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...

Jenifer Mendieta of RRBB Accountants and Advisors Awarded NJCPA Scholarship

Jenifer Mendieta, a Staff Accountant in the RRBB Accountants and Advisors Attest Department, was awarded a $6,500 college scholarship by...

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...

The election to apply the research tax credit against payroll taxes

The research and development (R&D) credit is a substantial tax break provided to eligible businesses. Claiming the credit requires intricate...

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...

Four levels of audit opinions

The auditor’s report appears on the first page of the audited financial statements. One should not overlook that essential aspect...

Congress eyes further retirement savings enhancements

The bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law in 2019, marking the first important...

The donor-advised fund: A powerful vehicle for charitable giving

Consider a donor-advised fund (DAF) if charitable giving is essential to you. Usually sponsored and managed by a community foundation...

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...

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is...

Use the net gift technique to reduce your gift tax rate

If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones....

Audit disclosures: Why the fine print is important

Footnotes appear at the end of a company’s audited financial statements. These audit disclosures provide insight into account balances, accounting...

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...

Approach turnaround acquisitions with due care

Economic changes wrought by the COVID-19 pandemic and other factors drove historic global mergers and acquisitions (M&A) activity in 2021....

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...

Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor or plan to start a business, you need to know...

Does your trust need protection?

Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much...

Preparations vs. compilations

Your business needs financial statements. That way, management can monitor performance, attract investment capital, and borrow money from a bank...

Andy Fingerhut Awarded Five Star Wealth Manager in New Jersey for Tenth Year

RRBB Accountants and Advisors is proud to announce that Five Star Professional named Andrew Fingerhut, CPA, a Partner of the...

Keeping meticulous records is the key to tax deductions and painless IRS audits

If you operate a business or are starting a new one, you know you need to keep records of your...

The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

The IRS announced additional relief for pass-through entities required to file two new tax forms for the 2021 tax year....

Entrepreneurs and taxes: How expenses are claimed on tax returns

While some businesses have closed since the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited several reasons they...

How to forecast smarter

Forecasting key business metrics can help reduce excess inventory and other overhead, offer competitive prices, and keep your business on...

The 2021 gift tax return deadline is almost here, too

April 18, 2022, is the deadline for filing your federal income tax return. However, keep in mind that the 2021gifttax...

RRBB Accountants and Advisors on Hiring Spree to Further Company Growth Strategy

Justin Huryk, Spencer Parcel, Joe Caplan, Stephanie Marte, Jen Mendieta, Kirby Marron, Nick Klimkiewicz, John Sheedy, Rohith (“Ro”) Parthasarathy [Photo...

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....

Let your financial statements guide you to optimal business decisions

Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as...

New tax reporting requirements for payment apps could affect you

Do you run a business and accept payment through third-party apps such as Zelle, Venmo, Square, or PayPal? The new...

2022 deadlines for reporting health care coverage information

Before we talk about reporting deadlines, let's first discuss who actually needs to report that health care coverage information? Since...

RRBB Accountants and Advisors Announces Two New Partners in Somerset

RRBB Accountants and Advisors is pleased to announce the addition of two new Partners based in the Somerset office. Joseph...

2022 calendar of tax deadlines

We want to help make sure you don’t miss any important 2022 tax deadlines. So, we’ve provided this summary of...

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...

Reporting and managing inventory

Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on...

With proper planning, a charitable remainder trust can replicate a “stretch” IRA

The “stretch” IRA generally no longer exists. But with a substantial balance in a traditional IRA, a properly-designed charitable remainder...

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation...

Defer tax with a like-kind exchange

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax...

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....

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential...

How to assess fraud risks today

Auditing standards require external auditors to consider potential fraud risks. These auditors watch out for conditions that provide the opportunity...

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...

Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year,...

Opportunities and challenges: Valuation in the age of COVID-19

Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on...

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?...

Thinking about participating in your employer’s 401(k) plan? Here’s how it works

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...

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,...

10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature...

Going concern disclosures today

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you...

EIDL program retooled for still-struggling small businesses

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19...

Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad...

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...

3 essential estate planning strategies not to be ignored

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true...

Restating financial results

In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by...

Think like a lender before applying for a business loan

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s...

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...

Financial reporting issues to consider in “going private” transactions

In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices...

Expanding succession planning beyond ownership

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of...

A tenancy-in-common interest can ease distribution of real estate

If your estate includes significant real estate investments, the manner in which you own these assets can have a dramatic...

IRS additional guidance addresses COBRA assistance under ARPA

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan...

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed”...

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as...

CAMs: Thumbs up or thumbs down?

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major...

Is your business underusing its accounting software?

Someone might have once told you that human beings use only 10% of our brains. The implication is that we...

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...

Have you followed up on the management letter from your audit team?

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is...

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need...

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to...

Financial statements: Take the time to read the entire story

A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps...

Keep family matters out of the public eye by avoiding probate

Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s...

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...

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves...

Analytics software: A brave new world in auditing

Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively....

Getting a new business off the ground: How start-up expenses are handled on your tax return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From...

5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies...