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Understanding tax terms: depreciation recapture

One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property, or...

What you need to know about hiring family members

Many business owners hire their child(ren), spouse, or other family members to work in their business. Sometimes this works out...

Safeguarding your business’s cash with separation of duties

The best way for small businesses to battle fraud is to create a separation of duties framework. With the separation...

An IRS audit target: the sole proprietor

The IRS releases its Data Book annually, which details all of its activities. And during the past few years, audits...

A recent IRS change regarding 1099-Ks

The IRS will no longer require third-party payment processors to submit 1099-Ks to anyone receiving payments of more than $600...

Inflation Reduction Act expands valuable R&D payroll tax credit – part two

Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

Inflation Reduction Act expands valuable R&D payroll tax credit – part one

Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

Does your business barter? Here are some facts you should know

Many small businesses are cash-strapped in the current economy. Instead of paying cash, they can find it advantageous to barter...

Deciding between cash and accrual accounting methods

Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

The tax mechanics involved in the sale of trade or business property

What tax consequences result from selling a piece of the property employed in your trade or business? A variety of...

Tax issues to assess when converting from a C corporation to an S corporation

In the correct situations, operating as an S company may assist small firms in lowering federal employment taxes. However, before...

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...

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...

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...

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...

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...

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...

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...

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...

Expanding succession planning beyond ownership

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

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...

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...

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...

Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a...

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...

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax...

Don’t assume your profitable company has strong cash flow

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you...

An S corporation could cut your self-employment tax

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject...

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...

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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