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CBM News

Firm News, Upcoming Events & Legislative Updates
April 11, 2020

IRS Extends Form 990 Series Filing Deadlines Until July 15, 2020

Last Thursday, the IRS announced in Notice 2020-23, Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, that the filing and payment deadlines for Form 990-series returns originally due between April 1, 2020 and July 15, 2020 will now be due on July 15, 2020. This deadline extension applies to both original and extended filing deadlines. The returns impacted by this extension include: Form 990 Form 990-EZ Form 990-PF Form 990-T Form 990-W Any not-for-profit… Read more ›

March 25, 2020

CBM Encourages Clients to Submit Tax Organizers and Documents Despite Tax Day Extension

Despite the extension of the Tax Day deadline from April 15 to July 15, CBM still encourages clients to submit their completed tax organizers and documents as soon as possible so the firm’s professionals can continue preparing their taxes.  Clients should consider transmitting them through CBM’s online portal, by email or via courier or the U.S. postal service. Clients who choose to email information should not include sensitive information. CBM would like to thank its clients for continuing to work… Read more ›

March 17, 2020

CBM Board Chair Patricia Drolet Named the Recipient of the Virginia Society of CPAs Ruth Coles Harris Advancing Diversity and Inclusion Award

March 17, 2020 (Bethesda, MD & Washington, DC) – Patricia Drolet, CPA, PFS, Board Chair at Councilor, Buchanan & Mitchell, P.C. (CBM), has been named the recipient of this year’s Ruth Coles Harris Advancing Diversity and Inclusion Award. The award, granted annually by the Virginia Society of CPAs, recognizes a Washington, DC metro-area CPA who has championed diversity and inclusion at their company or within the industry, has served as an inspirational mentor or coach, or has actively implemented programs… Read more ›

March 13, 2020

CBM Jumps to Number 21 on the Washington Business Journal’s Annual List of Top Area Accounting Firms

March 13, 2020 (Bethesda, MD & Washington, DC) – Councilor, Buchanan & Mitchell, P.C. (CBM) has continued to advance in the Washington Business Journal’s annually reputed Book of Lists, placing Number 21 in the region’s list of top accounting firms. This is the third consecutive year CBM has appeared in the Journal and represents a jump from last year’s position at  Number 24. “Our presence continues to expand throughout the Washington, DC metropolitan region,” said Peter B. Reilly, CPA, CVA,… Read more ›

February 11, 2020

CBM Firm Administrator Spearheads Donation of Coats and Other Winter Items to Aid Local Homeless and Underprivileged

As part of CBM’s ongoing CBM100 charitable events, the firm’s administrator Linda Murphy spearheaded and managed the collection of gently worn coats and other winter items such as jackets, scarves and hats during the month of January for Central Union Mission. Central Union Mission is a faith-based not-for-profit organization and the oldest private social service agency–founded in 1884–in Washington, DC. Linda networked throughout the firm to enlist donations, generating several bags full of items from generous team members. As a… Read more ›

January 28, 2020

Debora May and Wendy Moyers Selected by Washingtonian Magazine as Top Financial Advisors in the Washington, DC Metropolitan Region

January 29, 2020 (Bethesda, MD & Washington, DC) – Debora May, CPA, CFP®, CDFA® and Wendy Moyers, CFP®, CDFA®, respectively Executive Vice President and Senior Financial Advisor at Councilor, Buchanan & Mitchell, P.C., have been recognized by Washingtonian Magazine as top financial advisors in the Washington, DC metropolitan region. This is the eighth such recognition for Ms. May and the first for Ms. Moyers. Winners are selected through a peer review process managed and administered by Washingtonian Magazine. Debora May, CPA,… Read more ›

January 25, 2020

IRS Guidance Released for Tax-Exempt Organizations to Claim Credit/Refund for Fringe Transportation Benefits Tax

This article provides an update on filing an amended Form 990-T following repeal of unrelated business income tax for fringe transportation benefits. For assistance filing your return, contact CBM Not-for-Profit Practice Director Dan Weaver at 301.986.0600 or by clicking here.  ———————————————————————————————————————————– On January 21, the IRS issued guidance for how not-for-profit organizations can claim a refund or credit for unrelated business income tax related to fringe transportation benefits, for which they became liable under Internal Revenue Code (IRC) Section 512(a)(7)…. Read more ›

January 24, 2020

CBM Bakes Cookies for the Bethesda Fire Department and Montgomery County Police to Show Their Gratitude

On January 21, Senior Tax Accountant Ginger Wu and Tax Manager Brenda Haase led team members Aurora Wheeler, Lorraine Flude, Winnie Yang, Tana Papinova, Abbie Niehoff and Jenny Wang in decorating cookies for the Bethesda Fire Department and Montgomery County Police to show gratitude for keeping the communities they serve safe. The cookies were decorated with the circle from the CBM logo. Brenda spent more than 10 hours baking cookies for the team to decorate. The next day, CBM President… Read more ›

January 11, 2020

CBM Cleans Up Trash from Rock Creek Park in Partnership with Rock Creek Park Conservancy

On January 10, Litigation Support Manager Jordan Egert led CBM staff members Tana Papinova, Pat Drolet, Reema Patel and Kathleen Booker in volunteering at Rock Creek Conservancy’s Rock Creek Park clean-up event. The Conservancy aids in education, restoration, and preservation of Rock Creek’s history and beauty, including 33 miles of creeks. The CBM team combined forces, spending several hours together cleaning up the river banks and wooded areas near Broad Branch Road. Their efforts, combined with those of other volunteers,… Read more ›

January 3, 2020

CBM Prepares Meals for Homeless Shelters and Transitional Homes in Partnership with DC Central Kitchen

On January 2, Staff Accountant Derya Gazioglu gathered CBM staff members John Shlesinger, Bhavin Patel, Grace Song, Mikki Obreja, Minji Kim and Michael Corvelli to volunteer at the DC Central Kitchen, a charitable organization which “was founded in 1989 by a young nightclub manager named Robert Egger. Robert’s idea for a ‘central kitchen’ involved picking up wasted food, turning it into balanced meals for shelters and nonprofits and using that process to train jobless adults in the culinary arts .”… Read more ›