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.

IRS Issues Proposed Guidance on Complicated QBI Deduction Rules

How much do you know about computing the new qualified business income deduction or who qualifies for it? The IRS has published detailed guidance to help owners of sole proprietorships and pass-through entities understand how this deduction works. Here are some key definitions and limitations that will be critical for many business owners to understand as they plan for the rest of the 2018 tax year.

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What’s Next for State Tax Nexus?

Internet commerce has become increasingly common over the last 25 years. But until recently, the legal standard for establishing economic “nexus” for state tax purposes was based on a case from 1992. On June 21, the U.S. Supreme Court published its decision in Wayfair. This landmark case opens the door for states to impose sales and use tax on remote sellers.

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QBI Deduction Provides Tax Break to Pass-Through Entity Owners

Most U.S. businesses operate as pass-through entities, such as sole proprietorships, partnerships, LLCs and S corporations, that won’t benefit from the reduced federal income tax rate for C corporations. But a new tax deduction for qualified business income from pass-through entities might offer temporary relief. Here are the basics and some information about recently proposed IRS regulations.

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Effective Retirement Planning Includes Contingencies

When planning for retirement, it pays to be conservative. We’ve been hearing for years that Americans don’t save enough for their golden years. Recent research confirms that belief, indicating that many are living in a bit of a dream world with respect to how they will pay for their living expenses when they expect to retire. Here’s some food for thought.

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Tax Law Expands Accounting Method Options for Small Businesses

Accounting for taxes can be complicated. Fortunately, the federal tax law allows some simplified and more-flexible accounting alternatives for small businesses. And now, the Tax Cuts and Jobs Act allows more companies to qualify for the cash basis method and elect out of complex inventory and percentage-of-completion accounting rules. Is your business eligible to take advantage of these changes?

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Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends

Under the Tax Cuts and Jobs Act, some individuals will still qualify for the 0% federal income tax rate on long-term capital gains and dividends. But, if your income is too high to benefit, the 0% rate still may be available to loved ones who earn less. Here’s what you need to know to take advantage of this tax-saving opportunity, along with details about a White House proposal to cut the capital gains tax.

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How Tax Reform Affects Tax Planning for C Corporations

From a reduced corporate tax rate to expanded depreciation breaks, the Tax Cuts and Jobs Act (TCJA) provides a host of favorable changes for C corporations, including personal service corporations. Here are some specific moves that can help reduce your corporation’s federal income tax bill for 2018, along with some traditional tax-planning priorities that still hold true after tax reform.

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