RBTK, LLP

RBTK is now Eide Bailly!

Follow us on our new social channels for the latest tax and technology news, industry insights, and more. https://bit.ly/3oRJQuo

RBTK is now Eide Bailly! “We’re thrilled that this union will allow us to stay true to our current culture while also providing exciting opportunities for collaboration, additional resources for our clients, and expanded benefits and opportunities for our employees.” - Scott Trendel, Partner at RBTK.

Learn more about Eide Bailly: ➡️ https://bit.ly/47BteMh

In this video, we discuss a significant update affecting employers and employees in California. Starting from January 1, 2024, California will no longer have a wage cap for state disability insurance contributions.

We emphasize the importance of early planning and education for both employers and employees regarding this change, as it won't take effect until 2024. For further information and guidance, we encourage viewers to call the provided number. https://youtu.be/WYlIO_TGcPE

CA State Disability Contributions Explained In this video, we discuss a significant update affecting employers and employees in California. Starting from January 1, 2024, California will no longer have...

Discover the ins and outs of the Employee Retention Tax Credit (ERTC) and its crucial tax implications in our latest video. From wage disallowance to interest on refunds, we break down the important details you need to know for your business. Stay informed, avoid tax pitfalls, and ensure you make the most of this valuable government incentive. For all your ERTC questions and concerns, reach out to us at (858) 430-0300 today.
https://youtu.be/Df85D5iHHg4

Have You Applied for ERTC? Discover the ins and outs of the Employee Retention Tax Credit (ERTC) and its crucial tax implications in our latest video. From wage disallowance to interes...

Retirement planning goes beyond simply accumulating savings; it involves meticulous consideration of the tax implications associated with different choices. If you’re considering retiring outside of California, understanding how to structure your retirement payouts can lead to significant tax savings. At RBTK, we’re here to help you navigate the complexities of tax laws and ensure you make the most of your retirement income. https://rbtk-cpa.com/key-strategies-to-navigate-california-tax-implications-when-retiring-outside-the-state/

Key Strategies to Navigate California Tax Implications When Retiring Outside the State - RBTK Retirement planning goes beyond simply accumulating savings; it involves meticulous consideration of the tax implications associated with different choices. If you’re considering retiring outside of California, understanding how to structure your retirement payouts can lead to significant tax savi...

Explore the world of Section 1031 exchanges - when to embrace or avoid this tax treatment. Learn the benefits of deferring taxes, reinvesting equity, and the importance of compliance. Discover when to choose immediate liquidity or maximize expiring tax benefits. Join us for expert insights to secure your financial future. https://youtu.be/J1Ow5_noAiE?si=vW_ngpdT0tRZwc5Y

When to Avoid 1031 Treatment Explore the world of Section 1031 exchanges - when to embrace or avoid this tax treatment. Learn the benefits of deferring taxes, reinvesting equity, and the...

Meet RBTK's Jr. Staff Accountant, Dilon Ebright, who is experienced in private accounting. We're so happy to have you on our team, Dilon!

Amidst ongoing discussions, it's crucial to delve into the facts and gain a clear understanding of the potential changes in state taxation. In this blog post, we unravel the complexities and implications of the evolving topic of Long-Term Care Insurance Tax: https://rbtk-cpa.com/understanding-the-hypothetical-california-long-term-care-insurance-tax/

Meet Donovan Goryoka, RBTK's Staff Accountant. He's experienced in public accounting working with non-profits and governmental entities. We're so glad to have you on our team.

Hiring your children for your business can be a win-win. Learn about the benefits, IRS rules, and how their earnings are taxed: https://rbtk-cpa.com/hiring-your-children-for-your-business-tax-benefits-and-irs-guidelines/

Meet Malinda Lesniak: RBTK's experienced Office Manager with over 25 years of administrative know-how! We're so glad to have you on board.

At RBTK, we take a unique approach to meeting your business needs. Instead of relying solely on one account manager, you benefit from the collective expertise of our entire partner team. We firmly believe that by working together with our clients, we can provide superior service, close any gaps, and achieve exceptional outcomes. Learn more about our services: https://rbtk-cpa.com/services/

Employee Spotlight: Meet Kevin Montejano, RBTK Staff Accountant! 🌟

Kevin joined our team in February 2023, bringing 3 years of private accounting experience. We're thrilled to have him as a valuable member of our RBTK family.

With nearly four decades of experience serving clients in Southern California, we have established a solid reputation with banks, insurance companies, and regulatory agencies.

One of the crucial services we offer is ensuring accurate and reliable financial reporting. Here are a few reasons why it's important:

1️⃣ Transparency and Accountability: Financial reports promote transparency by disclosing accurate and reliable information about a company's financial activities. This fosters trust among stakeholders and holds organizations accountable for their financial performance.

2️⃣ Informed Decision-Making: By providing comprehensive data on revenue, expenses, assets, and liabilities, financial reports empower investors, lenders, and managers to make well-informed decisions. It helps them assess the financial health and potential risks of an organization before investing or lending money.

3️⃣ Compliance and Regulation: Financial reporting ensures adherence to legal and regulatory requirements. Companies need to follow specific accounting standards and guidelines, ensuring consistency and comparability of financial information across different organizations.

4️⃣ Performance Evaluation: By analyzing financial statements, businesses can identify areas of improvement, measure profitability, and make strategic adjustments to enhance their operations.

5️⃣ Stakeholder Communication: Financial reports act as a means of communication between a company and its stakeholders, such as shareholders, employees, and customers. It helps them understand the financial standing of the organization, fostering transparency and building trust.

Contact us today to learn more about how we can assist you in achieving your financial goals: https://rbtk-cpa.com/contact-us/

RBTK has been empowering clients since 1981, and we're thrilled to continue our mission of providing exceptional service, strategic business advice, and financial consultations for your unparalleled financial success.

With a strong foundation built on trust, industry expertise, and innovative practices, RBTK remains dedicated to nurturing partnerships and fostering economic growth, security, and overall financial prosperity for our valued clients.

We're here to support you every step of the way on your journey towards achieving your financial goals. Together, let's unlock new opportunities, explore innovative strategies, and maximize your potential for success.

Join us as we pave the way for a brighter financial future!

Finding the perfect structure for your business is vital for long-term success. Consider these factors when choosing a structure:

🔹 Liability concerns: How much personal risk are you willing to assume?
🔹 Tax implications: What structure offers the most favorable tax treatment?
🔹 Management structure: Do you want a centralized or shared decision-making process?
🔹 Growth potential: Will your business require external funding or attract investors?

Read our recent post to learn more: https://rbtk-cpa.com/choosing-a-business-structure-thats-right-for-your-business/

Remember, consulting with legal and financial professionals is crucial to ensure you make the best choice for your specific circumstances.

Strategic planning is an essential process for businesses of all sizes. It involves setting long-term goals, defining objectives, and outlining the steps needed to achieve them. Here are some of the benefits of strategic planning for businesses:

Set Priorities: Strategic planning helps businesses set priorities by identifying the most critical areas that need improvement. It enables companies to focus on what matters most, rather than spreading their resources too thin.

Focus on Energy & Resources: By having a clear understanding of their goals and priorities, businesses can focus their energy and resources on the areas that will have the most significant impact on their success.

Strengthen Operations: Strategic planning allows businesses to identify potential weaknesses in their operations and take steps to address them proactively. This leads to a more resilient and robust business that can adapt to changes in the market and stay ahead of the competition.

Contact us and learn more about how we can help you improve the way you run your business: https://rbtk-cpa.com/contact-us/

The SECURE Act of 2019 provided significant benefits for seniors, such as the ability to maintain their tax-free retirement savings accounts for a longer period. However, some legislators believed that more could be done to assist retirees in their quest to save and preserve their earnings. As a result, the SECURE Act 2.0 was proposed, which includes several key modifications that are set to take effect primarily in 2024 or beyond. Here's a rundown of the changes to watch for: https://rbtk-cpa.com/heads-up-secure-act-2-0-and-why-it-matters-for-those-approaching-retirement/

We wanted to bring to your attention an important update from the Internal Revenue Service (IRS) regarding the filing and payment of taxes for California taxpayers affected by disaster declarations. The statement declares:

"The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state. The current mailings being received by some taxpayers, the IRS Notice CP14, are for taxpayers who have a balance due, and they are sent out as a legal requirement. While the notice received by taxpayers says they need to pay in 21 days, most California taxpayers have until later this year to pay under the disaster declaration. These letters include a special insert that notes the payment date listed in the letter does not apply to those covered by a disaster declaration, and the disaster dates remain in effect.

The IRS apologizes to taxpayers and tax professionals for any confusion as we continue to review the situation. Taxpayers receiving these letters do not need to call the IRS or their tax professional."

Did you know that as recognized experts in the Construction industry, we are the only firm in San Diego with the CICPAC designation? So if you need an accounting firm that also provides strategic business insights, contact us today! https://rbtk-cpa.com/contact-us/

Building a business requires a well-planned financial strategy, starting with the right accounting questions. By laying a healthy financial groundwork from the outset, entrepreneurs can improve profitability, decrease overhead costs, and mitigate tax liabilities.

Before embarking on your business journey, it's essential to ask yourself a few key questions to ensure you are on the right track. Read more here: https://rbtk-cpa.com/4-accounting-questions-to-consider-when-starting-a-business/

When construction companies sell or trade in their used equipment or vehicles, they may trigger a taxable capital gain or recapture of previous depreciation deductions. The tax implications of a sale depend on the difference between the sale price or trade-in value and the asset's basis. If the gain is less than the amount of depreciation claimed, it's considered depreciation recapture and taxed at ordinary income tax rates, while any excess gain is treated as a capital gain.

To recover the costs of business assets, construction companies can use various methods, including accelerated depreciation, section 179 expensing, and bonus depreciation. Under the modified accelerated cost recovery system, most construction equipment and vehicles are classified as five-year assets. Section 179 allows companies to deduct up to $1,160,000 in equipment, vehicle, and other qualifying asset costs, while bonus depreciation allows for a deduction of up to 100% of eligible asset costs. However, bonus depreciation is currently being phased out, with the percentage declining by 20% annually until elimination after 2026.

If you’re in construction, contact us today and we’ll help you set up long-term strategies for success. https://rbtk-cpa.com/contact-us/

Our team and culture are one-of-a-kind! At RBTK we:
live a well-balanced lifestyle
collaborate: we emphasize teamwork, sharing ideas, and giving feedback
desire to learn something new every day
believe anything is possible and that you can define your future
always add value: to our clients, to our team, to ourselves
Contact us to see how we can help you improve the way you run your business: https://rbtk-cpa.com/contact-us/

The CICIPAC economic newsletter for the construction industry provides a detailed examination of different macro-level factors that impact the construction industry, such as regional construction expenditures, availability of raw materials, supply chain logistics, banking and financing issues, and the overall outlook for the construction sector. Read or download the Q2 update here: https://bit.ly/42CUoiO

Business entities should be aware of fake, misleading solicitations shown in the picture.

The scam urges businesses to submit an order form and processing fee through a third party to file a Statement of Information on their behalf to the California Secretary of State or they will suffer penalties.

These are not sent on behalf of the California Secretary of State.

A business entity can use an intermediary to submit filings and fees, but no business is required to go through another company in order to file its documents with the California Secretary of State’s office.

Statement of Information can be filed online at bizfileOnline.sos.ca.gov with a fee of $25 for stock and foreign corporations, and $20 for nonprofit corporations and limited liability companies.

Read more about misleading solicitations:
https://www.sos.ca.gov/business-programs/customer-alerts/misleading-statement-information-solicitations