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.

Welcome Aboard!

CBD would like to officially welcome you to our new blog, CBD at the Helm! It will be a collaborative effort between everyone at our firm and we’d love to hear feedback from you, our clients and friends, at any time! We’ll be posting everything from periodic tax/audit updates to significant changes in Washington to …

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Tax Day Countdown: Reduce Your Tax Bill with Retirement Accounts

The IRS has already issued 54.2 million tax refunds, averaging nearly $3,000 each. Unfortunately, many taxpayers face the reverse situation. If you owe taxes for 2014, you still may be able to reduce your bill by contributing to an IRA or SEP before the April 15 deadline. Here are the basic rules, deadlines and strategies. We’ll also tell you how to open and fund a myRA account, the Treasury’s new Roth-IRA variant.

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Industries that Could Be Booming as the Baby Boomers Age

Baby Boomers currently represent about a quarter of the U.S. population, but they control 70 percent of the nation’s disposable income. In this article, we discuss consumer market trends brought on by this demographic and some industries that stand to benefit as the boomers age. We also highlight iconic Baby Boomers and popular relocation destinations for empty nesters wanting to downsize their homes.

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Get a Better Handle on Bitcoin Tax Issues

Despite numerous risks, inherent price volatility and some bad press, convertible virtual currencies, including the Bitcoin, are growing in popularity. Many high-profile companies accept Bitcoins and thousands more are expected to jump on the bandwagon in 2015. Here are some of the risk factors and tax issues you should be aware of before using or investing in Bitcoins.

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Small Business Reprieve on Health Premium Reimbursement Plans

Good news from the IRS: Small businesses have been granted a temporary reprieve if they’ve been paying employees the cost of buying their own health coverage. A few months ago that arrangement was deemed unacceptable and, therefore, subject to hefty penalties. Here’s what you must do by June 30 to avoid penalties, as well as information about recent changes to the small business health care tax credit.

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The IRS Simplifies Repair Regulations for Small Businesses

Good news! It recently became easier for small businesses to take advantage of the final repair regulations. Here’s some background on what the repair regs address and how the IRS has reduced some of the red tape for qualifying small businesses. Before you file your 2014 business return, review your company’s fixed asset capitalization policies for potential tax savings opportunities.

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S Corps and Partnerships: Beware of Failure-to-File Penalties

The S corporation is a popular business structure that’s available only to privately held businesses. A recent Tax Court case reminds taxpayers that there’s a steep penalty for S corps (and partnerships) that fail to file timely federal tax returns, even if there’s no taxable income to report. A sidebar also reviews the qualifications for switching from C to S corporation status.

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