CBM News

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 ›

December 31, 2019 (Bethesda, MD & Washington, DC) – Councilor, Buchanan & Mitchell, P.C. (CBM) is proud to announce the promotions of several members of its team effective January 1, 2020: Winnie Yang, CPA –Principal Daniel Keefer, CPA, CVA – Principal Amanda McWilliams, CPA – Manager Jessica Rose – Supervisor Lingni Xu, CPA – Senior Accountant Elliot Antokas – Senior Accountant Monica Davis – Office Manager “These promotions recognize the outstanding contributions of our team members,” said Peter B. Reilly, CPA, CVA, president and… Read more ›

Spending bill extends tax breaks, adds retirement account provisions With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018…. Read more ›

December 20, 2019 (Bethesda, MD & Washington, DC) – May Barnhard Investments, the fee-only financial advisory affiliate of Councilor, Buchanan & Mitchell, P.C., has launched its new website, providing details about the expertise of MBI’s nine financial and investment management professionals, and an overview of the firm’s relationships with individual and institutional clients. The new May Barnhard Investments website can be accessed at www.maybarnhardinvestments.com. “When we welcomed MBI in late 2018, we wanted to enhance its visibility so clients understood… Read more ›

Councilor, Buchanan & Mitchell kicked off its annual toy drive in mid-November in support of The Children’s Inn at NIH, a residential facility located on the grounds of the National Institutes of Health in Bethesda, MD, that allows families with seriously ill children participating in research at the NIH to stay free of charge. With just over 100 team members at the firm, project lead Martina Childress, who serves as CBM’s editor and senior proofreader, challenged colleagues to each contribute… Read more ›

The following article was written by Abbie Niehoff, financial planning and litigation support paralegal at Councilor, Buchanan & Mitchell. Abbie has several years’ of experience helping clients with the financial planning aspects of collaborative divorce. For more information about this article, or to contact Abbie or another member of CBM’s divorce financial planning team, please fill out this form.  When a person is walking down the aisle on their wedding day, the last thing on their mind is the possibility that… Read more ›

A PDF version of CBM’s year-end tax planning letter for individuals can be accessed by clicking here. To Clients and Friends: As the end of 2019 approaches, additional guidance continues to be released by the IRS relating to the Tax Cuts and Jobs Act (TCJA), as well as other areas not necessarily impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was the simplification of filing and the lowering of income tax rates,… Read more ›

On Saturday, November 2, CBM’s Assistant Controller Lisa Sippel and Tax Process Manager Lucy Gomez joined a large group of volunteers from the McLean Rotary Club to assemble meals in support of Rise Against Hunger, an organization that provides millions of meals to those in need in developing nations around the world. The meals prepared during their event, which consisted of soy beans, dried vegetables, rice and vitamin packets, went to help patients hospitalized in the nation of Yemen. Despite… Read more ›

                      Director of Not-for-Profit Services Daniel L. Weaver and Senior Advisor Anthony Cuozzo are scheduled to present at the 2019 Greater Washington Society of CPAs’ (GWSCPA) Nonprofit Symposium in Washington, DC on Wednesday, December 18 from 9:05 – 9:55 am. The Symposium is an annual two-day event that delivers networking and professional education opportunities for hundreds of financial professionals in the not-for-profit sector throughout the Washington, DC metropolitan region. This… Read more ›

CBM went to see Tony Award winner Dear Evan Hansen at the Kennedy Center on September 4th. Winner of 6 Tony Awards, including Best Musical and the 2018 Grammy Award, Dear Evan Hansen is the deeply personal and profoundly contemporary musical about life and the way we live it. The Washington Post calls Dear Evan Hansen “one of the most remarkable shows in musical theater history.”