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IRS suspends processing of ERTC claims

The IRS has immediately frozen the processing of new Employee Retention Tax Credit (ERTC) claims. Due to an influx of...

The IRS warns businesses about ERTC scams – part two

If you fall victim to an ERTC scam, you may be responsible for repaying the credit. In addition, you may...

The IRS warns businesses about ERTC scams – part one

Nowadays, businesses are allegedly missing out on the lucrative Employee Retention Tax Credit (ERTC). This allegation comes from numerous advertisements...

4 ways prioritizing inventory management can help your business

Mastering inventory levels is a key to many successful and growing businesses. Here are four reasons why prioritizing your inventory...

President Biden’s proposed budget includes notable tax provisions for businesses

The federal government's planned budget for the fiscal year 2024 has been made public by President Biden. They intend to...

Attention businesses: File on time or pay the price

The deadline for S-corporations and partnerships to file their tax returns for the calendar year is March 15. Although no...

Business owners: Now’s the time to revisit buy-sell agreements

Buy-sell agreements should be a crucial part of your estate and succession plans if you have a stake in a...

Tax ramifications can be good or bad

Few things are as upsetting as not getting paid what you are due. However, if the debt isn't paid, you...

Deciding to take your company public?

An initial public offering (IPO) is a demanding process and a pivotal point for any company. The two most important...

IRS publishes standard mileage rates for 2023

In July, your business mileage tax deduction became more valuable for 2022 after an announcement by the IRS. As of July...

Take advantage of your income, expenses, and debts to reduce your business’s 2022 tax bill

Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

Leverage your startup expenses and retirement plan to reduce your business’s 2022 tax bill

Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

Accelerate depreciation to reduce your business’s 2022 tax bill

Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

Maximize your QBI deduction to reduce your business’s 2022 tax bill

Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

Inflation Reduction Act expands deductions for energy-efficient construction – part two

Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

Inflation Reduction Act expands deductions for energy-efficient construction – part one

Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

Management letters: Follow up on your auditor’s recommendations

In today’s uncertain market, maintaining the status quo might be dangerous. Businesses must “level up” by being proactive and adaptable...

Businesses looking for outside investors need a sturdy pitch deck

Is your company prepared to look for outside investors for funding? For example, you might be a start-up needing funding...

Forecasts vs. projections: What’s the big difference?

Financial statements consider past results. But there are occasions when you need forward-looking reports, like forecasts and projections, to: Support...

Leveraging internal audits

Internal audit departments are typical in businesses. They check to see if the company is accurately reporting financial data according...

The Inflation Reduction Act includes extensive tax provisions – part two

The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be signed into law...

The Inflation Reduction Act includes extensive tax provisions – part one

The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be...

CHIPS Act poised to boost U.S. businesses

The CHIPS and Science Act of 2022, which includes the Creating Helpful Incentives to Produce Semiconductors for America Act, just...

Businesses must act now to make the most out of bonus depreciation – part two

The potential business value of bonus depreciation for taxpayers rose significantly with the Tax Cuts and Jobs Act (TCJA), but...

Businesses must act now to make the most out of bonus depreciation – part one

There have been different levels of bonus depreciation available for some time. For example, taxpayers could often claim a bonus...

Tax considerations when adding a new partner at your business

The business decision to add a new partner has several financial and legal repercussions. Imagine that you and your existing...

Going private

The news media has recently focused on initial public offerings (IPOs) involving special purpose acquisition companies (SPACs). However, amid the...

Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

Businesses typically desire to defer the recording of taxable income to future years while attempting to accelerate deductions in the...

Businesses: Prepare for the lower 1099-K filing threshold

This year, more workers may fall into the required reporting range of income. Therefore, businesses should be aware that they...

Fully deduct business meals this year

The federal government is now subsidizing corporate meals. One of the COVID-19 relief laws doubles the typical deduction for 50% of...

Businesses may receive notices about information returns that don’t match IRS records

The Internal Revenue Service (IRS) sends notices to corporations, financial institutions, and other taxpayers who filed returns with information that...

Can you deduct the costs of a spouse on a business trip?

If you own a business and often travel for it, you may wonder if you can deduct the costs of...

Take your financial statements to the next level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your...

2022 Q2 tax calendar: Key deadlines for businesses and other employers

Is this year’s April 18 filing deadline applicable to your company? What additional tax deadlines are there for businesses and...

The ABCs of activity-based costing

As reported on your company’s income statement, revenue and expenses have limited usefulness to people inside the organization. Managers often...

Numerous tax limits affecting businesses have increased for 2022

Many tax limits that affect businesses get indexed annually for inflation. However, a number of them have increased for 2022....

Businesses with employees who receive tips may be eligible for a tax credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for...

The tax implications of owning a corporate aircraft

If your business is successful and you do a lot of business travel, you might consider buying a corporate aircraft....

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. Your business may want to show its...

What business owners should know about stop-loss insurance

When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why?...

Get your piece of the depreciation pie now with a cost segregation study

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation,...

Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The...

Opening a new location calls for careful planning

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries...

Want to find out what IRS auditors know about your business industry?

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues...

IRS issues ERC guidance as Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to...

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to...

The deductibility of corporate expenses covered by officers or shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These...

10 facts about the pass-through deduction for qualified business income

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax...

Eligible Businesses: Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue...

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,...

Help ensure the IRS doesn’t reclassify independent contractors as employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers...

Claiming the business energy credit for using alternative energy

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a...

Accounting for business combinations

If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence...

Ensure competitive intelligence efforts are helpful, not harmful

With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a...

Know the ins and outs of “reasonable compensation” for a corporate business owner

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation...

To Our Valued Clients:

RRBB has always stood on values of being entrepreneurial and visionary in our thinking – anticipating the future needs and opportunities for our clients and positioning ourselves to be ready to meet these needs with timely solutions, insights, and an innovative approach. We are excited to take another big step forward to focus on the future reimagined not only for our firm and our people, but for you.

RRBB is pleased to announce our restructuring in which we will continue to conduct our attest practice through our existing firm, Rosenberg Rich Baker Berman, P.A. ("RRBB PA"); however, we are transferring our non-attest assets and services, such as tax, consulting, and other services (including services provided by CFO Financial Partners LLC), to a new entity, RRBB Advisors, LLC ("RRBB Advisors"). Accordingly, any engagement letters or services agreements between you and RRBB PA for audit or other attest services will remain with RRBB PA. Any engagement letters or services agreements between you and RRBB PA for tax, advisory, or consulting services will be assigned to RRBB Advisors.

As part of audit and attest engagements, RRBB PA will lease professional and administrative staff, both of which are employed by RRBB Advisors, to support RRBB PA's performance of those engagements. These leased individuals will be under the direct control and supervision of RRBB PA, which is solely responsible for the professional performance of audit and attest engagements.

As part of this restructuring, our partners have teamed with Crete Professionals Alliance to provide additional resources to both RRBB PA and RRBB Advisors, operating under the brand name, RRBB. This restructuring will further cement our mission to keep a client-centric mindset in all we do to ensure we are able to stay ahead of the unprecedented business changes this environment brings. We believe with this restructuring, RRBB is better positioned than ever to deliver excellent client service.

RRBB will remain focused, as we have for more than 60 years, on what counts – you. Our investment in long-term relationships and a dedicated, integrated approach to client service remains stronger than ever. Your team relationships and interpersonal experience with RRBB will not change. We believe that you will have access to significant additional resources and a deeper bench of expertise in consulting, advisory, and industry matters as we grow long into the future.

RRBB Advisors will maintain custody of all our files. Both RRBB PA and RRBB Advisors will comply with the same confidentiality obligations with respect to your confidential information. RRBB PA is and remains a licensed CPA firm. RRBB Advisors, which is not a licensed CPA firm, will be owned by the partners of RRBB and Crete Professionals Alliance. Please let us know immediately if you have any objection to such transfer of your files. If we do not receive any such objections within ninety (90) days from the date hereof, we will presume you have no such objections.

Note that we will also share certain of your information with Crete Professionals Alliance to assist in the administration of our practice and to monitor for compliance with applicable independence rules.

We are thrilled at the impact this next step will provide to help bring you solutions, insights, and tools to maximize your vision and accomplish your business and personal goals.

Please feel free to reach out to your RRBB relationship partner with any questions.

Sincerely,

The Partners and Managing Members of RRBB

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