What does bookkeeping mean? It can be defined as the recording and tracking of a businesses’ financial transactions on a regular basis. Bookkeeping involves the tracking of each business transaction and the purpose of each transaction. Examples include invoicing a customer for work performed (revenue), recording an accounts payable due to a vendor for services… [keep reading…]
Tag: Top Workplaces
Pump the Brakes! Analyze and Strategize by Determining Your Breakeven Point
Have you calculated your breakeven point for your various dealership departments? Your dealership can make informed decisions regarding sales and pricing strategies, cost management analysis and allocation of capital by calculating your dealership’s breakeven point for each of the various departments. These departments include new and used vehicle sales, parts and service sales, body shop… [keep reading…]
Summertime Tax and Financial Tips
Although your taxes and finances may be the furthest thing from your mind during the summer, it’s good to know how certain things you do this summer may affect them. Here are a few financial tips to help you make the most of your summer. 1 | Hire your child. If you own a business,… [keep reading…]
Estate Planning: Protecting You and Your Family
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…]
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…]
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…]
LTPTE Changes
What Is Changing? 401(k) plans no longer can have a service condition that prevents an employee from making 401(k) salary deferrals if they have worked for your company at least 500 hours for 3 consecutive years. Example: Your 401(k) plan requires employees to complete a year of service (1,000 hours) before they are eligible to… [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…]
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…]
Scisci Named Managing Partner
Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), announces that Pasquale M. Scisci has been elected as their new Managing Partner, succeeding James W. Drislane, who served for six years. The succession took effect June 1st, 2019. “I am honored that the shareholders have entrusted me to serve as Managing Partner, “Scisci said. “I am excited… [keep reading…]