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.

7 Year-End Tax Planning Moves for Small Businesses

What can small business owners do before year end to lower their tax bills? That question is top of mind every autumn, but the answers may be less familiar (and possibly more complicated) under the Tax Cuts and Jobs Act. This article updates some tried-and-true tax strategies to account for the tax law changes that went into effect this year.

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Free Credit Freezes and Fraud Alerts Are Here!

Has a credit reporting agency ever charged you a fee to “freeze” your accounts after a security breach? It sounds like double jeopardy, right? Fortunately, a new law no longer allows this to happen. Here’s how you can take advantage of the new consumer-protection rules that recently took effect under the Economic Growth, Regulatory Relief and Consumer Protection Act.

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Tax Savings from Cost Segregation Studies Add Up for Businesses

A cost segregation study can help substantially reduce your company’s tax bill, if you purchased real estate to rent out or use in business. Thanks to the Tax Cuts and Jobs Act, more generous bonus depreciation and Section 179 deduction rules may allow significant first-year depreciation deductions for land improvements and contents of buildings. Here are the details.

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Reporting Income from Vacation Home Rentals under Today’s Tax Rules

Many people own vacation homes that they use for both personal and rental purposes. This article explains how to report income and expenses under the Tax Cuts and Jobs Act for properties that are rented out but also used a great deal of time by owners and their family and friends. Different rules apply to properties that are rented out with minimal personal use.

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IRS Issues Guidance Deducting Meals Bought During Entertainment

As a small business owner, can you deduct for federal income tax purposes the costs of taking a customer or business contact out to a baseball game and buying hot dogs and drinks? The IRS just issued guidance answering that question. This article explains how these types of entertainment and meal expenses have changed under the Tax Cuts and Jobs Act.

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Tax Law Allows Employees to Defer Income from Equity-Based Pay

Restricted stock, stock options and other forms of equity-based compensation can help private companies attract and retain skilled workers. Now, thanks to the Tax Cuts and Jobs Act, the deal is even sweeter, because qualified employees may be able to defer the tax hit from these awards for up to five years. This article explains how this election works and what’s required to qualify.

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Employers: IRS Updates Business Travel Per Diems

Itemized deductions for unreimbursed business expenses are disallowed for employees from 2018 through 2025. So, formal expense reimbursement policies and procedures may be a necessary evil under the Tax Cuts and Jobs Act. Employers can simplify the process by paying travel per diems instead of requiring employees to submit receipts for actual travel expenses. Here are details.

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Create an Accountable Plan to Reimburse Employees for Business Expenses

For 2018 through 2025, employees can’t claim itemized deductions for unreimbursed business expenses they incur on behalf of their employers. Your company can minimize the adverse effects of this tax law change by setting up an “accountable plan” to reimburse employees tax-free. Here are the details, including the requirements, potential pitfalls and two other reimbursement alternatives to consider.

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Claiming the New Employer Tax Credit for Family and Medical Leave

Does your company offer paid family and medical leave? This perk can help attract and retain workers in today’s tight job market and a new tax credit can sweeten the deal. But this tax break is available for only two years, unless Congress extends it. Plus, it’s subject to numerous rules and restrictions. Here are some FAQs to help you decide whether it’s cost-effective for your company to offer a leave plan that’s eligible for the new credit.

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