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.

The IRS Takes a Proactive Stance against Identity Theft and Tax Scams

The Federal Trade Commission estimates as many as 9 million Americans have their identities stolen every year. In the aftermath of its highly publicized data breach, the IRS has taken steps to protect electronic taxpayer data against identity theft. Here, we explain how the IRS plans to fight tax fraud and which types of identity protection services taxpayers should include in their taxable income.

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Will Congress Resolve Taxing Issues for Internet Sellers?

Congress is currently deciding whether it should permanently extend legislation that bans states from imposing tax on Internet access. This legislation is sometimes confused with a different proposal that would grant states the right to collect sales tax from out-of-state Internet sellers. Here, we clarify the confusing income, sales and use tax rules that may apply to online transactions.

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EMV Compliance: Are You Ready for the October 1 Deadline?

Many U.S. merchants and banks still use payment cards with magnetic strip technology that’s more than 50 years old. On October 1, a liability shift goes into effect that may entice businesses to adopt modern “chip” technologies and reduce the risk of counterfeit card fraud. Here’s critical information that merchants and consumers should know about the liability shift as they conduct business using payment cards in the near future.

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Highway Trust Fund Extension Results in Tax Law Changes

A new law provides a three-month extension of the Highway Trust Fund. Its fine print contains several tax law changes to help generate revenue to fund federal infrastructure projects until a long-term bill is passed. Here we cover changes to tax and information return filing deadlines, the statute of limitations on basis overstatements and other rules that will affect businesses, estates and individuals.

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Maximize Your Return on Social Media Spending

Social media is an increasingly popular tool to build brand awareness and customer loyalty. But keeping up with posts can be a daunting task, especially for closely held businesses. This article discusses the latest trends, tips for making the most of your social media marketing budgets and key differences between programs that target businesses vs. consumers.

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Bringing Jobs Back to the USA

Reshoring remains a hot trend among U.S. businesses. In June, the Reshoring Initiative reported that the United States outpaced Canada and Mexico between 2010 and 2014 in bringing back the most jobs to domestic soil. Here we discuss reasons for reshoring, the regions and industries that brought the most U.S. jobs back, and a possible tax break for companies that resist the temptation to expatriate to save taxes.

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DOL Gets Tough on Independent Contractor Classification

If you’re issuing a lot of Form1099s to people performing work for your company, take note: The Department of Labor (DOL) is aggressively challenging the status of many independent contractors who it believes are de facto employees. The distinction is crucial. Here’s a look at a recent DOL “Administrator’s Interpretation” on this matter.

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New Trade Law Stiffens Penalties for Certain Taxpayers

If you read the fine print of the Trade Preference Extension Act of 2015, you’ll discover that it calls for important but little-noticed changes to the penalties for failing to file required information returns with the IRS and failing to furnish required statements to payees. Here’s how much the penalties have increased and which federal tax forms and schedules are affected by the changes.

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Proposed DOL Rule May Make Millions More Eligible for Overtime Pay

On June 30, The U.S. Department of Labor issued long-awaited proposed changes to overtime pay rules. If implemented, the proposed rule would increase the minimum salary for exempt status and make millions more workers eligible for overtime. This article explains the current requirements, as well as the path the proposed rule needs to take in order to become a final rule that could go into effect in 2016 or later.

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