A quick word about how COVID-19 is affecting us here at Rose, Snyder & Jacobs.

We cherish the health and safety of our employees and clients so we are currently working remotely and doing our part to help keep this virus from spreading.  Rest assured, however, that we are here for you and will continue to provide uninterrupted service and support for our clients and friends in every way possible.  See below for updates on tax and deadline changes and anything else we feel you need to know.  We will continue to bring you these updates as we get them.  From our house to yours, we hope you stay healthy and safe during these uncertain times.


We Think Differently

For us, the real magic comes from setting our clients’ core values as the foundation of the advisement we provide them.


We believe that a business’s health is not judged by its bottom line alone, but that financial capital is a by-product of four other capitals – human, social, intellectual and structural — which are driven by our clients’ unique values and priorities. Being mindful of these gives us the insights necessary to customize solutions based on the individual tax compliance, assurance, due diligence, accounting or advisory needs of our clients.


It’s not about what we do; it’s about what you get.


We understand that your personal and professional values are very different than those of your competitors; and we’ll help you build your business successfully without compromising them. Our approach, along with our highly developed strategic communication method, combined with our team-based structure, sets us apart from the rest. By providing our clients long term perspective and innovative accounting solutions, our clients can focus on pursuing their business success.


Since 1976, Our team has been working together to develop our unique client strategy.

We Are

We place a great deal of attention on the values, principles, knowledge, relationships and abilities that allow for wealth creation. Our values-based model for wealth transition influences human, intellectual, social and structural capital to support and promote growing financial capital.

We serve

At RSJ, we are dedicated to serving a diverse client group. Our professionals have experience serving clients across many industries in both domestic and international capacities.  Some examples of this are, but not limited to, individuals, privately held companies, non-profit organizations, private equity companies and public companies.

We advise

RSJ is at the top of our game when it comes to tax-minimization strategies for asset growth, protection and transfer. We have always known that something was missing from traditional estate planning for high-net-worth families. Over the years, we have generated an expert model of techniques which allow us to approach sensitive and complicated issues that could potentially arise with high-net worth families.  Because, not every high-net-worth family group is the same, we are able to apply these models by fine tuning them to fit the needs of our clients depending on their circumstances.



RSJ offers traditional tax and accounting services.  In addition, we specialize in all aspects of Assurance, Business Advisory, Mergers & Acquisitions, SEC Compliance and Families of Wealth for both domestic and international clients.

Interested in discussing your financial needs and potential growth?

The Latest:

The CARES Act was signed into law on March 27.


Though not exhaustive, there are things that strike us as worthy of mentioning.   There is much more in the bill itself, so you might want to take a glance through it.  It is something like 800 pages, however, so we did our best to highlight some key points for you.


Some of these changes may not affect the filing of state income taxes at all.  Each state is different. Check your individual states, counties and cities for other programs or requirements as you make moves to utilize the relief items in this bill.


We do know that the Federal income tax filings and payments normally due on April 15 have been postponed to July 15.  The Federal 2nd quarter estimated tax payments still have to be made on June 15.  However, the California second quarter estimates, originally due June 15, have been extended to July 15. Other states have followed suit about delaying payments.


The estimated taxes for 2020 that are normally due on June 15, will remain that way.   Also, those that are fiscal year filers are still required to get their taxes and/or their extensions filed on their normal due date.   For example, January 1st corporations are still due on May 15, 2020, as they always were.


There is also some relief in HR 6201, the Families First Coronavirus Relief Act. This provides relief but also requirements of business for the payment of sick pay and family leave. See your accountant and payroll provider as well as you HR professional for more details.


Now to the CARES ACT H.R. 748


Payroll Protection Program

  1. This is a program where the government will guarantee a low interest non-recourse credit program.
  2. Personal guarantees will not be required and proceeds must not be used for an unauthorized purpose.
  3. Set a bank account, have loan proceeds go into that account and have permitted expenses, only, paid with these proceeds.
  4. Good faith certification required that the loan is necessary to support ongoing operations and will be used to retain and maintain payroll, mortgage payments, lease payments and utility payments without duplication.
  5. Maximum maturity of 10 years from date on which loan forgiveness is applied for.
  6. Deferment of payment of principal interest and fees of 6 to 12 months. These are guaranteed by SBA. Origination fees reimbursed by SBA.
  7. Principal forgiven in an amount equal to costs incurred from Feb 15 to June 30 for payroll costs, mortgage interest, rent and utilities. This forgiveness will be tax free.
  8. The forgiveness is reduced for reductions in head count percentage against forgiveness eligible costs. There are also some reductions related to employers that have more than a 25% reduction in wage of individual employees as compared to the most recent full quarter. Excludes employees with annualized income of over $100,000.
  9. There is a conflict which might be modified in the future. If you pay payroll and get a deduction but the loan forgiveness is not taxable, those businesses are actually advantaged.


Individual Tax Relief

  1. 2020 Recovery Rebates for each individual of $1,200 (including SS retirees but excluding non-resident aliens, dependents or trusts. $500 per child in the household that is qualified.
  2. Reductions if income exceeds $75,000 per taxpayer ($150,000 for a joint return). The amounts to be paid will be phased out when your prior AGI is $99,000 and twice that for married couples. The Recovery Rebate of $1,200 will be reduced by 5% of the AGI that exceeds the $75,000/$150,000 amounts.  A single taxpayer with AGI over $99,000 will get nothing. The IRS will figure that out for you based upon what you have reported for 2018 or 2019. If your income has seriously decreased in 2019, you might want to get that tax return in so the IRS does not short you what you are entitled to.
  3. Rebates will be made using 2018 return if 2019 return not filed or someone’s SSA-1099 reporting.
  4. If someone is in a bad position, that person can take up to $100,000 from their retirement plans without penalty so long as you are diagnosed with virus, has a spouse with virus or having economic stress due to the virus.
  5. Income from those distributions is to be recognized ratably over a 3-year period. It’s possible to recognize each year.
  6. Can repay this amount over a 3-year period.
  7. Within 180 days of enactment, loans from plans may be increased from $50,000 to $100,000 and may be 100% instead of the current 50% of the balance. Repayment of that loan may be delayed one year.
  8. There will be temporary waivers of Required Minimum Distributions for retirees. Even those subject to the “5-year distribution requirement” can skip the year 2020.
  9. Beginning in 2020, for non-itemizers, charitable contributions (to other than donor advised funds) will be deductible to compute AGI up to $300 in total.
  10. For individuals, the percentage limitation for contributions will increase from 60% to 100%.
  11. For corporations, they can now increase their charitable contributions from a 10% of taxable income limitation to 25%.


Business Tax Relief

  1. 50% of wages up to $10,000 of qualified wages ($5,000 credit total) may be taken as a credit against employment taxes and is refundable. This would be reduced for business also taking the sick leave, family leave or other credits.
  2. Payroll tax deposits for employer taxes (not the income or employee portion of payroll taxes) may be delayed by an employer until the applicable date. Taxpayers that have indebtedness forgiven by the SBA loan program do not get this break. Be aware, at this point, employee income taxes and their share of payroll taxes must be deposited by the employer. Only the employer portion is deferrable. We urge caution here because some might forget about this.
  3. 50% of the amount deferred must be paid by end of 2021.
  4. The remaining amount of the deferral must be paid by end of 2022.
  5. This includes 50% of Federal Unemployment taxes.
  6. There is a change to the Net Operating Loss provisions. (Sec 2303). You may want to check your 2018 tax return. Those with loss years can file for refunds of tax paid in prior years.
  7. A carryback of net operating losses incurred in 2020 will be permitted to refund prior paid taxes for the 5 previous years.
  8. The losses may be carried forward for 20 years with some qualifications.
  9. The excess loss limitation of IRC Sec 461(l) which previously was limited to $500,000 is now going to be unlimited.
  10. The deduction for interest paid relief for businesses with greater than $25 million in gross revenue has been adjusted from a 30% limitation to a 50% limitation.
  11. On March 27, the IRS issues Notice 2020-20 and has determined that any person with a Federal gift tax or GST tax payment due or requirement to file a Gift Tax return is automatically postponed to July 15..
  12. The loans and other relief provisions don’t take the place of smart working on your business. For example, do you need to re-negotiate your lease?
  13. In stressful situations people are always reticent to move because of so much unknown. In such a market crisis people retreat when they should be creative and decisive. Seek counsel and do something!
  14. We can expect more volatility in the markets so use your advisors to have an approach and be steady with it. Try to avoid the 401(k) which will lock in market losses unless you really need the money.
  15. To avoid confusion, spreadsheets might be used to lay out the differing programs to see how they might contrast and interact. Always have counsel look at the documents before they are signed. A bunch of calculations and elements are involved so seek help to do this. Your friendly accountant, we are sure, will be there to assist you.
  16. The postponement of taxes to July 15 does not require the filing of extensions or payment of tax. June 15 estimates are still due June 15 and must be paid for Federal purposes. It is unclear if Retirement contributions must be funded by April 15 or are really postponed so one might want to make the deposit by April 15 based on advice of some experts. In the alternate, you might want to file a protective extension. IRA contributions are postponed to July 15.
  17. The Payroll Protection portion of the Act is to be administered by banks. They will be having to figure how to do that very quickly. Maximum interest rate will be 4% with a 6 to 12 months payment deferral.
  18. The certification under the Payroll Protection Program requires one to certify that the current uncertainty makes the loan necessary to support ongoing operations and will be used appropriately. No one has defined this well but everything, these days, are uncertain. Good faith here will be an important element. Remember there is government forgiveness in this.
  19. Recipients of EIDA (Economic Injury Disaster Loan) loans may take advantage, also, in the Payroll Protection Program—We think.
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