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easy-to-miss income
Posts

Easy-to-miss income sources that can cause tax headaches later

The IRS is getting pretty good at comparing your income reports against what you claim on your tax return. The...

Late Filing of S Corporation and Partnership Returns
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Late filing of S corporation and partnership returns can be costly

The IRS is penalizing the late filing of S corporation and partnership tax returns. This is despite the fact that...

Year-End Tax Savings Checklist
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Your ultimate tax filing checklist

A smooth tax filing experience starts before your return is prepared. When your information is organized and easy to follow,...

Retirement Account Early Withdrawal Penalty
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The 10% early withdrawal penalty

It's one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your IRA...

improve bookkeeping
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Improving the usefulness of your bookkeeping

If you are just starting a business or have been in one for a while, you quickly understand the importance...

Ideas to Get Organized for Tax
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Time to get organized for tax season

With tax season officially underway, you want to make filing your return as stress-free as possible. This is even more...

2026 Mileage Rates
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New mileage rates announced by the IRS

Mileage rates for travel are now set for 2026. The standard business mileage rate increases by 2.5 cents to 72.5...

Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Estimated Taxes Due
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Reminder: Fourth quarter estimated taxes now due

If you have not already done so, now is the time to review your tax situation and make an estimated...

Tax resolution for filing your tax return
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Consider these tax resolution ideas

Every January brings a familiar ritual. We promise to eat better, exercise more, and finally organize the garage. These are...

Record Retention: Tips to Organize Your Tax Records
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Creating order out of chaos

As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this...

protect your tax information from phishing scams
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Tips to protect your tax information

Hackers and data thieves target personally identifiable information (PII). They also know their best score can be had by filing...

Plan Your 2026 Retirement Contributions
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Plan your 2026 retirement contributions

As part of your planning for next year, now is the time to review the contributions to fund your retirement...

Trump Account
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IRS updates regulations for new Trump Accounts

Recent tax legislation includes new provisions that allow for the establishment of new investment accounts for children ages 18 or...

Tax resolution for filing your tax return
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Getting ready for taxes this year and next

Plenty of tax changes are lining up as the calendar turns toward 2026, and knowing what’s coming can help you...

Year-End Tax Planning Checklist Tips in 2025
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Your year-end tax and financial checklist

Year-end is more than just wrapping gifts and planning celebrations. It’s the last chance to make smart money moves that...

Setting up benefits
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Setting up benefits for next year

Each year, there's typically an open enrollment for many benefit programs from your employer. Here are some tips to consider...

Borrowing money from your 401(k)
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Borrowing money from your 401(k)

For years, you have put away money from your pay into your employer-provided 401(k) retirement savings account. Your employer may...

New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
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The new car interest deduction

For years, the tax code has trended toward reducing the amount of interest that may be deducted on your tax...

Business Year-End Tax Planning to Avoid Common Missing Items When Filing in 2025
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2025 year-end tax planning tips for your business

As 2025 winds down, you'll want to consider some tax planning for your business. Here are some ideas to help...

Year-End Tax Planning Checklist Tips in 2025
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Year-end tax planning tips: 2025 edition

At the end of each year, there are some things to consider that may have a positive impact on your...

Reduce tax surprises
Posts

There is still time to reduce any tax surprises

Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes...

2026 Social Security Benefits
Posts

Social security benefits announced for 2026

The Social Security Administration announced a 2.8% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2026....

leveraging giving excess gifts and filing a gift tax return vs. bequests rules
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Leveraging gift rules to your advantage

As you or your family members approach retirement, it's essential to understand the IRS gift-giving rules. With this understanding, there...

Itemizing Deductions
Posts

Itemizing deductions may be back for you

With the passage of the One Big Beautiful Bill Act (OBBBA), many who took a standard deduction may now need...

Fair Market Value
Posts

Defending fair market value

According to IRS Publication 561, fair market value (FMV) is the price that property would sell for on the open...

Tax-Free Tips and Overtime Tax Tip Occupations
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Tentative tax-free tip occupations announced

In late September, the Treasury Department presented a list of preliminarily-approved occupations that will qualify for the new federal tax-free...

Maximizing the Impact of Investment Losses
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Using losers to make winners

With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge...

The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
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Property taxes: What every homeowner should know

Property taxes are still on the upswing in many parts of the U.S. To help get a handle on your...

Business Year-End Tax Planning to Avoid Common Missing Items When Filing in 2025
Posts

Key tax planning topics to consider in 2025

The U.S. tax code is constantly changing. What saved you money last year might cost you this year. In 2025,...

Applicable Federal Rates
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Understanding tax terms: Applicable federal rates

Your grandson needs a car but cannot afford the payments. As a favor, you provide the $25,000 to purchase the...

Tax Myths
Posts

The truth behind common tax myths

Tax myths can spread quickly, leading to costly mistakes or missed opportunities. Here are several common tax myths along with...

Reducing the Cost of Higher Education for College Savings
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Reducing the cost of higher education: Ideas to manage your tax breaks

With kids now back in college, the fact of higher educational costs is impossible to ignore. As you or your...

Third Quarter Estimated Taxes
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Reminder: Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make an estimated...

elder care planning
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Family teamwork: A smooth transition through the ages

As you get older, so do your parents and grandparents. And at some point, the need for support and transition...

From Sole Proprietor to S-Corp
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From sole proprietor to s-corp: Consider a switch

As a freelancer or contractor, at some point, you may wish to incorporate as an S corporation. Here’s a closer...

overtime pay deduction
Posts

Overtime pay deduction explained: What the OBBBA tax law means for you

With the passage of the One Big Beautiful Bill Act (OBBBA) of 2025, there's the ability to receive a deduction...

Forecasting Your Business Tax Obligation
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Multiple changes make forecasting your business tax obligation more important than ever

Recent law changes require a new look for your business. The One Big Beautiful Bill Act (OBBBA) introduces several changes...

Tax-Free Tips and Overtime Tax Tip Occupations
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Tip and overtime tax breaks require your attention

Two significant tax changes, including the elimination of tax on tips and overtime, were introduced in the One Big Beautiful...

Jump-Start Retirement and Essential Estate Planning Strategies for Tax-Beneficial Savings
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Make your child a tax-free millionaire

Want to give your child or grandchild a jump-start on their retirement? How does a million-dollar tax-free account sound? Here's...

New Custodial Accounts for Kids and The Kiddie Tax - Child Credits for 2021 Gift Return for Parents
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What the new tax bill means for parents

The One Big Beautiful Bill Act of 2025 (OBBBA) includes several tax breaks for parents. Here's a summary of what's...

research tax credit for small business payroll taxes and compliance for businesses
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New tax law lightens compliance for small businesses

The One Big Beautiful Bill Act of 2025 (OBBBA) expands several tax benefits for businesses while easing certain compliance obligations....

data for the income and spending of the federal government for the fiscal year ending September 30, 2023, as reported by the IRS in the 2024 instruction booklet for Form 1040
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Income and spending details: The IRS lays it all out

As required by law, every Form 1040 instruction booklet includes a section that shows where the federal government gets and...

New benefits for seniors
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Personal exemptions gone plus $6,000 new deduction

The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty and creates some benefits impacting your...

Tax-Free Tips and Overtime Tax Tip Occupations
Posts

Tax-free tips are here

The One Big Beautiful Bill Act (OBBBA) exempts tip income from taxation. But as with any new tax law, the...

Positioning your business for private equity: Key traits of an ideal platform company
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Positioning your business for private equity: Key traits of an ideal platform company

Private equity firms set up funds and solicit investment commitments from institutional or high-net-worth clients. The model of purchase typically...

One Big Beautiful Bill Act
Posts

The One Big Beautiful Bill Act: What you need to know

With the passage of the One Big Beautiful Bill Act (OBBBA), many temporary tax laws set to expire at the...

Understanding property tax terms like basis and installment sale taxes
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Understanding tax terms: Installment sales

If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your...

New Custodial Accounts for Kids and The Kiddie Tax - Child Credits for 2021 Gift Return for Parents
Posts

Custodial accounts for kids: Understanding the trade-offs of this great teaching tool

Many parents rely on piggy banks and birthday cash to teach children about money. But more are now turning to...

Taxable or Not Taxable? Common Tax Questions
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Common tax questions: What everyone is wondering

Here are several of the most common tax questions and their answers. But like most things, there can be exceptions....

Business Valuation Mistakes to Avoid
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6 mistakes to avoid in a business valuation

Business valuation mistakes can result in lost deals, undervalued assets, or even legal issues. If you're preparing for a sale,...

How to Pay a Tax Bill With a Credit Card Payment Options
Posts

Understand the options and costs of paying a tax bill with a credit card

Your tax bill has come and gone, with you still owing money because you're a little strapped for cash. Or...

mutual fund tax surprises bring rejected tax returns via e-filing electronically filing information returns
Posts

Watch out for these tax surprises

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax...

Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Estimated Taxes Due
Posts

Reminder: Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make an estimated...

tax tips for expenses in hiring family members in your small business
Posts

Be prepared for surprise business expenses

Receiving a bill with unexpected expenses can significantly impact the cash flow of your business. Here are some tips you...

taxes for seasonal workers
Posts

Seasonal jobs and taxes: What you need to know

Summer jobs can be financially rewarding, but they can also come with tax consequences that are sometimes overlooked. Here are...

Tax Opportunities When the Market Dips
Posts

When the market dips, tax opportunities rise

With the current market uncertainty, the last thing on most taxpayers' minds is tax planning. However, amidst all these economic...

EBITDA
Posts

You think your EBITDA is $4M? Let’s talk about your cousin on payroll and the Porsche

Understanding your adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is crucial if you're preparing to sell your business....

Research charities
Posts

Researching charities to avoid fraud and help others

Summer months are often the time of an increase in natural disasters, and hurricane season comes right after. You want...

Why do I need to keep good records or hire a tax professional to file a business return
Posts

Keep great business records with these tips

Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books...

Crummey Powers in Family Trust and Estate Planning
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Estate planning tips for every family

If juggling priorities were an Olympic sport, young parents would win the gold medal. Raising kids, advancing careers, paying off...

Start using your tax refund and tips for marriage planning
Posts

Time to start your tax planning

Now that April has come and gone, you could wait until January to think about taxes again—but that’s a bit...

Avoid Amending for Audits of an IRS Tax Return Audit
Posts

Better to be surprised now than during an audit

After filing a tax return, most of us are simply relieved another tax year is done. Before storing away your...

What is a quality of earnings report and why do you need one if you are selling your business? By Len Friedman, RRBB Valuation and Litigation Support
Posts

What is a quality of earnings report and why do you need one if you are selling your business?

If you are considering a sale, a quality of earnings (QofE) report helps buyers and sellers understand a company’s earnings....

Social Security Earnings Report Review
Posts

An earnings report review is for everyone

Most of us go through life without being concerned about or checking our Social Security records. We assume the money...

Age and Taxes
Posts

Age does matter, when it comes to tax obligations

One of the elements that makes our federal tax code so hard to follow is that different laws for taxes...

Record Retention: Tips to Organize Your Tax Records
Posts

A guide to tax record retention

After filing your tax return, do not close the book on your taxes until you have set up next year's...

Tax Day Payments
Posts

It’s Tax Day! Don’t forget 1st quarter estimated payments

Now is the time to pay your taxes and make your estimated tax payment. Both your individual tax return and...

Why do I need a tax professional?
Posts

Why do I need a tax professional when I can buy tax prep software?

You may wonder, "Why do I need a tax professional when I can buy tax prep software?" If you listen...

How to Pay a Tax Bill With a Credit Card Payment Options
Posts

Tax bill payment options expand digitally: Understand the options and costs

As payment alternatives continue to evolve in the economy, so do the payment options available to pay your tax bill....

Tax Return Delayed
Posts

Those pesky delays: Here are some of the common causes

Wondering why your tax return is not finished? The delay can often come from one or two items that were...

estimated taxes for tax day
Posts

It’s tax time! Here are some last-minute details and tips

With the individual tax-filing deadline on Tuesday, April 15th, if you have not already done so, now is the time...

Tax Break for Elderly Caregiver(s) Maximize Deductions for Assisted Living
Posts

How to maximize deductions for assisted living

Someone in your family may need assisted living care at some point. This care can be at an assisted living...

Incorrect Tax Form
Posts

Help! My tax form is wrong!

As the April 15th deadline quickly approaches, you may be scrambling to get your ducks in a row. However, you...

Planning and Preparation for Protecting family estate while kids filing their own taxes
Posts

Tax uncertainty requires preparedness

With several tax provisions set to expire at the end of this year, now is the time to evaluate your...

Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
Posts

ALERT: Small business beneficial ownership reporting update

The Corporate Transparency Act requires most small businesses to file a report on the Financial Crimes Enforcement Network (FinCEN) of...

Unemployment Taxes for Businesses
Posts

Manage your business’s unemployment taxes

As a business owner, you must pay three different types of payroll taxes, as shown below. While FICA may be...

Understanding the Tax Gap Projections Map Table
Posts

Understanding the tax gap: How voluntary tax compliance is measured

As new rules and regulations introduce penalties for tax return errors, it's essential to recognize that the U.S. tax system...

2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
Posts

Tax return information that’s easy to miss

Double-check this list of commonly overlooked information to ensure your tax return is filed quickly and without error. These little...

IRS Workforce Changes
Posts

How recent IRS workforce changes may impact your tax filing

Recent changes in the IRS workforce may affect how you file your tax return this year. Here’s what you need...

Identity Theft
Posts

The new problem with IRS identity theft

If you are a victim of tax identity theft, there is more bad news. In its most recent annual report...

Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
Posts

FinCEN extends beneficial ownership information reporting deadline by 30 days

Financial Crimes Enforcement Network (FinCEN) has extended the beneficial ownership information (BOI) reporting deadline by 30 days and announced its...

When to Start Tax Planning and Filing Your Taxes Early for Savings
Posts

Tax savings can be found in the elections you make

Every year is an election year when it comes to making decisions on your annual income tax return. Here are...

New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
Posts

Does your mileage log travel the distance?

The tax code allows deductions for qualified miles driven for business, medical, moving, and charitable purposes. But to claim this...

Understanding property tax terms like basis and installment sale taxes
Posts

Understanding tax terms: Covering the bases on basis

Basis is a standard IRS term that probably does not enter your everyday conversation. This IRS term is important because...

correct your reporting online payment on 1099-Ks
Posts

Review and correct your 1099s now

It's now February, and you realize the Form 1099 you received is in error. In fact, it overstates your income...

What contemporaneous records do I need to keep? CPA preparations or compilations
Posts

Understanding tax terms: contemporaneous records

If you have problems sleeping at night and turn to the IRS tax code for help, you might find some...

IRS Letter for Penalty Relief Notices and Rebate Payments
Posts

IRS proactively issues one million rebate payments

In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery...

Maximize the Child and Dependent Care Credit to Deduct Summer Activity Expenses
Posts

Maximize the child and dependent care credit

The Child and Dependent Care Credit reduces taxes to offset the cost of daycare when you are employed. The maximum...

Record Retention: Tips to Organize Your Tax Records
Posts

It’s tax preparation time

January officially launches the tax season. As those tax forms start coming in, here are some tips to help you...

Delisted Accounting Published by Planet MicroCap Review Magazine
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“Delisted Accounting” Published by Planet MicroCap Review Magazine

If a company has failed to meet the conditions that triggered a deficiency notice resulting in the company’s shares being...

New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
Posts

2025 mileage rates are here

The new mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents...

Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Estimated Taxes Due
Posts

Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your taxes and make an estimated fourth-quarter...

New Custodial Accounts for Kids and The Kiddie Tax - Child Credits for 2021 Gift Return for Parents
Posts

Leveraging kiddie tax rules

The beginning of each year is a great time to start your tax planning. One area to help reduce your...

Tax season scams
Posts

Tax season is scam season

As a reminder, tax season is also the season for savvy criminals to initiate their scams. As you prepare to...

2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
Posts

Plan your 2025 retirement contributions

As part of your planning, now is the time to review the contributions to your retirement accounts in 2025. Recent...

protect your tax information from phishing scams
Posts

Gone phishing?

Each year, the IRS publishes the top dozen tax scams it encounters over the prior year. Phishing makes an all-too-common...

Common Tax Myth
Posts

Watch out for these tax myths

Many myths about the IRS and the tax code have recently been amplified online. Here are common myths that could...

tax tips for expenses in hiring family members in your small business
Posts

Tax planning for your business

As 2024 winds down, here are some tax tips to help you prepare your business for filing your upcoming tax...

Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
Posts

Taxes: understanding the essentials

Navigating the tax system can be challenging for everyone, whether you're an adult who hasn't paid much attention to paycheck...

Changes to Tax Law Provisions for Businesses in 2025
Posts

The 2025 tax law uncertainty

With the changes happening in Washington, D.C., there is now some uncertainty about what tax policies we may see in...

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"An income tax form is like a laundry list - either way you lose your shirt."

- Fred Allen

Albert Einstein

"The hardest thing in the world to understand is the income tax."

- Albert Einstein

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- Will Rogers

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“RRBB,” an independent member of the Crete Professionals Alliance, is the brand name under which Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (including subsidiary entities) provide professional services. Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. Rosenberg Rich Baker Berman, P.A. is a licensed independent CPA firm that provides attest services to its clients, and RRBB Advisors, LLC (and its subsidiary entities) provide tax and business consulting services to their clients. RRBB Advisors, LLC (including subsidiary entities) and Crete Professionals Alliance are not licensed CPA firms. The entities falling under the RRBB brand are independently owned and are not liable for the services provided by any other entity providing the services under the RRBB brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC.

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