Rosenbaum Sobel Weinrub LLC

Steven R. Rosenbaum CPA and Cynthia S. Sobel CPA two prominent Certified Public Accountants joined together to form the firm Rosenbaum Sobel LLC Certified Public Accountants and Consultants.

We have been planning for our future and are pleased to welcome our new partner; Jason Weinrub CPA, effective January 1, 2020. Our new name will be Rosenbaum Sobel Weinrub LLC.

Jason brings to us over 20 years of experience working for large regional CPA firms and provides consulting services to business and individuals ranging in size from start-ups to $250 million in revenue. Jason specializes in tax compliance, financial accounting,and due diligence services related to mergers and acquisitions. Jason consults with clients across a broad range of industries including wholesale/distribution, professional service firms, telecommunications, real estate, and construction. Jason also specializes in multi-state tax compliance with closely held companies.

Jason is available to meet with any new clients and our existing clients to strategize or plan for the upcoming 2019 tax season.We are very excited about our future with Jason.

We are committed to bringing our clients the same professional and personalized accounting, tax, litigation support and consulting services we have provided the South Florida community for years.

Our Office is located in Plantation, Florida which is the center of the three counties that make up South Florida.

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COVID-19 UPDATE (April 1, 2020)

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Dear Clients and Friends:

Last night the Department of Treasury finalized the Application form for the Paycheck Protection Program (PPP loan). Click the link here for the final version PPP Application. You must complete it and submit it to your Bank. The filing begins Friday, April 3rd. Therefore, you should have it ready and sent to your banker by Thursday, April 2nd, if they will accept it from you. We have attached it to this message, along with the instructions and information form. PPP Borrower Information Fact Sheet-1

Please call the bank and find out what attachments they require. The attachments might include Payroll Tax Forms, Income Tax Returns, Forms 1099, and Medical Insurance bills. Each bank might be different. Also included in this post, is an example excel spreadsheet with the calculation as to the amount of the loan. Copy of SBA Loan - CARES Act worksheet 3.30.2020-C1

We will not be able to submit the application on your behalf because you have the relationship with your local banker, however, you can certainly put us as your CPA and the person who helped you complete the form.

Please remember, in order to have this loan forgiven, you must be able to substantiate your spending. Therefore, it is highly suggested that you put the proceeds of the loan into a separate bank account and pay the payroll, independent contractors, rent, medical insurance and taxes from this account. For those of you who use a payroll company, this might be harder. So let the payroll company continue to draw from the old account and then transfer the money directly from the new account to the old account. Make sure to keep all the records and paid bills together for proof that the money was used properly.

Finally, If this process feels overwhelming, we are here to assist you. Please contact us at the office 954-744-8440 for guidance regarding the Paycheck Protection Program.

Stay healthy,

Cindy, Steve, Jason and Team


Covid-19 UPDATE (March 29, 2020)

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Dear Clients and Friends:

Our Thoughts and Prayers are with everyone. In these turbulent times we all must all work together follow the safety guidelines we have been instructed and be SAFE and HEALTHY.

Rosenbaum Sobel Weinrub LLC has been declared a designated Essential Business and we are here to help our clients and everyone we can. We are working, mostly remotely, to finish your 2019 tax filings and her to help you navigate the maze of Government Financial Assistance Available to help you. Feel free to call or email us and let us know how we can help.

Key Developments:

Relief Payments - $1,200 per person and $500 per child living with you. These payments are available if your income is less the $75,000 per person ($150,000 per married couples) and phased out between $75,000 and $90,000. The income guidelines are based on your 2019 tax return or your 2018 tax return, if you have not yet filed 2019. If you received your refund or made you payment electronically you will get a direct deposit. If you did not, you will receive a paper check. If your income was less in 2019, you should file your 2019 tax return.Please contact us.We are here to assist you.

Paycheck Protection Program(PPP) - This $350 billion Program is intended to give small business eight weeks of cash flow with federally guaranteed loans. These loans are an incentive to put your employees back to work and are forgivable (essentially a grant) based upon your payroll in the eight weeks after funding. You can apply directly through your local bank Contact you Banking Contact immediately if you are interested. Application procedures are being worked on as we write this. Please go the SBA website for more information as they are constantly updating their information.The link is:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Florida Bridge Loan - The state of Florida will provide a quick loan with zero interest for 12 months. The application process is fairly easy.If you receive other assistance (an SBA loan or PPP loan) you will use those proceeds to pay the loan back first. After one year the interest rate become 12%.This is a Bridge Loan and should be used as a short-term rescue if you need cash while waiting for things to become normal again.The link is:

https://deosera.force.com/RebuildFloridaBusinessLoanFund

SBA Disaster Loans - The SBA has other disaster loans available.However, they require more time and mor paperwork.These do offer larger loans.However, the PPP program, mentioned above, offers a lower interest rate of no greater than 4% and the application is made directly at an SBA approved bank. The link for the SBA disaster loan is https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

We are available for consultations, emergencies and general questions regarding your business or personal needs. Steve can be reached at 305-794-4023 and srosenbaum@theflacpa.com. Cindy can be reached at 305-335-8992 and csobel@theflacpa.com. Jason can be reached at 954-270-2452 and jweinrub@theflacpa.com.

In the meantime, if you have all your 2019 tax information gathered, and are able to scan it, please forward it to us. Simply e-mail the partner using their e-mail address above and request a secured link for uploading your documents.

Please stay home and keep safe so that we can minimize the spread of this serious virus. We will come through this together like other challenges.

Best of Health,

Cindy, Steve, Jason and Team

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March 21, 2020

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

From IRS.gov

IR-2020-58, March 21, 2020

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

"Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically," said IRS Commissioner Chuck Rettig. "Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I'm incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment."

The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.

This announcement comes following the President's emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens. It was enacted in 1988.

Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.

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Additionally, the government is considering other financial measures including one or two stimulus payments, but nothing has been finalized as of this writing. We will keep you updated as things change. Go to our website www.theflacpa.com for updates.

We want to ensure you that we will make every effort to help you meet the April 15th Deadline. WE ARE HERE TO HELP

BE Safe and Healthy……….

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NOVEMBER 2019 ANNOUNCEMENTS

With year end approaching we have been planning for our future and are pleased to welcome our new partner; Jason Weinrub CPA, effective January 1, 2020. Our new name will be Rosenbaum Sobel Weinrub LLC.

Jason brings to us over 20 years of experience working for large regional CPA firms and provides consulting services to business and individuals ranging in size from start-ups to $250 million in revenue. Jason specializes in tax compliance, financial accounting,and due diligence services related to mergers and acquisitions. Jason consults with clients across a broad range of industries including wholesale/distribution, professional service firms, telecommunications, real estate, and construction. Jason also specializes in multi-state tax compliance with closely held companies.

Jason is available to meet with any new clients and our existing clients to strategize or plan for the upcoming 2019 tax season.We are very excited about our future with Jason.

We are also pleased to welcome Gary Brown, CPA to our firm as a Principal. Over his long career Gary has established himself as an excellent practitioner and a model of excellence in our profession. Gary will provide financial and consulting services to his existing clientele and ours. Gary’s staff of experienced CPA’s have also become part of our team. This combination of expertise and professionalism will enable us to have access to a larger pool of technical skills in tax planning and accounting as well as additional business management, financial and consulting services.

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We promise accounting, tax, and business consulting services from a firm of dedicated professionals who make it their business to listen to your needs and provide personalized solutions for you at an affordable price.

We also use our vast experience to provide litigation support services to South Florida`s legal community.

With many years of experience, our firm, with its team of CPAs and consultants, can handle just about any needs you may have, while still making it our business to get to know you personally. We're flexible, we're friendly, and above all, we listen.

So click around our site and get a feel for what we can do for you. And when you're ready to call us, remember your first consultation is always free. With many years of professional experience and a wide range of qualifications in tax, accounting, payroll, and business consulting, our firm offers the highest level of service for individuals, corporations, partnerships, trusts and other organizations.

We offer competitive prices and a depth of expertise unrivaled by less experienced firms. To learn about our professional qualifications in greater detail, we invite you to browse the Partners and Services pages of our web site. We are pleased to provide a complimentary initial consultation to all new clients.

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