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.

Last-Minute Tax Planning Tips for 2017

Tax Day for individuals, sole proprietors and C corporations is April 17, 2018, this year. Have you filed (or extended) your tax return for 2017 yet? For many people, filing tax returns is a dreaded chore they want to avoid for as long as possible. Although we can’t change the tax due date, there are some last-minute strategies to potentially lower your tax liability.

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Got Bitcoin? Virtual Currency Complicates Tax Reporting

Bitcoin and other forms of virtual currency are rapidly gaining popularity. But businesses, consumers, employees and investors have many questions about how Bitcoin works and how to report transactions for federal income tax purposes. If you’re a Bitcoin investor or user, here are some answers to help you comply with the latest tax rules.

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Congress Raises 401(k) Hardship Withdrawal Limits

Restrictions on employee 401(k) hardship withdrawals will be eased next year, thanks to new legislation enacted by Congress in February 2018. While that could be good news for plan participants, it could also give them an opportunity for a self-inflicted financial setback. As the employer, you might need to step up your guidance to minimize the chances of that from happening.

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Survey: Employers Adapt Quickly to Withholding Tax Changes

A recent survey found that employers, for the most part, had few problems meeting the February 15 deadline for using new 2018 income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act. However, employees had many questions about how the law will affect their paychecks and their tax returns. This article reviews the survey results.

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Are Roth IRAs Still Beneficial under the New Tax Law?

Roth IRAs can be a smart way for you to save for retirement. And temporary tax rate cuts for 2018 through 2025 under the new tax law could persuade some people to convert traditional IRAs into Roth IRAs sooner rather than later. But the new law also contains a potential pitfall if an account’s value unexpectedly falls after it’s converted. Here’s what you need to know before jumping headfirst into a Roth IRA or a Roth conversion.

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Good News! More Families May Be Eligible for the Child Credit in 2018

In previous years, many families didn’t qualify for the child credit, because they made too much money. But, thanks to the Tax Cuts and Jobs Act, for 2018 through 2025, this credit has been expanded and the phaseout thresholds have been substantially increased. Will your children and other “nonchild dependents” qualify you to claim this valuable tax break in 2018?

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