exclusion for 2023 is $17,000 per person and will increase to $18,000 in 2024. Married couples who elect to gift split can give $34,000 per person in 2023 and $36,000 in 2024. There are no limits on how many donees can… [keep reading…]
The Corporate Transparency Act
The Corporate Transparency Act In an era marked by increasing economic interconnectivity, transparency in corporate practices has become a critical aspect of ensuring fair and ethical business conduct. Signed into law on January 1, 2021 as part of the National Defense Authorization Act, the Corporate Transparency Act (CTA) seeks to enhance corporate transparency by addressing… [keep reading…]
EFAST Login Changes – What You Need To Know
New ERISA Credentials Requirement: In an effort to enhance security and protect the integrity of Form 5500 filings, the Department Of Labor has introduced a new credentialing process for individuals signing the form. This credentialing process ensures that only authorized individuals with the appropriate qualifications and knowledge of ERISA regulations can sign off on these… [keep reading…]