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Who should own your life insurance policy?

If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is...

Accelerate your retirement savings with a cash balance plan

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re...

Strong internal controls help reduce restatements

A recent study has found that fewer public companies are reissuing financial statements due to errors or omissions, in large...

Critical connection: How costs impact pricing

As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for...

Timing strategies could become more powerful in 2017, depending on what happens with tax reform

Projecting your business income and expenses for this year and next can allow you to time when you recognize income...

Bridging the divide with a mezzanine loan

In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies...

2 ways spouse-owned businesses can reduce their self-employment tax bill

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome....

How effectively do you manage risk?

Businesses can’t eliminate risk, but they can manage it to maximize the entity’s economic return. A new framework aims to...

ABCs of HSAs: How an HSA can benefit your estate plan

One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible...

Should your business use per diem rates for travel reimbursement?

Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of...

Putting hedging strategies to work for your business

The Financial Accounting Standards Board (FASB) recently issued some targeted improvements to its guidance that could encourage more companies to...

Charitable giving pièce de résistance: Artwork donations

Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works...

How profitable are your customers?

“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic...

Tax basis planning worth a look if estate taxes aren’t a threat

For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high...

Tax planning critical when buying a business

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time...

Larger deduction might be available to businesses providing meals to their employees

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is...

Supplement your financial statements with timely flash reports

Most companies prepare financial statements on a monthly or quarterly basis. Unfortunately, it usually takes between two and six weeks...

Ensuring a peaceful succession with a buy-sell agreement

A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under...

Could captive insurance reduce health care costs and save your business taxes?

If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs...

Credit loss standard: The new CECL model

A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones....

Powers of attorney: Springing vs. nonspringing

Estate planning typically focuses on what happens to your assets when you die. But it’s equally important (some might say...

Put your audit in reverse to save sales and use tax

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use...

Close-up on cutoffs for reporting revenues and expenses

Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important...

Rev up retirement offerings with an NQDC plan

Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in...

Material participation key to deducting LLC and LLP losses

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures...

How external auditors can leverage your internal audit work

Does your company have an internal audit function? If so, you may be able to use your internal audit team...

Use a noncharitable purpose trust to achieve a variety of goals

Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One type of...

4 tough questions to ask before expanding to a new location

Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before...

6 ways to control your unemployment tax costs

Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number...

Private companies: Consider these financial reporting shortcuts

For years, private companies and their stakeholders have complained that the Financial Accounting Standards Board (FASB) catered too much to...

Don’t overlook tax apportionment when planning your estate

If you expect your estate to have a significant estate tax liability at your death, be sure to include a...

Listening to your customers by tracking lost sales

“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a...

ESOPs offer businesses tax and other benefits

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement....

We’ve got the lowdown on updated cash flow reporting guidance

Cash flow statement reporting is a leading cause of company financial restatements. Do you know how to categorize items on...

The stretch IRA: A simple yet powerful estate planning tool

The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the...

Does your business have too much cash?

From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow...

3 midyear tax planning strategies for business

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will...

Look beyond EBITDA

Earnings before interest, taxes, depreciation and amortization (EBITDA) is commonly used to assess financial health and evaluate investment decisions. But...

ABLE accounts can benefit loved ones with special needs

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security...

Make sure your company is prepared for any disaster

What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps...

All fringe benefits aren’t created equal for tax purposes

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash...

Less than 6 months until the new contract revenue guidance goes live!

The sweeping new revenue recognition standard goes into effect soon. But many companies are behind on implementing it. Whether your...

Are you familiar with fraudulent transfer laws?

A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at...

Why business owners should regularly upgrade their accounting software

Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get...

3 breaks for business charitable donations you may not know about

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income...

Close-up on restricted cash

The Financial Accounting Standards Board (FASB) has amended U.S. Generally Accepted Accounting Principles (GAAP) to clarify the guidance on reporting...

Seasonal business? Optimize your operating cycle

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense...

Pro forma compilations look at how an alternative course of action would have affected financials

The American Institute of Certified Public Accountants (AICPA) has clarified its guidance on pro forma compilations. Here’s an explanation of...

Is now the time for a charitable lead trust?

Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT)....

You don’t have to take business insurance costs sitting down

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company,...

Dot the “i’s” and cross the “t’s” on loans between your business and its owners

It’s common for closely held businesses to transfer money into and out of the company, often in the form of...

Timeliness counts in financial reporting

Do you procrastinate when it comes to closing your books and delivering year-end financial statements? Lenders and investors may think...

Business owners: Put your successor in a position to succeed

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of...

Choosing the best way to reimburse employee travel expenses

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses....

Put your income statement to good use

By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how...

Are your retirement savings secure from creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed,...

Consider the tax consequences before making an employee a partner

In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining...

Business owners: When it comes to IRS audits, be prepared

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering...

It’s a matter of principle — and trust — when using a principle trust

For many, an important estate planning goal is to encourage their children or other heirs to lead responsible, productive lives....

How to shape up your working capital

Working capital — current assets minus current liabilities — is a common measure of liquidity. High liquidity generally equates with...

Risks in Your Supply Chain

Looking for concentration risks in your supply chain Concentration risks are a threat to your supply chain. These occur when...

Operating across state lines presents tax risks — or possibly rewards

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency...

Bonus Depreciation Yields Big Savings For Business Owners

Bonus Depreciation Takes The Edge Off Mid-Quarter Convention Concerns Since introduced as part of the Job Creation and Worker Assistance...

Year-end Tax Planning Letter

Dear Client: As the end of the year approaches, it is a good time to think of planning moves that...

Late Rollovers (past 60 days) May Benefit From New IRS Guidance

September 28th, 2016 Did you miss the deadline to rollover your retirement plan or traditional IRA funds due to circumstances...

Family Limited Partnership Discounted Gifting May Soon Be Coming to an End

August 25, 2016 Leonard M. Friedman, CPA/ABV, CBA Family Limited Partnerships (FLP’s) can be useful family wealth management tools for...

Venture Capital, the 7 Secrets Your Big CPA Firm Won’t Tell You

Brian Zucker, CPA August 9, 2016 7 Secrets Your Big CPA Firm Won’t Tell You About Investing in or Starting...

Starting a Business? Find a Trusted Advisor Today

Brian Zucker, CPA August 1, 2016 Starting a Business? Find a Trusted Advisor Today One of the great things about...

The New and Improved Research and Development Credit

Leonard M. Friedman, CPA/ABV, CBA July 27, 2016 The New and Improved Research and Development Credit In December 2015, the...

Calling it Quits: How Dentists Can Maximize Their Exit Strategies

Gary A. Sherman, CPA July 15, 2016 If you’ve been thinking about selling your dental practice, you’re not alone. According...

Stress-Free Ways to Grow Your Dental Practice

Gary A. Sherman, CPA July 12, 2016 I recently visited the Rutgers School of Dentistry website. I was impressed by...

The Right Way to Value Your Dental Practice

Gary A. Sherman, CPA July 6, 2016 Ah, summer. It’s that magical time when many dentists dream about spending more...

R&D Tax Credit – In 2016 Qualifying Start Up Businesses can elect as credit from Payroll Taxes.

Here's some important tax news for our clients with small new businesses. Starting with tax years beginning in calendar year...

Research Credit can to some extent offset payroll taxes!

New law. The Act retroactively and permanently extends the research credit. (Code Sec. 41(h), as amended by Act Sec. 121(a)(1))...

New Tax Deal- Some Tax Extenders made permanent

Congress and the President finally agreed and signed into law a new tax deal on all the pending “extenders” we’ve...

Health Care Law: Tax Considerations for Employers with Fewer than 50 Employees

IRS Tax Tips December 1, 2015 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS...

5 Internal Control Tips That Can Save Your Business From Fraud

Where There’s Smoke, There’s Fire: 5 Internal Control Tips That Can Save Your Business From Fraud Will the lack of...

10 Ways To Implement Internal Controls With Limited Resources

You’ve probably heard about how critical it is to establish internal controls throughout your business. But if you happen to...

Making the best tax use of a Vacation home with today’s rules

Making the best tax use of a vacation home under today's rules—Part I An improved economy, a strengthened real estate...

Tax Deadline for 2016 for most filers will be Monday April 18th

Monday, April 18 will be 2016 tax deadline for most individual taxpayers Rev Rul 2015-13, 2015-22 IRB In a Revenue...

Seven Tips to Help You Determine if Your Gift is Taxable

IRS Tax Tip 2015-51, April 1, 2015 If you gave money or property to someone as a gift, you may...

Top 10 Regulatory Issues Small Businesses Should be Aware of in 2015

With the New Year in full swing, small business owners are focused on implementing their strategic plans for 2015. An...

Stay Vigilant Against Bogus IRS Phone Calls and Emails

Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend...

Cyber Crimes, Identity theft and Your Tax return

Last week health insurance giant Anthem Inc. said hackers had breached its computer system and that the personal information of...

IRS SETS OUT RULES FOR REPORTING SICK PAY PAID BY THIRD PARTIES

IRS SETS OUT RULES FOR REPORTING SICK PAY PAID BY THIRD PARTIES Notice 2015-6, 2015-05 IRB In a Notice, IRS...

What Key Estate Planning Tools Should I Know About?

By taking steps in advance, you have a greater say in how these questions are answered. And isn’t that how...

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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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