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CBM Communicator

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 ›

December 31, 2019

CBM Kicks off 2020 With Staff Promotions

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 ›

December 28, 2019

2019 Bonus Depreciation Update for Auto Dealers

Tax reform increased first-year bonus depreciation to 100% for most long-term assets placed in service after September 27, 2018. When using bonus depreciation, eligible assets are not subject to an annual dollar limit; except for listed property, the asset does not need to be used 50% of the time for business; and they are not limited to annual business profit. The generous depreciation percentage remains in effect from September 27, 2017 until January 1, 2023, after which it is scheduled… Read more ›

December 28, 2019

Affordable Care Act Compliance: IRS Forms and Important Due Dates

CBM has published guidance for businesses that receive a notice from the IRS (Letter 226J) relating to penalties associated with compliance with the Affordable Care Act. Click here to read our guidance. Please also keep in mind the important deadlines below. Don’t Miss Early 2020 Due Dates February 28, 2020 – Paper copies of Forms 1094-C and 1095-C must be filed with the IRS by this date. Employers with less than 250 employees can paper file. March 2, 2020 –… Read more ›

December 28, 2019

Affordable Care Act Compliance: What Do I Do If I Get IRS Letter 226J?

The IRS is currently issuing the Letter 226J proposed employer-shared responsibility payment (ESRP) notice to businesses they suspect of having not complied with the 2017 tax-year Affordable Care Act requirements. The Letter identifies the amount of the proposed penalty that the business would be responsible for paying— an amount which can be steep. CBM has seen penalty amounts ranging from $3,160 to over a million dollars. CBM advises businesses that receive such a letter to respond promptly, especially since Letter… Read more ›