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.

Remember the New FBAR Filing Deadline

Did you have an interest in (or authority over) a foreign financial account during 2016? If so, you’ll need to electronically file a form called the “Report of Foreign Bank and Financial Accounts” (FBAR). That form which is due on April 18, 2017 may be reviewed by IRS examiners as part of its efforts to unearth offshore tax evasion. Here’s an overview of how to comply with the IRS regulations on reporting foreign accounts.

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Relying on Audit Techniques Guides

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits and so can small business owners. These publications provide detailed information about an industry or audit-prone business transaction. For example, some ATGs are devoted to cash-intensive businesses, such as restaurants and bars. Another recently updated guide covers golden parachutes paid in corporate takeovers. Here, we explain ATGs and the types of information they may provide.

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There’s Still Time to Set Up a SEP for 2016

Self-employed individuals and small business owners can still claim a deduction on their 2016 tax return for contributions to simplified employee pensions (SEPs) that are made before their tax return due date. If you haven’t set up a retirement plan yet, consider using a SEP to lower your 2016 tax bill. Here are the details on how these accounts work.

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