Get the Right Business and Tax Advice - When You Need It Most

Your ROBS arrangement is not your typical small business. Your retirement plan is usually the majority shareholder, and with that comes the responsibility of shareholders to always act in the 401(k) plan’s best interests. Having a CPA that knows how to balance those responsibilities is a powerful asset to have on your team. Baum CPA not only understands how it works, but our company revolves around the ROBS taxpayer. We are the only firm that looks forward to tax season - all year round!

All ROBS arrangements are C-Corporations and many are fiscal year taxpayers, choosing annual tax cycles that do not coincide with the calendar year.  This means we are ready and prepared to handle your corporate taxes with an iced coffee in hand when other accountants aren’t even picking up their phones. Chances are they are still too busy finishing up the regular tax season and aren’t exactly thrilled that your complex corporate return is due!

When your typical tax accountant is already backed up from regular tax season, do you think they are going to prioritize your C-Corp return? Heck no!

Little do they realize that your 401(k) plan provider has important reporting deadlines that require timely filing of the corporate tax return – Form 1120. This is critical for the plan provider to file Form 5500 on time to keep you compliant.

If your accountant keeps putting off your returns, asking for extensions, and can’t seem to keep up with your unique needs, maybe it’s time to consider a ROBS CPA. Specifically, Baum CPA.

Stay in Compliance with Regulations

If you think you want to juggle your business and your nest-egg with some discount tax provider, just remember the adage – you get what you pay for.

There are plenty of accountants out there who are misinformed and think that “you should be an S-Corp to save taxes…” or, “sure we can take bonus depreciation on that equipment you financed” … These one-size-fits-all tax accountants will land you in hot water with the IRS. That’s because ROBS arrangements have additional rules and regulations. Know how to be compliant with the help of your ROBS CPA.

Avoid IRS Tax Problems

The IRS is watching closely. Compliance issues and regulatory violations can cause problems with the taxing authorities. In 2009, the IRS published their findings from a nationwide ROBS review of taxpayers. While the government used these findings to build a roadmap for compliance, it also showed us what not to do! The IRS found a minefield of different problems related to ROBS taxpayers who didn’t know or follow the rules. Don’t let red tape stall your entrepreneurial dreams! Use a ROBS CPA you can count on to get the job done right.

For taxpayers who are already in ROBS arrangements but worry that they may not be complying with the IRS, let’s schedule a time to discuss your circumstances.

We are experienced in filing amended returns and taking actions which identify, correct, and mitigate compliance issues. We advise shareholders to work with their counsel to properly maintain their corporate minutes, hold annual board meetings, and tackle issues related to taxation and compliance.

Call us now at 719-493-9499 or request a consultation online to learn how to get started with ROBS.