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.

Take Advantage of Expanded Tax Breaks for Business Vehicles

Does your business need to add one or more vehicles? The new tax law provides an extra incentive to buy new and used vehicles in the form of expanded first-year depreciation deductions. Here are details about the new-and-improved tax breaks for vehicles used more than 50% for business purposes. But, beware, there’s also a downside to the new law for employees with unreimbursed vehicle expenses.

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Timing and Taxes: Two Critical Issues when Buying or Selling a Home

Spring is a hot season for home sales. You might be excited to list your house or shop for a new one, but before you talk with a realtor or lender, there are important tax issues to consider. Though the home sale gain exclusion rules haven’t changed, some home-related deductions have been temporarily restricted or eliminated under the new tax law. Here are the details.

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Capital Gains Rates Before and After the New Tax Law

The tax brackets for long-term capital gains and qualified dividends are changing under the new tax law. For 2018 through 2025, these brackets aren’t linked to the ordinary-income tax brackets for individuals. Here are the new cutoffs, along with 1) how the brackets have changed for trusts, estates and dependents subject to the kiddie tax, 2) what’s happened to the 3.8% net investment income tax, and 3) how short-term capital gains are taxed.

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Do Employers Have to Compensate Hourly Technicians for Travel Time?

In a new Opinion Letter, the U.S. Department of Labor answered a company’s questions about whether it had to pay technicians for travel time to and from jobs and training courses. The company was told that the federal Fair Labor Standards Act requires it to compensate much, but not all, of the technicians’ travel time. This article details the Opinion Letter.

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Mandatory E-Verify May Be Coming, Are You Ready?

Illegal immigration is a Trump administration priority and in its ongoing efforts to clamp down on it, the White House is seeking to expand employer usage of E-Verify. That is the federal government’s free electronic service that checks immigration status for employers. Here’s the latest on what you need to know about the E-Verify program.

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Save or Shred? Follow These Recordkeeping Guidelines

When tax season ends, many individuals and businesses are unsure which records they should retain and which ones can be thrown in the shredder. Here are some best practices to prevent your paper and digital records from mounting up, while retaining them long enough to prove your tax return information in the event of an audit or to file an amended return if you overlook tax breaks.

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The Outlook for Internships is Looking Up

Thinking about bringing some interns on board this summer? If so, here’s some good news: The U.S. Department of Labor recently made its criteria much more flexible when it comes to determining whether an intern working in the private sector is subject to the Fair Labor Standards Act. For many employers, that could tip the scales in favor of sponsoring an internship program. Here’s what’s new.

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Go Green, Save Green: Tax Breaks for Saving Energy

Earth Day (April 22) is a good time to brainstorm about ways to reduce your carbon footprint. Maybe you want to install solar panels on your home, upgrade to a geothermal heating system or trade in your old gas guzzling SUV for a new plug-in electric vehicle. “Going green” is a priority for many people and the IRS offers breaks if you install qualifying energy-efficient equipment in your home or purchase a new plug-in electric vehicle.

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Good Reasons to File Extensions for 2017 Returns

Need more time to have your personal tax return filed? Tax Day is almost here. But many people haven’t gathered all the information or completed all the necessary transactions to complete their 2017 federal tax returns. Filing for an automatic six-month extension can give you extra breathing room. Here are some situations where an extension might help you, along with some potential pitfalls to avoid.

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Last Chance to Claim the Domestic Production Activities Deduction

Do you know which activities qualify for the so-called “domestic production activities deduction” (DPAD)? Some business taxpayers overlook this valuable tax break because they don’t understand the rules. The DPAD has been repealed for tax years beginning after December 31, 2017, so it may be worth revisiting one last time. Here’s an overview of the basics.

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