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From Sole Proprietor to S-Corp
Posts

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
Posts

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
Posts

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
Posts

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
Posts

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
Posts

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
Posts

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
Posts

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
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
Posts

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 tax terms like basis and installment sale
Posts

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
Posts

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
Posts

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 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
Posts

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 log 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 tax terms like basis and installment sale
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
Posts

“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 log 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 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...

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...

Year-End Tax Savings Checklist
Posts

Great tax moves you can still make before the end of the year

Conducting a year-end tax review of your financial situation can uncover opportunities to cut your tax bill or save you...

avoid name mismatch audits
Posts

How to avoid name mismatch audits

If you were married, divorced, or changed your name for any reason during the past year, you must change your...

taxable income items reduction ideas
Posts

Is there a taxable income reduction idea you can use?

Many tax experts talk about shifting your tax burden from one year to the next. While it may make sense...

Taxable or Not Taxable? Common Tax Questions
Posts

What is taxable and not taxable?

The tax code contains several areas that can confuse the taxability of money received. Some of these items may surprise...

Social Security Benefit Changes for 2025
Posts

Hike in Social Security Benefits announced for 2025

The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025,...

What Head of Household Means
Posts

Understanding tax terms: Head of household

One of the most misinterpreted tax terms in the U.S. tax code is "head of household," so we're here to...

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

What records do I need to keep?

Everyone must keep records that substantiate their tax returns or other important life events for as long as necessary. So,...

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

A dozen tax planning triggers

If you're wondering when a good time to start tax planning is, it's now. Tax planning season has begun! Those...

Understanding tax terms for wash sales
Posts

Surprise! Your stock loss is not deductible

You may be considering booking stock losses due to recent market drops. Selling can be a great strategy when these...

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

An option to deduct summer activity expenses

The kids are out of school. So, now is a great time to review the rules to deduct eligible summer...

Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
Posts

Retirement plan options for small business owners

Offering a retirement plan can be a powerful tool when you’re competing to attract the best employees. And if you're...

Changes to Tax Law Provisions for Businesses in 2025
Posts

Take advantage before tax changes occur

Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This...

IRA contribution error with contributions to retirement savings to retire early
Posts

Tax tips to aid in retiring early

Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money...

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
Posts

This large gain exclusion creates a tax risk

One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married...

What to Know about Your Status of IRS Tax Refund Deadline
Posts

Anticipating your refund? What you should know

If you e-file your tax return, you can generally expect to receive your refund within three weeks of the IRS...

What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
Posts

IRS notices creating alarm: Here is what to know

Beginning in April, several IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is...

Changes to Tax Law Provisions for Businesses in 2025
Posts

President Biden’s proposed budget highlights his tax agenda – part two

In his proposed budget for fiscal year 2025, President Biden has included several tax provisions. These will impact individuals, families,...

Changes to Tax Law Provisions for Businesses in 2025
Posts

President Biden’s proposed budget highlights his tax agenda – part one

In his budget proposal for fiscal year 2025, President Biden includes several tax measures that will impact businesses and corporate...

What to Know about Your Status of IRS Tax Refund Deadline
Posts

Oh no! Your tax refund is now a bill

Many taxpayers start preparing their tax returns, hoping to receive a sizable refund, only to find out that their actual...

New Tax Rules for Homeowners
Posts

New tax rules are creating confusion for homeowners

Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when, and how much...

The Paycheck Tax Tip
Posts

A great place to lower your taxes: your paycheck

Here is a tip: the tax code has plenty of ways to reduce your taxable income, and many take place...

Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
Posts

The DOL issues new final rule on independent contractor vs. employee status – part two

The final new rule on employee status substantially resembles the October 2022 publication of the proposed rule. The U.S. Department...

Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
Posts

The DOL issues new final rule on independent contractor vs. employee status – part one

Over the past ten years, multiple revisions have been made to the U.S. Department of Labor's (DOL) standard for deciding...

proof of check payment
Posts

No check! Where’s your proof?

Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax...

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
Posts

The $500,000 homeowner tax break

A large tax break allows a homeowner to exclude up to $250,000 ($500,000 married) in capital gains on the sale...

Retirement Account Withdrawal
Posts

Avoid a penalty and tax surprise when withdrawing from retirement accounts

Retirement accounts that provide tax breaks have very specific rules that you must adhere to if you want to enjoy...

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

File a business return on time or pay the price

March 15th is the tax filing due date for the 2023 calendar year for S corporations and partnerships. This deadline...

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

Review these common causes of filing delays

Double-check this list of common missing items that often cause delays when filing your tax return and receiving your much-anticipated...

taxable income items reduction ideas
Posts

Six surprising taxable items

If something of value changes hands, you can bet the IRS will consider a way to tax it. Here are...

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

When it makes sense to file a tax return as soon as you can

The 2024 tax season for 2023 tax returns is now officially underway. Here are several reasons to consider filing your...

Identity Theft
Posts

IRS identity theft season begins now

Thieves try to steal billions in federal withholdings each year by stealing your identity. As the IRS focuses more attention...

Tech and Biotech Startups
Posts

Giving tech and biotech startups a leg up

Startups, especially tech and biotech startups, are common these days. Most of these companies do not have enough resources, such...

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

2024 tax calendar

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this calendar of when various tax-related...

relief program and withdrawal options for scam victim of ERTC claims scams
Posts

The IRS unveils ERTC relief program for employers

Since July 2023, the IRS has been responding to a "flood of ineligible claims" for the Employee Retention Tax Credit...

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- Fred Allen

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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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