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CBM Communicator

December 12, 2018

Treasury Issues Guidance on Parking Provided by Tax-Exempt Organizations and Other Employers

On Monday, December 10, 2018, the U.S. Treasury Department provided additional guidance on how tax-exempt organizations can compute unrelated business taxable income resulting from parking provided to their employees. The guidance is intended to help employers better understand their new tax situation as it pertains to employee parking. Below is CBM’s overview of the current situation. In most cases, employer-paid commuting and parking is considered a qualified transportation fringe benefit (QTFB). Because of the 2018 Tax Cut and Jobs Act, tax-exempt nonprofits… Read more ›

December 10, 2018

Tax Update on Meals and Entertainment Deduction Charges

The IRS has issued guidance clarifying that taxpayers may continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274. The amendments in the Tax Cut and Jobs Act of 2017 (TCJA) specifically deny deductions for expenses for entertainment, amusement, or recreation, but did not address the deductibility of expenses for business meals. This has created a lot of confusion, which the… Read more ›

December 9, 2018

The Impact of Tax Reform on Commuter Benefits

The Tax Reform Bill limits an employer’s ability to deduct the cost of transportation and parking benefits as a business expense. In exchange for the loss in deductibility of certain items, the overall tax rates were reduced. While the deductibility of transportation and parking expenses was removed, pre-tax employee elections for mass transit and parking expenses continue to be available. To understand the impact of tax reform and commuter benefits, we need to consider these three commuter benefits: Direct Payment… Read more ›

December 6, 2018

2018 Year-End Tax Planning Letter for Individuals

Please note that following our year-end tax planning letter below are links to additional tax planning resources.  As this year is about to end, now is an excellent time to review your current tax planning strategies to ensure they’re still meeting your needs, and develop plans for 2019. It’s also a good time to take advantage of last-minute planning opportunities that could save you money now and in the coming year. With all that in mind, please call Marcia Cohen… Read more ›

December 3, 2018

CBM Doubles its DC Presence with New 18th Street, NW Office

New Office Space to Accommodate Growth of Not-for-Profit and Professional Services Practices and Acquisition of DC-based Tax and Advisory Firm, Chaconas & Wilson, P.C. Councilor, Buchanan & Mitchell, P.C. (CBM) has doubled its Washington, DC presence with new office space at 1150 18th Street, NW, Suite 550. Through open architecture and state-of-the-art technologies CBM’s expanded new office in Northwest Washington is now better equipped to serve its growing not-for-profit and professional services teams. CBM’s new office opened December 1, with… Read more ›