The CBD Blog

Find peer advice, partner insights, and industry updates – all here in the CBD blog, ‘At The Helm’! With contributions from our entire team, we blog about the things that interest you.

Spotlight On Business Tax Trends

What’s the most popular choice of entity: sole proprietorship, C corporation, S corporation, partnership or limited liability company? A recent report by the Joint Committee on Taxation answers this question and highlights trends in how businesses have been structured over the last 35 years. With the recent election and proposed tax reforms in the works for 2017, however, it’s possible that these trends could reverse or slow down in the future.

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New Overtime Rules Suspended for Now

Although new overtime regulations were set to kick in on December 1, a federal district court has moved to block the changes, at least temporarily. What does this mean for employers and what should they do now? Whether businesses should immediately drop plans to comply with the new rules, or move forward anyway, may not be a simple question for employers to answer. Here’s more.

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Year-End Reminder: Don’t Forget FSAs

November is benefits enrollment time for most companies. Do you know how health care Flexible Spending Accounts (FSAs), child care FSAs and Health Savings Accounts (HSAs) differ? Here, we explain the differences and provide year-end spending and budgeting strategies. Beware: Employees who don’t spend the remaining funds in their FSAs before year end could forfeit what’s left over, unless a special provision applies.

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It's Time for Individuals to Plan for Taxes in 2016 and Beyond

The election is finally over, and it’s time to focus on the future. Republicans are calling for tax reform and when they take control of Congress and the White House in 2017, tax rates and other rules could change. Have you factored the election results into your year-end tax plans? Here are some tips for individual taxpayers to consider before December 31.

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Year-End Tax Strategies for Small Businesses

Are you looking for last-minute strategies to help lower the 2016 tax bill for your small business? Here are some effective tax-saving moves, based on current tax law, that may be worthwhile. Strategies include timing income and deductible expenses, buying vehicles and equipment, selling qualified small business corporation stock, and taking advantage of net operating losses.

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Managing the Ups and Downs of Seasonal Businesses

During their busy times, seasonal businesses experience a surge in revenues that tapers off in the slow season. Ebbs and flows in the business cycle can create cash flow shortages and human resource issues. Plus, seasonal businesses have less room for error in their marketing and sales campaigns. Here are some creative solutions for the challenges that seasonal fluctuations present.

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Avoiding Digital Disruption While Heading toward the Future

Many businesses are suffering due to “digital disruption,” such as the commotion caused by Uber and Airbnb. A recent survey of business leaders across 16 countries found that 78% feel threatened by start-ups and 45% are afraid they will become obsolete in less than five years. This article discusses the results of the survey and offers five tips for companies that think it might be time for a digital transformation.

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How to Make the Most of Medical Expense Deductions

Health insurance premiums and medical care costs seem to increase every year and the IRS has been cutting back on tax breaks related to health care. Here are a couple of planning strategies to consider over the next two years that could help reduce your tax liability and ease the burden of rising health care costs.

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Spotlight on Gains from Qualified Small Business Stock

Under the qualified small business stock (QSBS) rules, eligible gains from selling QSBS may qualify for a 0% federal tax rate. Sound too good to be true? These rules were made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are some important details about this tax-saving opportunity, including the most important restrictions and limitations.

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Update on Home Mortgage Interest Deductions

Itemized deductions for qualified residence interest are an ongoing source of controversy between taxpayers and the IRS. Here, we review the rules and summarize several recent developments for deducting interest from acquisition and home equity debt for federal income tax purposes. Some of the latest Tax Court decisions might even surprise you.

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Did You Miss the 60-Day Deadline for Your IRA Rollover?

A new IRS procedure can save the day if you have a valid excuse for missing the 60-day rollover deadline for IRA distributions. Instead of going through the hassle and expense of applying for a hardship waiver from the IRS, you may be eligible to submit a written self-certification document. Here’s a list of valid excuses, as well as conditions for self-certification and background on the 60-day rule.

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Loan Applications: Put Your Best Foot Forward

Withdrawals from a line of credit and asset-based loans can help your business grow. But applying for bank credit can be time-consuming and nerve-wracking. Here are insights into your lender’s mindset, factors underwriters consider when making credit decisions and a list of documents to gather for your loan package. Following these best practices can help increase the chances that your loan application will be approved.

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Are You Ready for the New Overtime Rules?

In May, the U.S. Department of Labor released a new final overtime rule, and it recently published additional guidance to flesh out certain details. The new guidance, which goes into effect on December 1, 2016, is expected to significantly reduce cash flow in many industries, including retail, manufacturing and not-for-profits. Here are the highlights, including possible implementation strategies to consider.

Read on CBD Spotlight >

Are You Ready for the New Overtime Rules?

In May, the U.S. Department of Labor released a new final overtime rule, and it recently published additional guidance to flesh out certain details. The new guidance, which goes into effect on December 1, 2016, is expected to significantly reduce cash flow in many industries, including retail, manufacturing and not-for-profits. Here are the highlights, including possible implementation strategies to consider.

Read on CBD Spotlight >

It’s Time to Review Your Financial Planning Options

As the summer winds down, consider revising your financial planning strategies based on changes in your personal circumstances, market conditions and tax laws. If you procrastinate, financial planning is likely to fall by the wayside during the hectic holiday season, possibly causing you to lose out on tax-saving and wealth-building opportunities. Here are some retirement and estate planning considerations that may be worthwhile for certain taxpayers.

Read on CBD Spotlight >

It’s Time to Review Your Financial Planning Options

As the summer winds down, consider revising your financial planning strategies based on changes in your personal circumstances, market conditions and tax laws. If you procrastinate, financial planning is likely to fall by the wayside during the hectic holiday season, possibly causing you to lose out on tax-saving and wealth-building opportunities. Here are some retirement and estate planning considerations that may be worthwhile for certain taxpayers.

Read on CBD Spotlight >

Tax-Savvy Planning Strategies for Inherited IRAs

Did you recently inherit an IRA along with one or more additional beneficiaries? The rules regarding required minimum distributions (RMDs) may not necessarily be optimal for the younger beneficiaries when there are multiple beneficiaries or the inherited IRA lists a charity (or other nonhuman) as a beneficiary. Creative planning can save the day, but there’s a hitch: The strategies must be employed by no later than September 30, 2016, for account owners who died in 2015.

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Tax-Savvy Planning Strategies for Inherited IRAs

Did you recently inherit an IRA along with one or more additional beneficiaries? The rules regarding required minimum distributions (RMDs) may not necessarily be optimal for the younger beneficiaries when there are multiple beneficiaries or the inherited IRA lists a charity (or other nonhuman) as a beneficiary. Creative planning can save the day, but there’s a hitch: The strategies must be employed by no later than September 30, 2016, for account owners who died in 2015.

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Back-to-School Tips for Grownups

From a business perspective, back-to-school time is about more than selling school supplies and clothing. It provides many creative marketing opportunities for owners of all types of businesses who can think outside the pencil box. On a personal level, remember to save your receipts. Whether you’re a teacher or parent, this article provides a refresher course on education-related federal tax breaks for individuals, too.

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