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.

Understand Your Social Security Retirement Benefits

Are you or a loved one nearing retirement age? Many seniors are uncertain about their federal retirement benefits, including when benefits start, how to apply, who qualifies for survivors benefits and whether benefits will be subject to income tax. Here are the basics, along with the highlights from a recent report on the Social Security system.

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5 Recent Supreme Court Decisions that Could Affect Your Business

The U.S. Supreme Court just wrapped up its 2016 term. This spring, the top court published several opinions that will affect businesses, including cases that provide an ERISA exemption for church plans and clarify federal guidance on patents, copyrights, bankruptcy priority, and the statute of limitation for disgorgements from the Securities and Exchange Commission. In the 2017 term, a case regarding online sales and use tax charges could take center stage.

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Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

Taxpayers who engage in an unincorporated sideline outside of their regular day jobs must understand the differences in the tax treatment of hobbies and for-profit business activities. Here’s an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer’s claim that his loss from organizing film festivals should be classified as a for-profit business activity.

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Why Partnership Tax Status May Sometimes Be Unwanted

In some cases involving activities with more than one co-owner, it may be desirable to avoid partnership status for federal income tax purposes. Fortunately, there are ways around being taxed as a partnership and there’s a key Tax Court decision that you can use to determine whether your multi-owner activity must be classified as a partnership.

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Hockey Team's Meals at Away Games Were a De Minimis Fringe Benefit

The U.S. Tax Court recently ruled that a professional hockey team’s pregame meals to players and personnel at out-of-town hotels qualified as a “de minimis” fringe benefit. Therefore, the cost of the meals wasn’t subject to the 50% limitation under the tax code. Here are the details of this case, which could have implications for businesses in the sports, entertainment and other industries.

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Know the Rules for Amending a Federal Income Tax Return

Mistakes happen. Fortunately, you can submit an amended return if you notice an error on a previously filed individual return. Claims for refunds must be filed on a timely basis. On the other hand, taxpayers who underpaid their taxes may owe interest and penalties on top of their additional tax liability. Here’s guidance on amending federal returns and dealing with past-due taxes in a cost-effective manner.

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