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.

3 Affordable Care Act Taxes Postponed by Congress

A short-term government funding bill, which was signed into law recently, suspends three health care related taxes. These are the 40% Cadillac tax on employers that offer generous health insurance coverage, the 2.3% medical device tax and an annual excise tax on health insurance providers. Here are the details, including an update about the health coverage mandates for individuals and certain employers.

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6 Last-Chance Tax Breaks: Do You Qualify?

The IRS is now accepting tax returns for 2017. But many people are uncertain how the new tax law will affect their 2017 taxes. As a general rule, it’s a good idea to maximize any deductions that are available to you for 2017, because some of them are repealed, suspended or modified under the new law for 2018. Here are six valuable breaks that will soon disappear, along with a list of deductions that survived tax reform.

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New Law Revamps the Kiddie Tax

The so-called “kiddie tax” was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family’s overall tax bill. The kiddie tax can cause a portion of a dependent child’s net unearned income to be taxed at higher rates than the regular rates for single taxpayers. The Tax Cuts and Jobs Act changes the kiddie tax rate structure for 2018 through 2025. Here’s how.

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Spotlight on Pass-Through Entities under the Tax Cuts and Jobs Act

The federal income tax treatment of business entities has changed dramatically under the new tax law. For tax years beginning after December 31, 2017, C corporations will pay a 21% flat tax rate. Meanwhile, income from pass-through businesses will still be taxed at the owners’ rates but owners will get a valuable new tax deduction. So which type of entity is best under the new rules?

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Many Businesses Will Celebrate Tax Cuts in the New Tax Year

The new tax law is commonly known as the Tax Cuts and Jobs Act (TCJA) for a reason because most U.S. businesses are looking forward to owing far less federal income tax for tax years beginning after January 1, 2018. However, the exact tax cuts that most businesses will enjoy depend on several factors. Here’s a summary of some important changes for businesses.

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Tax Reform: Topics of Special Interest for Individuals

How will the new tax law affect you? A lot of attention has been given to the reduced tax rates for most individuals and the new limit on deducting state and local taxes. But there’s much more to the changes. Here’s a look at some of the law’s fine print, including how it will affect the individual health care mandate, the kiddie tax and various tax deductions.

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