As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for businesses to not only survive but thrive. Here, we offer a compass to guide you through these uncertain times and help recession-proof your business. 1. Review and Reduce Expenses: In times of economic distress, tightening your purse strings should be your first move. Conduct a thorough review of your expenses and identify areas ..read more

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes per an IRS schedule according to that estimate. Failure to do so will result in interest penalties. The self-employed are not the only ones who are subject to estimated tax payment requirements; anyone who has income on which no income tax has been withheld ..read more

For the sixth year in a row, SBF celebrates being voted a Tampa Bay Business Journal Best Place to Work 2024 by our employees. Businesses are evaluated in key areas, including team effectiveness, employee retention, alignment with company goals, trust among coworkers and managers, confidence in senior leadership, and a sense of being valued. Based on confidential employee surveys, this award highlights SBF’s unique culture, making us the sole CPA firm on this year’s honoree list. At SBF, we’re all about fostering a vibrant workplace. We’re firm believers that a diverse team sparks fresh ideas ..read more

In April, we recognize National Volunteer Month, and at SBF, the value we place on giving back to the community is deeply rooted in our company culture, and we’re eager to continue fostering this commitment going forward. Throughout the year, we actively support various volunteering initiatives, offering time during our workday for our team members to make a meaningful difference. SBF leaders dedicate time and resources to opportunities for our team to make a genuine impact within the community. Our Community Outreach Committee – a team of folks from all departments at all levels throughout th ..read more

At SBF, we value people most, and it begins with our dedicated team. While we recognize the inevitability of busy seasons in our industry, we place a strong emphasis on the mental and physical well-being of our employees – not just during busy season but all year long. Several recent highlights of our commitment to this topic include Wellness Wednesdays, kickball, and Headspace. This busy season, SBF is embracing Wellness Wednesdays. Every Wednesday from February to April will feature a program dedicated to nurturing the mind, body, or soul. By offering diverse activities such as a meditated w ..read more

In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax implications, particularly for small and medium-sized businesses (SMBs). Understanding these implications is crucial for SMBs to avoid potential penalties and ensure compliance with tax laws. Understanding th ..read more

The SBF team is delighted to announce that Joe Fullerton is now a partner of the firm. Since joining SBF in 2021, Joe has provided tax compliance and consulting solutions for a broad range of private clients. His emphasis includes flow-through and tiered entities, real estate, state and local tax, M&A, and high-net-worth individuals. In the past, he has also instructed national-level tax technical and professional development classes to new staff and senior associates. “We are thrilled to welcome Joe as our newest partner to SBF,” said Managing Partner Rich Franz. “Joe brings a dynamic ble ..read more

QuickBooks Online continues to provide a wide array of bookkeeping and accounting features to simplify financial management tasks, particularly for small business owners. One notable feature is the capability to set up recurring transactions, a powerful tool that can save time and automate certain expenses. Whether you prefer QuickBooks Online or QuickBooks Desktop, integrating recurring transactions into your financial processes can significantly streamline day-to-day operations. Here, we look at the strategies you can use to optimize recurring transactions specifically within the QuickBooks ..read more

Here are the highlights of what is included in this edition. Please click here for the full version. What to Look for When Buying a Dealership Many dealerships are actively seeking to acquire other franchises. Dealership groups, both large and small, are well-positioned financially, creating numerous purchase opportunities. When targeting a dealership for purchase, key considerations include: • Goodwill • Quality of Management • Appraisal of Assets • Economic Outlook • Earnings Capacity Safeguarding Your Dealership from Fraud Dealership owners often grapple with the disappearance of cash, part ..read more

In today’s competitive landscape, attracting the best talent is not just about offering a job; it’s about sharing a vision and embodying values that match. At SBF, we recognize that achieving greatness requires the collaboration of people who share our core values. We categorize our values into three key pillars: clients, culture, and quality. These values serve as the foundation of our company, guiding every decision, action, and interaction within our firm. Clients: A commitment to lasting partnerships At the heart of our firm lies an unwavering passion for our clients. We strive to create r ..read more