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.

Learn the ABCs of Higher Education Tax Breaks

It’s back to school season. If you or a loved one will be attending college or graduate school this fall, it’s a good idea to review the federal tax breaks that are currently available for higher education costs. One of these breaks was extended only through 2016, although Congress may decide to extend it longer as part of its tax reform efforts. Here are the details, along with important information on applying for financial aid.

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Real Estate Investors: Let's Talk about Like-Kind Exchanges

Investors often swap one property for another. Why? The tax law allows for tax-free real property exchanges as long as the transaction involves like-kind property. Any taxable gains are completely or partially deferred until the replacement property is sold. Or, if the owner dies while still holding the replacement property, the taxable gain disappears. Interested? Here’s why you might want to complete your deal sooner rather than later.

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U.S. Treasury to Retire the myRA Program

It’s only a few years old, but the “my Retirement Account” (myRA) program, is going away. These accounts were intended to encourage taxpayers to start saving for retirement, but too few people took advantage of the program to justify the taxpayer cost. As part of a plan by the Trump administration to assess and eliminate ineffective programs, myRAs will soon be phased out. Here’s information for accountholders about the future of myRAs.

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Business ID Theft: Is Your Data at Risk?

Cyberattacks against individual taxpayers are down, thanks to security measures set forth by federal and state tax agencies. But thefts of business data are rising, and the costs of these breaches can be significant. Here’s more on this trend, along with simple, but effective, ways businesses can help minimize the risk of tax-related identity theft.

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Revenue Recognition for Contracts: Changes Coming Soon

Revenue is the top line of your company’s income statement. It helps management, investors and lenders assess your company’s growth prospects, financial strength and strategic direction. The accounting rules for recognizing contract revenue will be changing for annual reporting periods starting in 2018 for public companies and 2019 for private companies. These sweeping changes will affect the timing of revenue recognition and the details you must disclose.

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Casualty and Theft Losses: Find the Silver Lining in Dark Clouds

Hurricanes, mudslides, wildfires, ice storms the list of possible natural disasters is extensive. Nowhere in the United States is safe from Mother Nature. But Uncle Sam offers a concession to individual taxpayers: Losses due to such casualties, as well as thefts and vandalism, may be deductible. Some exceptions and limits apply. Here are the basics, along with an overview of the tax rules for deducting casualty and theft losses for business owners.

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