CBM News

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 ›

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 (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 (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 ›

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 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 ›

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 ›

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 ›

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 ›

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 ›