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CBM Communicator

August 19, 2020

Using a Valuation Expert to Help with Chapter 11 Bankruptcy

The novel coronavirus (COVID-19) pandemic has caused many businesses to temporarily shut down or scale back operations. Slowly, states are allowing businesses to reopen to the public. But it may be too late for some businesses to bounce back. When the economy went into lockdown mode, some small businesses — including certain brick-and-mortar boutiques, niche manufacturers and family-owned restaurants — were already struggling and lacked financial resources to weather the downturn. And federal relief efforts weren’t enough to cover their… Read more ›

August 19, 2020

Why Maintaining Payroll Records Remains an Absolute Must

The COVID-19 pandemic has forced many small businesses to reduce their operations, furlough workers and even shut down for a period. But this doesn’t mean employers can allow payroll recordkeeping obligations to lapse. Your business is still responsible for creating and maintaining records for possible inspection by the Equal Employment Opportunity Commission (EEOC) and the Department of Labor (DOL). Documents to Keep In general, payroll records refer to documentation of employee time worked and wages paid for each payroll period…. Read more ›

August 19, 2020

How to Maintain Compliance Under the New Revenue Recognition Model

Almost six years have passed since the Financial Accounting Standards Board (FASB) issued a standards update on “Revenue From Contracts With Customers,” replacing almost all revenue guidance under Generally Accepted Accounting Principles (GAAP). The new standard is effective for all companies, and for many dealerships, the changes have not had a material impact on most revenue lines. Instead, dealerships have been focusing on the modifications needed to remain compliant in recognizing revenue and on their financial statement disclosures. Part 1… Read more ›

August 12, 2020

What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the action directs U.S. Treasury Secretary Steven Mnuchin to “explore avenues, including legislation, to eliminate the obligation to pay the taxes.” The exact impact on employers and employees isn’t yet known. There… Read more ›

August 11, 2020

Councilor, Buchanan & Mitchell, P.C. Moves Up on INSIDE Public Accounting’s Top 300 Firms List

PDF Version: Councilor, Buchanan & Mitchell, P.C. Moves Up on INSIDE Public Accounting’s Top 300 Firms List Councilor, Buchanan & Mitchell, P.C. (CBM), a full-service accounting and advisory firm with offices in Bethesda, MD and Washington, DC, has moved up on INSIDE Public Accounting’s annual list of top 300 public accounting firms based on revenue and ongoing financial performance. Last year, CBM ranked at #245 of all firms across the country. This year, CBM made a significant jump to #220. INSIDE… Read more ›