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CBM Communicator

May 31, 2019

CBM President and Managing Partner Peter Reilly to Present on the Firm’s Successful History of Mergers at AICPA ENGAGE and Rainmaker SuperConference

Over the past five years, Bethesda, MD-based accounting and advisory firm Councilor, Buchanan & Mitchell, P.C. (CBM) has successfully merged in seven practices, skyrocketing the team’s size from just over 40 to 100, and earning a spot for the firm in the Washington Business Journal’s annual list of Top 25 area accounting firms. President and Managing Partner Peter Reilly, who presided over this rapid pace of growth, is scheduled to present on the financial, operational and technological impacts of these… Read more ›

May 23, 2019

Auto Dealer Succession Planning, What Are You Waiting For?

Succession planning is a process that every dealership owner thinks about; however, identifying and developing new leaders is easier said than done. According to The National Alliance of Auto Dealer’s (NAADA) 2016 National Dealership Succession Planning Survey, Auto dealers are pushing succession off by 5+ years, The number one inhibitor to succession planning is timing and the current owner’s willingness to step back One-third of dealership owners do not have a succession plan in place Nearly 50% of dealerships know… Read more ›

April 15, 2019

Tax Cuts and Jobs Act Glitches and the Extenders: Uncertainty Looms Over Some Federal Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extends certain tax relief provisions that expired at the end of an earlier year, in this case 2017. Tax Cuts and Jobs Act Glitches The sprawling TCJA signed into law in late 2017 contains some inadvertent glitches that range… Read more ›

April 9, 2019

How to Determine The Value of An Auto Dealership

Many auto dealership owners have a preconceived notion of what their businesses are worth. It might be based on a “rule of thumb” such as a specified multiple of vehicle sales, the dealership’s revenue stream, a percentage of earnings or “book value.” However, while these factors may give you an idea about a business’ net worth, they hardly represent the entire picture. So how can you find out the value of your dealership? For starters, it is helpful to pinpoint comparable… Read more ›

April 1, 2019

District of Columbia to Collect New Tax from Private Sector Employers to Support Paid Family Leave Benefit

Starting on April 1, 2019, private sector employers in the District of Columbia must begin tracking wages for its employees for purposes of paying a new tax to fund the District’s Paid Family Leave (PFL) benefit. The first quarterly payment to the District of Columbia (beginning on July 1) will be determined from a calculation based on employee wages for the previous three months. The first payment, for example, will be determined based on wages paid to employees during April,… Read more ›