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    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    New tax rules mean changes for retirement accounts

    There are many methods for you to increase your retirement savings accounts through the SECURE Act 2.0, which Congress passed...

    leveraging giving excess gifts and filing a gift tax return vs. bequests rules
    Posts

    Understanding the gift giving tax

    There are particular limits to the number of gifts one may give to any individual each year to prevent taxpayers...

    sole proprietors
    Posts

    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...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

    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...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

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

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

    FBAR issue
    Posts

    U.S. Supreme Court rules against the IRS on critical FBAR issue

    The Bank Secrecy Act (BSA) clause that has divided two federal courts of appeal received fresh guidance from the U.S....

    leveraging giving excess gifts and filing a gift tax return vs. bequests rules
    Posts

    To file or not to file a gift tax return, that is the question

    You might wonder if filing a gift tax return is necessary if you made gifts last year. The short answer:...

    Roth IRA tax-free retirement savings
    Posts

    Is a Roth IRA right for you?

    Consider investing in a Roth IRA if you're searching for tax-free savings and greater freedom in retirement. While Roth IRA...

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

    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...

    Tax Break for Elderly Caregiver(s) Receiving an Inheritance
    Posts

    3 tax break tips for caregivers

    If you've ever had to provide care for a sick, elderly, or disabled person, you are aware of the financial...

    buy-sell agreements
    Posts

    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...

    mutual fund tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    What to do if your e-filed tax return is rejected by the IRS

    Nowadays, more than 90% of individual tax returns are submitted electronically, and the procedure is usually simple. But e-filing can...

    Potential Tax Legislation: Fiscal Responsibility Act
    Posts

    Potential tax legislation in the new Congress

    As a result of the 2022 midterm elections, the Democrats no longer hold control of both chambers of Congress, tipping...

    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Your most important defense against an IRS audit

    A tax court judge determined that a joint tax return that both spouses do not sign is ineligible to be...

    financial distress debt in business
    Posts

    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...

    correct your reporting online payment on 1099-Ks
    Posts

    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...

    What is unearned income on tax forms
    Posts

    How to handle all those forms

    Over the past few weeks, tax forms have begun to pile up in your mailbox, and more are probably on...

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

    Tips to make sure your tax return doesn’t get stuck

    Here are five tips to ensure your tax return is prepared and filed as quickly (and accurately!) as possible. Tax...

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

    Reasons to file early

    When the IRS receives its first tax return in late January or early February, the 2022 tax filing season officially...

    taking your company public
    Posts

    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...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for businesses

    Here is a breakdown of the due dates for different tax-related documents, payments, and other actions. We provide this information...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for individuals

    This breakdown of the due dates for different tax-related documents, payments, and other actions is offered to assist you in...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Reminder: Fourth quarter estimated taxes now due

    If you haven't already, you should assess your tax situation and file Form 1040-ES to make an estimated quarterly tax...

    New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
    Posts

    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...

    Year-end spending package tackles retirement savings planning
    Posts

    Year-end spending package tackles retirement planning: part two

    Congress enacted the Consolidated Appropriations Act of 2023 on December 23, 2022. In addition, the expansive year-end spending "omnibus" bill...

    Year-end spending package tackles retirement savings planning
    Posts

    Year-end spending package tackles retirement planning: part one

    Congress enacted the Consolidated Appropriations Act of 2023 on December 23, 2022. In addition, the expansive year-end spending "omnibus" bill...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    Consider donating appreciated stock and mutual funds

    If you donate appreciated stock to a charity of your choice rather than cash, it could lower your tax bill...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Plan Your 2023 Retirement Contributions

    As part of your planning for next year, you should review the contributions needed to fund your retirement accounts in...

    2022 Year-End Tax deadlines
    Posts

    5 Year-End Tax Essentials

    Before 2022 comes to a close, take some time to review these essential year-end items to ensure you are not...

    Annual Gift Tax Exclusion Amount Increases for 2023
    Posts

    Annual gift tax exclusion amount increases for 2023

    Did you know that one of the easiest and most convenient ways to avoid paying estate taxes is also one...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    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 tax aspects of operating a business
    Posts

    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 of taxable income and defer deductions
    Posts

    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
    Posts

    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...

    Business forecasting and harvesting your capital losses
    Posts

    5 steps to take now to cut your 2022 tax liability: Harvest your capital losses

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    5 steps to take now to cut your 2022 tax liability: Give to charity

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    managing your itemized deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Manage your itemized deductions wisely

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Deferring or Accelerating Income and Tax Deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Defer or accelerate income and deductions

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Roth IRA tax-free retirement savings
    Posts

    5 steps to take now to cut your 2022 tax liability: Convert your traditional IRA to a Roth IRA

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Should you file a joint tax return for the year of your spouse’s death?
    Posts

    Should you file a joint tax return for the year of your spouse’s death?

    A sad, traumatic event is the death of a spouse. Dealing with taxes and other financial and legal duties is...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part three: retirement plans

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part two: estate planning

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part one: individual tax

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    IRA energy-efficient construction
    Posts

    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)....

    IRA energy-efficient construction
    Posts

    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)....

    Unused compensation reductions and employee tax-free income
    Posts

    No parking: Unused compensation reductions can’t go to health FSA

    One of the pandemic's many long-lasting results is that some companies let employees work remotely. This decision brings up compelling...

    Take your audit to the next level with management letters
    Posts

    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...

    GST tax
    Posts

    The GST tax and your estate plan: What you need to know

    A not-so-fun truth is this: the generation-skipping transfer (GST) tax is one of the toughest and most complicated in the...

    R&D payroll tax credit
    Posts

    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....

    R&D payroll tax credit
    Posts

    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....

    financial distress debt in business
    Posts

    Do you know the signs of financial distress in a business?

    The financial figures do not tell the entire story. Knowing how to see warning signs of coming issues allows investors,...

    Common Tax Myth
    Posts

    Effective and Marginal Tax: Understanding the difference

    The tax code contains several terms we rarely use in everyday conversation. Two of the more common are Marginal Tax...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    CLTs: A charitable trust that takes the lead

    Do you tend to temporarily donate property to a charity without permanently giving it up? Then, consider the advantages of...

    funding from outside investors
    Posts

    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...

    Financial Forecasts and Projections
    Posts

    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...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part two

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    The Clean Vehicle Credit comes with caveats – part one

    The Inflation Reduction Act (IRA) includes various tax incentives to reduce the severe effects of climate change. The Qualified Plug-in...

    Posts

    Take a balanced approach to retirement and estate planning using a split annuity

    The biggest problem for those who are approaching or have already reached retirement is striking a balance between the necessity...

    IRS Letter for Penalty Relief Notices and Rebate Payments
    Posts

    IRS offers penalty relief for the 2019 and 2020 tax years

    Although the recently announced student loan debt relief has garnered much attention, another federal relief program from the same announcement...

    Posts

    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...

    Posts

    Leveraging internal audits

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

    Posts

    Careful planning required for beneficiaries to borrow from a trust

    Intrafamily loans allow you to help loved ones out financially while potentially lowering gift and estate taxes. However, what about...

    Posts

    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...

    Posts

    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...

    Posts

    Hidden back-to-school tax deductions

    As the summer draws to a close, back-to-school advertising is ramping up. Parents, guardians, and teachers can take advantage of...

    Tech and Biotech Startups
    Posts

    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...

    Goodwill in a bad economy
    Posts

    Goodwill in a bad economy

    Many companies and nonprofit organizations have been forced to reduce the value of acquired goodwill on their balance sheets due...

    leveraging giving excess gifts and filing a gift tax return vs. bequests rules
    Posts

    Are you and your spouse considering “splitting” gifts?

    Gift splitting can help you and your spouse maximize the amount of wealth that can be transferred tax-free and is...

    Fair Value in Accounting
    Posts

    FAQs about fair value in accounting

    Recent guidance from accounting rule makers requires the “fair value” reporting of specific items on the balance sheet. Here are...

    bonus depreciation bonus
    Posts

    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...

    bonus depreciation bonus
    Posts

    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...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    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....

    Crummey Powers in Family Trust and Estate Planning
    Posts

    Power up your trust with Crummey powers

    After accounting for inflation, the unified gift and estate tax exemption is up from $11.7 million in 2021 to $12.06...

    Selling Business or Trade Property Results in Tax Consequences
    Posts

    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...

    New Car Interest Log for standard business mileage tax deduction rates for 2024/2025
    Posts

    Your business mileage deduction just became more valuable

    Your business mileage tax deduction is now more valuable for the rest of 2022 after a recent announcement by the...

    reporting subsequent events
    Posts

    Timing counts: Reporting subsequent events

    Significant events or transactions may occur after the reporting period has ended but before the completion of financial statements. Examples...

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Opening up to SLAT opportunities

    Planning for estate taxes can get challenging when there are several parties. For instance, you might worry about supporting your...

    new business partner
    Posts

    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...

    from C corporation to S corporation
    Posts

    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...

    audit opinions for related-party transactions
    Posts

    Eyes on related parties

    Business transactions with related parties, such as friends, family, parent firms, subsidiaries, and affiliated entities, may occasionally occur at above-...

    ERISA
    Posts

    ERISA and EAPs: What’s the deal?

    When considering an employee assistance program (EAP), many business owners wonder if the Employee Retirement Income Security Act (ERISA) will...

    buy-sell agreements
    Posts

    Add estate planning flexibility with a power of appointment

    Even the most well-laid plans can go wrong. Events may occur after your death that you did not anticipate or...

    Going Private Versus Public Company
    Posts

    Going private

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

    accelerate depreciation of taxable income and defer deductions
    Posts

    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...

    Defined-value gifts
    Posts

    Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

    An increase in the federal gift and estate tax exemption for 2022 makes it at its most significant level ever....

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
    Posts

    Establish a tax-favored retirement plan

    If your company doesn't already have a tax-favored retirement plan in place, now is a terrific moment to start. The...

    Critical Audit Matters, Risk, Esg Issues, and More Reported
    Posts

    New audit committee survey reveals trends on risks, ESG reporting, and more

    The Center for Audit Quality, an associate of the American Institute of Certified Public Accountants, released a survey titled "Audit...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

    Proposed regulations for inherited IRAs bring unwelcome surprises

    The first significant legislation signed into law addressing retirement savings since 2006 was in late 2019. Many improvements to retirement...

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    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...

    deduct business meals
    Posts

    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...

    Health Savings Accounts
    Posts

    Inflation enhances the 2023 amounts for Health Savings Accounts

    The IRS has issued advice outlining the inflation-adjusted values for Health Savings Accounts (HSAs) until 2023. Because of the high...

    IRS Penalty Relief Notices
    Posts

    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...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    After tax day: Take these action steps

    The April deadline for filing taxes has passed, but that doesn’t mean you should forget about them until next year....

    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

    Owning real estate in more than one state may multiply probate costs

    Probate avoidance or minimization is one of the goals of estate planning. It is especially significant if you own property...

    research tax credit for small business payroll taxes and compliance for businesses
    Posts

    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...

    deduct business trip costs
    Posts

    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...

    audit opinions for related-party transactions
    Posts

    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...

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

    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...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    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...

    Benchmarking and Forecasting with Data Analytics in Financial Statements
    Posts

    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...

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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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