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…]
Category: TBC News
Weafer Joins TBC
Albany, NY: Teal, Becker & Chiaramonte, CPAs, P.C. (TBC), the largest CPA firm based in the Capital District, is pleased to announce the addition of Kenneth (K.C.) Weafer to the TBC team as the Assistant Director of Pension Operations. With a rich background spanning legal expertise, educational leadership, and public service, K.C. brings a unique… [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…]
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…]
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…]
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…]