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716-633-1373 8321 Main Street, Williamsville, NY 14221
Tronconi Segarra & Associates

Tronconi Segarra & Associates

Williamsville, Buffalo & Western New York CPA

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Banking

Federal Funds Rate Increased by 0.25%

February 2, 2023

On Wednesday, February 1, 2023, the Federal Reserve Board raised the Federal Funds rate by 0.25%. In turn, banks typically follow by raising their "prime lending rates" by the same 0.25%, which would make the new "Prime Rate" 7.75%. By comparison, the Prime Rate last year at this time was 3.25%. … [Read more...] about Federal Funds Rate Increased by 0.25%

Filed Under: Banking, Federal Reserve, General Business, Inflation, News, Small Business

Federal Reserve Funds Rate Increase

September 30, 2022

On September 21, 2022, the Federal Reserve Open Market Committee raised the target for the Federal Funds Rate to between 3% and 3.25%. The Federal Reserve stated that, "inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and … [Read more...] about Federal Reserve Funds Rate Increase

Filed Under: Banking, Federal Reserve, General Business, Small Business

Form 1099-K – Big Changes for 2022

March 13, 2022

Form 1099-K, Payment Card and Third-Party Network Transactions is an IRS information return used to report transactions made via payment settlement entities. If a business accepts payments via credit card, debit card and third-party payment networks like PayPal, they will receive a Form 1099-K for … [Read more...] about Form 1099-K – Big Changes for 2022

Filed Under: Accounting, Banking, Forms, Small Business

Expected USPS Delays Ahead; Avoid Payment Delays

September 15, 2021

Recent news from the Post Office stated that they will be slowing down the delivery of first-class mail beginning October 1, 2021. As a result, they will be increasing the first-class mail delivery standard from one to three days to one to five days as of this date. That includes any bills your … [Read more...] about Expected USPS Delays Ahead; Avoid Payment Delays

Filed Under: Banking, General Business, Intuit / QuickBooks, News, Small Business

Importance of Bank Reconciliations

September 8, 2021

Cash is the most vulnerable asset in a business. Performing bank reconciliations is an internal control mechanism that can help identify unusual transactions that might be caused by simple accounting errors or worse yet, fraudulent activity. It’s extremely important to perform such … [Read more...] about Importance of Bank Reconciliations

Filed Under: Accounting, Banking, General Business, Intuit / QuickBooks, Small Business

Federal Reserve appears set to keep interest rates low for longer periods

December 29, 2020

September 1, 2020 In a major policy shift, the Federal Reserve recently announced it will not raise interest rates to combat incoming inflation just because the unemployment rate is low.  While emphasizing the importance of a strong labor market, the chair of the Federal Reserve, Jerome H. … [Read more...] about Federal Reserve appears set to keep interest rates low for longer periods

Filed Under: Banking, General Business

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Tronconi Segarra & Associates LLP
8321 Main Street
Williamsville, NY 14221
Phone: 716-633-1373
Fax: 716-633-1099

Ulrich City Centre
175 Walnut Street, Suite 2
Lockport, NY 14094
Phone: 716.438.2190
Fax: 716.438.2450

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