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.

Do You Keep Adequate Records for Charitable Contributions?

Charitable contributions of used property provide more than the satisfaction of de-cluttering your home and the warm feeling that accompanies giving to a worthy cause. They can also lower your tax bill, if you follow the strict substantiation rules set forth by the IRS. A recent U.S. Tax Court cases shows how failure to retain detailed records for donations can be a costly mistake.

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Tax Deadline Reminder: FBARs Due by June 30

June 30, 2015, is the deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) if you meet certain requirements. Failing to comply can result in penalties under the Bank Secrecy Act. Here are the details, as well as recent recommendations by the National Taxpayer Advocate for simplified reporting of foreign accounts.

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Test Your Small Business Finance IQ

The federal government has named April “National Financial Capability Month” in an effort to make Americans more financially literate. Although 40 percent of U.S. small business owners consider themselves to be financially illiterate, 81 percent still handle their own business finances, according to a 2014 Intuit study. Test your financial literacy with this nine-question quiz — some of the answers might surprise you.

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Tax Paperwork and Other Records: What to Keep, What to Toss

Over the years, tax and other paper records can begin to mount. Many individuals and companies keep records longer than necessary, just in case the IRS, state tax authorities or another regulatory body inquires about a course of action. Here are some record retention guidelines to prevent your home or office from looking as if it belongs on an episode of one of those TV shows about hoarding.

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How to Tap into the Millennial Market

What does it take to get “Millennials” to buy your company’s products and services? The Millennial generation — which includes people born from approximately 1980 to 2000 — tends to be self-expressive, open-minded, educated, technology-savvy and budget conscious. It’s also the most ethnically diverse generation in U.S. history. Here’s how business owners can get in the Millennial mindset.

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