(301) 986-0600
Submit RFP Bill Pay

CBM Communicator

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 ›

March 24, 2019

The Department of Labor Proposes Updated Overtime Rule

The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total annual compensation requirement for HCEs that’s required to qualify them as exempt. In addition, it retains the often confusing “duties test.” The Trump administration rule generally is more favorable to employers than the… Read more ›

March 19, 2019

Washington Business Journal Recognizes CBM as a Top 25 DC-Metro Area Accounting Firm for the Second Consecutive Year

Councilor, Buchanan & Mitchell, P.C. remains on in the Washington Business Journal’s annual list of Top 25 DC metro-area accounting and advisory firms following the recent publication of top area firms. This is the second consecutive year that CBM, which ranked at #24 for 2019, appeared on the Journal’s list. “CBM’s presence remains strong,” says Peter B. Reilly, CPA, CVA, president and managing partner of CBM. “Our firm has enjoyed significant growth in recent years due to ongoing client loyalty… Read more ›